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 (0.55%)
for 30 years
$180.01
Total Monthly Payment
$2,859.29
Total Interest Paid
$571,786
Total MIP Paid
over MIP duration
$43,377
LTV
96.50%
FHA insight: FHA MIP stays for 30 years on this loan. Estimated MIP over that period: $43,377 using a declining-balance approximation. FHA MIP does not automatically cancel merely because current equity reaches 20%; refinancing may change costs and requires separate analysis.
Estimate only. FHA MIP follows HUD Mortgagee Letter 2023-05; the initial monthly MIP declines as principal is repaid and excludes taxes, insurance, HOA dues, and closing costs. VA funding fees depend on eligibility and exemptions. Contact an 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.