FHA Loan Calculator 2026
Calculate your true FHA monthly payment — including upfront MIP (1.75%), annual MIP (0.55%), taxes, and insurance. Current FHA rate: 5.95% (Feb 2026).
QUICK ANSWER: FHA Payments at 5.95% with 3.5% Down (Feb 2026)
$200K home = $1,519/mo | $300K home = $2,243/mo | $400K home = $2,965/mo (includes P&I + MIP + taxes + insurance). Minimum down payment: 3.5% with 580+ credit score.
Min Down Payment
3.5%
580+ credit score
Current FHA Rate
5.95%
Feb 2026 avg
Upfront MIP
1.75%
Of loan amount
Annual MIP
0.55%
Life of loan (<10% down)
FHA Monthly Payment by Home Price (5.95%, 3.5% Down, 30-Year)
| Home Price | Down Payment | P&I | MIP/mo | Taxes | Ins. | Total |
|---|---|---|---|---|---|---|
| $200,000 | $7,000 (3.5%) | $1,123 | $88 | $183 | $125 | $1,519 |
| $250,000 | $8,750 (3.5%) | $1,404 | $111 | $229 | $138 | $1,882 |
| $300,000 | $10,500 (3.5%) | $1,685 | $133 | $275 | $150 | $2,243 |
| $350,000 | $12,250 (3.5%) | $1,965 | $155 | $321 | $163 | $2,604 |
| $400,000 | $14,000 (3.5%) | $2,246 | $177 | $367 | $175 | $2,965 |
| $450,000 | $15,750 (3.5%) | $2,527 | $199 | $413 | $188 | $3,327 |
Assumes 5.95% FHA rate, 1.1% property tax, national avg insurance. Upfront MIP (1.75%) financed into loan.
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580 credit score accepted. 3.5% down. Get pre-approved in minutes.
Mortgage Calculator
Monthly Payment
$1,616
Payment Breakdown
Loan Summary
Understanding Your Mortgage
Principal vs Interest
In the early years of your mortgage, most of your monthly payment goes toward interest. As you pay down your loan, more goes toward principal.
Extra Payments
Making even small additional payments can significantly reduce your loan term and save thousands in interest over the life of your loan.
Amortization
An amortization schedule shows how your loan balance decreases over time as you make payments, eventually reaching zero at the end of your loan term.
FHA MIP Explained: What You'll Actually Pay
FHA MIP (Mortgage Insurance Premium) is the biggest hidden cost of FHA loans. Unlike conventional PMI, FHA MIP has two components and — for most borrowers — lasts the life of the loan:
Upfront MIP (UFMIP)
- • Rate: 1.75% of loan amount
- • On $289,500 loan: $5,066
- • When paid: At closing (or financed)
- • Refundable? Partially, if you refinance within 3 years
Annual MIP
- • Rate: 0.55%/year (most 30-yr loans)
- • On $289,500 loan: $133/month
- • Duration: Life of loan (<10% down)
- • Removal: Only by refinancing to conventional
When Does FHA MIP End?
Less than 10% down: MIP lasts the LIFE of the loan — never removed unless you refinance.
10%+ down: MIP is removed after 11 years.
Strategy: Many borrowers use FHA to buy, then refinance to conventional once they reach 20% equity to eliminate MIP.
FHA vs Conventional Loan: Which Is Better in 2026?
| Factor | FHA Loan | Conventional | Winner |
|---|---|---|---|
| Min Credit Score | 580 | 620 | FHA |
| Min Down Payment | 3.5% | 3-5% | FHA |
| Current Rate (Feb 2026) | 5.95% | 6.10% | FHA |
| Mortgage Insurance | Life of loan | Removed at 20% equity | Conventional |
| Loan Limit (standard) | $498,257 | $766,550 | Conventional |
| Max DTI | Up to 57% | Up to 45-50% | FHA |
| Long-term cost | Higher (MIP forever) | Lower (PMI removable) | Conventional |
| Gift funds for down payment | 100% allowed | 100% (primary home) | Tie |
Choose FHA if you:
- • Have a credit score below 620
- • Can only put 3.5% down
- • Have a high debt-to-income ratio (up to 57%)
- • Had a recent bankruptcy or foreclosure
- • Are buying in a lower-cost area (under FHA limits)
Choose Conventional if you:
- • Have a 620+ credit score (especially 740+)
- • Can put 20% down (no PMI)
- • Plan to stay long-term (avoid lifetime MIP)
- • Need a loan above FHA limits
- • Want to buy an investment property or second home
FHA Loan Requirements 2026
Credit Score
580+ for 3.5% down | 500-579 for 10% down
Down Payment
3.5% minimum (580+ score) | 10% minimum (500-579 score)
Debt-to-Income Ratio
Up to 43% standard | Up to 57% with compensating factors
Employment
2 years steady employment in same field
Primary Residence
FHA loans are for primary residences only — no investment properties
FHA Appraisal
Property must meet HUD minimum property standards
Loan Limits 2026
Standard: $498,257 | High-cost: up to $1,149,825
Waiting Periods
Bankruptcy: 2 years | Foreclosure: 3 years | Short sale: 3 years
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