FHA Loan Calculator 2026 — Monthly Payment, MIP, and All-In Cost
Calculate your FHA mortgage payment with upfront and annual MIP, see when insurance drops off, and compare to conventional financing.
Loan Details
FHA Loan Breakdown
Base Loan Amount
$386,000
Upfront MIP (1.75%)
financed into loan
$6,755
Total Financed Amount
$392,755
Principal & Interest
$2,679.28
Annual MIP (0.85%)
for 30 years
$278.20
Total Monthly Payment
$2,957.48
Total Interest Paid
$571,786
Total MIP Paid
over MIP duration
$100,153
LTV
96.50%
FHA insight: FHA MIP stays for 30 years on this loan. Total MIP paid: $100,153. Once you reach 20% equity, consider refinancing into a conventional loan to eliminate MIP entirely.
Estimate only. MIP and funding fee rates: effectiveYear 2026. Not financial or legal advice. Contact a HUD-approved lender or VA-approved lender for a formal loan estimate.
FHA Loan FAQs
What is the FHA MIP rate in 2026?
FHA upfront MIP is 1.75% of the base loan amount, always financed into the loan. Annual MIP for a 30-year loan with standard loan amount is 0.75% (LTV ≤90%) to 0.85% (LTV >90%), per HUD Mortgagee Letter 2023-05, effective through 2026.
When does FHA MIP go away?
For loans originated after June 2013 with a down payment below 10%, MIP lasts the full loan term. With 10% or more down, MIP falls off after 11 years. Unlike conventional PMI, FHA MIP cannot be canceled by request at 80% LTV — you must refinance into a conventional loan.
What is the minimum down payment for an FHA loan?
3.5% for credit scores 580 and above. 10% for credit scores 500-579. Scores below 500 are generally ineligible for FHA financing. Down payment can come from gift funds or down payment assistance programs.
Is FHA or conventional better for first-time buyers?
FHA is often better for buyers with credit scores below 680 or limited down payment. Conventional is usually better above 720 with 5%+ down, because conventional PMI can be removed and the rate is often lower. Run both scenarios with this calculator and a conventional PMI calculator.