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FHA Loan Calculator 2026 — Real Payment With UFMIP & MIP
Most FHA calculators show only principal and interest. This one adds the 1.75% upfront mortgage insurance premium (UFMIP) and the annual MIP that FHA requires, so your estimate looks like your real Loan Estimate.
An FHA loan calculator needs two mortgage-insurance line items that conventional calculators skip: the 1.75% upfront mortgage insurance premium (UFMIP), which is typically financed into your loan amount, and the annual MIP, billed monthly at roughly 0.15% to 0.75% of the loan balance depending on term, loan amount, and loan-to-value. Add those to principal, interest, taxes, and insurance to see your true FHA payment.
- ✓UFMIP is 1.75% of the base loan amount, almost always financed rather than paid in cash at closing.
- ✓Annual MIP is billed monthly and varies with loan amount, term, and loan-to-value ratio.
- ✓On loans with less than 10% down, annual MIP generally lasts for the life of the loan; with 10%+ down it can end after 11 years.
- ✓FHA DTI leads with a 43% standard back-end benchmark, with a stretch to roughly 56.99% possible through automated underwriting and compensating factors.
- ✓The calculator below layers UFMIP, MIP, taxes, insurance, and HOA on top of principal and interest for a complete picture.
What this means for you: an FHA payment estimate that only shows principal and interest can understate your real monthly cost by several hundred dollars once MIP is included.
Written by
Simply Approved Mortgages Team
Licensed Loan Officers · NMLS# 2620881
Get your personalized scenario summary
Complete the short request and a Simply Approved Mortgages Loan Officer sends back a written summary built from your own numbers: estimated payment breakdown, estimated cash to close, the loan structures that fit your file, and what documentation the file will need.
- Estimated monthly payment with taxes and insurance
- Estimated cash to close for your scenario
- Loan options your profile may fit
- Document checklist for your file
Takes about 3 minutes · Summary shown on screen and emailed to you
Illustration only, generated from the information you enter. Not a rate quote, lock, loan estimate, pre-qualification, offer, approval, or commitment to lend. Figures are subject to credit, income, asset and property review and full lender underwriting; binding numbers appear on your Loan Estimate.
Scenario summary
- Purchase price entered
- $412,000
- Down payment entered
- $20,600
- Estimated loan amount
- $391,400
- Estimated cash to close
- $14,300
- Programs reviewed
- 4
Sample layout with example figures — your own numbers replace these. Simply Approved Mortgages LLC · NMLS #2620881 · Equal Housing Opportunity.
FHA loan payment calculator
Monthly payment breakdown
Loan amortization summary (30-year term)
Assumes a fixed-rate 30-year loan held to maturity with no prepayments. Actual amortization varies with extra principal payments, escrow adjustments, PMI/MIP, and any rate resets on an ARM.
Use my estimate — see today's rates
We'll pre-fill your calculator numbers into the quote form below. A Simply Approved Mortgages Loan Officer will personally connect with you to walk through your scenario.
Pre-approval is a soft check with no SSN and no hard credit pull. Not a loan approval or commitment to lend — binding figures appear on your federally required Loan Estimate.
Turn these numbers into a real pre-approval
Continue on our secure application page. Your Simply Approved Mortgages Loan Officer will review your numbers and follow up within one business day.
No obligation. Soft-pull options may be available.*
Assumptions, methodology, and limitations
Payments use standard fixed-rate amortization, plus FHA upfront mortgage insurance financed into the loan and the annual MIP factor divided over 12 months.
It excludes property taxes, hazard and flood insurance, HOA dues, and county loan-limit or property-condition eligibility checks.
Results are illustrative estimates only and are not a quote, lock, offer, or commitment to lend. No rate, APR, or program approval is implied. Binding figures appear on your Loan Estimate. Eligibility, terms, and availability vary by borrower, property, lender, loan program, and state.
