FHA Loan Calculator (3.5% Down + MIP)
Estimate FHA mortgage with UFMIP financed into the loan, monthly MIP, and a side-by-side comparison to conventional 20% down.
FINANCEEstimate FHA mortgage payment including Upfront Mortgage Insurance Premium (UFMIP, 1.75% financed into the loan) and monthly Mortgage Insurance Premium (MIP, ~0.55% annual). FHA loans allow 3.5% down with 580+ FICO and are popular for first-time buyers. Compares against a conventional 20%-down scenario so you see the FHA trade-off.
FHA = government-insured (Federal Housing Administration) mortgage for buyers with low down payment or weaker credit. Min 3.5% down at 580+ FICO; 10% down at 500-579 FICO. UFMIP is 1.75% of base loan amount, typically financed into the loan. Monthly MIP runs 0.55% APR-equivalent on loans with under 10% down. MIP for life when down is under 10% - the only way out is refinancing into a conventional loan once you hit 20% equity. The calculator computes principal + interest, MIP, taxes, insurance, HOA, and a conventional 20% comparison.
FHA Loan Calculator (3.5% Down + UFMIP + Monthly MIP)
Estimate FHA mortgage payment including Upfront Mortgage Insurance Premium (UFMIP) financed into the loan and monthly Mortgage Insurance Premium (MIP). Compares against a conventional 20% down scenario to show the FHA trade-off.
Upfront Costs
vs Conventional 20% Down
FHA vs Conventional - Should You Go FHA?
An FHA loan is government-insured (Federal Housing Administration) and designed for buyers with lower down payments or weaker credit. Minimum down is 3.5% with a 580+ FICO; some lenders accept 10% down with FICO as low as 500. The trade-off is mortgage insurance: a 1.75% upfront premium (UFMIP) added to the loan plus a monthly MIP of about 0.55% APR-equivalent for the life of the loan when down payment is under 10%.
The "MIP for life" rule is the biggest FHA gotcha. Conventional PMI drops automatically at 78% LTV under the Homeowners Protection Act. FHA MIP continues for the full term if you put less than 10% down, and lasts 11 years if you put 10%+ down. The only way to remove MIP is to refinance into a conventional loan once you hit ~20% equity.
Use FHA when you cannot afford 5%+ down OR your credit is below 680. Switch to conventional with PMI when your credit is good and you can put 5-10% down - conventional PMI ends at 22% equity and costs less long-term. Use VA or USDA loans if you qualify (0% down, no MIP).
Estimate only. Actual FHA rates and MIP vary by lender, FICO, LTV, term, and loan amount. UFMIP and MIP rates set by HUD and adjust periodically. Closing costs vary widely by state and lender.