Specialty Loans
FHA Mortgage Calculator
FHA loan estimate
FHA loans require mortgage insurance (MIP): a 1.75% upfront premium (financed into the loan) plus an annual premium paid monthly.
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An FHA mortgage calculator estimates the monthly payment on a loan insured by the Federal Housing Administration, including the mortgage insurance premiums unique to these loans. FHA loans are popular with first-time and lower-credit buyers because they allow down payments as low as 3.5% and have more flexible qualifying standards. For 2026, FHA loan limits run from a floor of $541,287 on a one-unit home in low-cost areas up to a ceiling of $1,249,125 in high-cost areas.
What sets FHA financing apart is mortgage insurance: an upfront premium (UFMIP) equal to 1.75% of the base loan amount, usually financed into the loan balance, plus an annual premium (MIP) — typically around 0.55% a year for most 30-year loans with under 5% down — split into your monthly payment. This calculator folds both into the estimate so you see the genuine cost of an FHA loan, not just principal and interest, and can compare it fairly to a conventional option.
Use the result to weigh FHA against conventional financing — FHA can be cheaper to qualify for with a smaller down payment or lower credit, but its mortgage insurance lasts the full loan term when you put down less than 10% (it cancels after 11 years with 10% or more down). A practical tip: many borrowers later refinance into a conventional loan once they build equity and improve credit, to shed ongoing MIP.
Frequently asked questions
- What is an FHA loan?
- An FHA loan is a mortgage insured by the Federal Housing Administration. It allows down payments as low as 3.5% and more lenient credit requirements, making homeownership accessible to first-time and lower-credit buyers in exchange for mortgage insurance.
- What is FHA mortgage insurance (MIP)?
- FHA loans require two premiums: an upfront premium (UFMIP) of 1.75% of the base loan amount, usually financed into the loan, and an annual premium (MIP) — typically around 0.55% a year for most 30-year loans with under 5% down — paid monthly. Together they protect the lender and let the FHA back loans with low down payments.
- Does FHA mortgage insurance ever go away?
- It depends on your down payment. If you put down less than 10%, annual MIP lasts the full loan term; if you put down 10% or more, it cancels after 11 years. Many borrowers with the minimum 3.5% down instead refinance into a conventional loan once they have enough equity and qualifying credit to shed MIP sooner.
- FHA or conventional — which is better?
- FHA is often easier to qualify for with low down payment or lower credit, while conventional loans can drop mortgage insurance at 20% equity. Compare the all-in monthly cost and your long-term plans to decide which fits.
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