Run your scenario with a loan officer
Share your numbers and a Simply Approved Mortgages Loan Officer sends back an estimated payment, estimated cash to close, and the structures that fit your file. Educational only — not a quote, lock, offer, or commitment to lend.
Why an FHA payment calculator needs to include MIP
FHA loans allow a down payment as low as 3.5%, which is a major reason first-time buyers use the program. In exchange for that low down payment, FHA requires mortgage insurance on every loan, structured very differently from conventional PMI. A calculator that shows only principal and interest hides two real costs: the upfront premium added to your loan balance and the monthly premium added to your payment.
How the upfront mortgage insurance premium (UFMIP) works
UFMIP is 1.75% of your base loan amount. On a $350,000 base loan, that is $6,125. Almost every borrower finances UFMIP into the loan rather than paying it in cash at closing, which means your actual loan balance — and the interest you pay on it — is slightly higher than the sale price minus your down payment. The calculator above lets you see the payment difference once that premium is rolled in.
How annual MIP is calculated
Annual MIP is charged as a percentage of the loan balance, billed as one-twelfth of the annual amount each month, similar to how property taxes are escrowed. The exact rate depends on your loan amount, your loan-to-value ratio, and your loan term, and is set by current HUD guidance rather than by your credit score the way conventional PMI is. Because it is billed monthly against a declining balance, the dollar amount slowly decreases even though the percentage rate stays fixed for the life of the premium.
When does FHA MIP go away?
This is one of the most common points of confusion for FHA borrowers. If your original down payment was 10% or more, annual MIP is scheduled to cancel after 11 years. If your original down payment was less than 10% — which describes most FHA borrowers using the 3.5% minimum — annual MIP generally continues for the life of the loan. Paying down your balance faster does not remove it; only your original loan-to-value at closing determines the cancellation rule. The most common exit path is refinancing into a conventional loan once you have built roughly 20% equity and your credit supports it.
Want these numbers built around your file?
A short request is all it takes to get a written scenario summary back from a Simply Approved Mortgages Loan Officer. Binding figures appear on your Loan Estimate.
Comparing FHA MIP with conventional PMI
Conventional private mortgage insurance is priced by credit score and loan-to-value, so a borrower with excellent credit and a modest down payment can sometimes pay less than FHA's flat-priced MIP. Borrowers with lower credit scores often find FHA MIP cheaper than the PMI they would be quoted on a conventional loan. Because FHA underwriting is also generally more flexible on credit history and past derogatory events, many borrowers weigh a slightly higher long-term insurance cost against easier qualification today.
How FHA debt-to-income fits into your calculator inputs
Once you know your estimated FHA payment, the next question is whether it fits your income. FHA underwriting leads with a 43% standard back-end debt-to-income benchmark, comparing your total monthly debts — including the new housing payment — to your gross monthly income. Through the FHA TOTAL Scorecard automated underwriting system, files with strong compensating factors such as verified reserves, minimal payment shock, and stable employment history can sometimes be approved with a back-end DTI as high as roughly 56.99%. That flexibility is conditional and reviewed case by case, not a guaranteed ceiling.
What else changes your FHA payment estimate
Property tax rates and homeowners insurance premiums vary enormously by state and even by county, and both are collected through your escrow account alongside principal, interest, and MIP. Loan term also matters: a 15-year FHA loan pays down UFMIP-adjusted principal faster and can shorten how long MIP applies compared with a 30-year term, though the monthly payment is higher. Run several scenarios in the calculator above to see how term, down payment, and rate each move your total.
How a Simply Approved Mortgages Loan Officer helps
An FHA calculator gives you a strong starting estimate, but your actual UFMIP, annual MIP tier, and rate depend on details a calculator cannot see — your final credit report, the specific loan amount, and current program guidelines. A Simply Approved Mortgages Loan Officer can review your scenario, confirm which MIP schedule applies, and generate a Loan Estimate with your binding numbers.
