FHA Loan Calculator
Your FHA mortgage payment with the 1.75% upfront premium and the annual mortgage insurance premium, and how long that premium lasts.
FHA annual mortgage insurance, loans over 15 years (HUD, since March 2023)
| Loan-to-value | Loans up to $726,200 | Larger loans | Lasts |
|---|---|---|---|
| 90% or less | 0.50% | 0.70% | 11 years |
| Over 90% to 95% | 0.50% | 0.70% | Life of the loan |
| Over 95% | 0.55% | 0.75% | Life of the loan |
How this calculator works
FHA loans charge an upfront mortgage insurance premium of 1.75% of the base loan, usually added to the loan, and an annual premium paid monthly, set by loan size, loan-to-value and term (HUD Mortgagee Letter 2023-05). With 10% or more down it ends after 11 years; with less, it lasts for the life of the loan.
The monthly premium here is the first year's; it falls a little each year as the balance does.
What it assumes
- FHA loan limits vary by county; this uses your price as entered.
- Property tax and insurance come on top.
Questions people ask
How much is FHA mortgage insurance?
A 1.75% upfront premium, plus an annual premium of 0.55% for most 30-year loans with 3.5% down (0.50% with 5% down or more).
Does FHA mortgage insurance ever go away?
With 10% or more down, after 11 years. With less, it lasts the life of the loan; most borrowers drop it by refinancing into a conventional loan once they have 20% equity.
What is the payment on a $350,000 FHA loan?
With 3.5% down at 6.5% over 30 years: about $2,326.97 a month in principal, interest and MIP.
FHA or conventional?
FHA accepts lower credit scores and 3.5% down; conventional loans can need only 3% down and their PMI ends at 78% loan-to-value, so with good credit they often cost less over time.
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Sources
Updated by the RateHerald team. The maths is tested against worked examples; report a problem.