Figures shown are illustrative only and not a quote, lock, offer, or commitment to lend. Binding figures appear on your Loan Estimate.
What you can do with this loan
Estimate a full FHA monthly payment including UFMIP-adjusted principal and annual MIP.
Compare FHA total cost against a conventional PMI scenario side by side.
See how 15-, 20-, and 30-year FHA terms change payment and total interest.
Model how a larger down payment affects your MIP duration.
Prepare realistic numbers before starting a pre-approval conversation.
Pros & cons — honest tradeoffs
Pros — Pros & cons
- +Allows a down payment as low as 3.5% with more flexible credit guidelines than many conventional programs.
- +Annual MIP rate is set by HUD, not risk-priced purely on credit score the way conventional PMI is.
- +FHA DTI flexibility can help borrowers with strong compensating factors qualify above standard benchmarks.
- +Assumable to a future qualified buyer, which can be a resale advantage when rates are higher later.
- +Widely available and well understood by most lenders and appraisers.
Cons / watch-outs — Pros & cons
- −UFMIP adds to your loan balance and the interest you pay over the life of the loan.
- −Annual MIP often lasts the life of the loan when the down payment is under 10%.
- −FHA loan limits cap how much you can borrow in higher-cost areas.
- −Refinancing to remove MIP requires qualifying for a new conventional loan later.
- −Property must meet FHA minimum property standards, which can complicate some purchases.
Compare loan officer compensation on your mortgage quote
Loan officer compensation is part of the cost of a mortgage. On eligible residential loans, Simply Approved Mortgages generally uses 1.5% lender-paid compensation. Enter the compensation shown on another lender's Loan Estimate to see the difference in dollars.
Compensation difference on this illustration: $3,750.
How lower compensation can help you
When less compensation is built into pricing, there can be room for a lower interest rate, which may lower your monthly payment.
Depending on the rate you choose, pricing can sometimes include a lender credit toward third-party closing costs, so you may bring less cash to closing.
A lower rate means a lower monthly payment, which can lower your debt-to-income ratio and may help you qualify for more home on the same income.
As a mortgage broker we compare pricing from wholesale lenders instead of offering a single bank’s retail pricing.
Tip: On page 2 of your Loan Estimate, look at Section A, "Origination Charges." If the lender pays the loan officer, that compensation usually does not appear there as its own line; it is built into the interest rate. That is why comparing the rate and any lender credits side by side matters.
Already have a Loan Estimate from another bank or broker? Share it with a Simply Approved Mortgages Loan Officer, who will compare the rate, fees and credits side by side with options we can arrange. No cost to request a review.
Illustration only — not a quote, lock, offer, or commitment to lend; binding figures appear on your Loan Estimate. Lender-paid compensation is paid by the lender, not directly by you, and is part of the loan's pricing, so the loan is not free of costs. A lower compensation figure does not by itself guarantee a lower rate or lower closing costs; individual results vary by credit, loan type, property and market conditions. Residential lending in FL and CO only. Simply Approved Mortgages LLC · NMLS #2620881 · Equal Housing Opportunity.
Worked example
How this loan actually works — a full example
A borrower purchases a $375,000 home with 3.5% down using an FHA loan at an illustrative 6.5% rate on a 30-year term.
Inputs
- Purchase price
- $375,000
- Down payment (3.5%)
- $13,125
- Base loan amount
- $361,875
- UFMIP (1.75%)
- $6,333 (financed)
- Total loan amount
- $368,208
Calculation
- 1Estimated principal & interest~$2,327/mo (illustrative)
- 2Estimated annual MIP~$169/mo (illustrative)
- 3Estimated taxes + insurance~$450/mo (illustrative)
- 4Estimated total PITI + MIP~$2,946/mo (illustrative)
Illustrative only — not a quote, lock, offer, or commitment to lend. Binding figures appear on your Loan Estimate.
Purchase market update
What buyers should know this month
30-Yr Fixed · national avg
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15-Yr Fixed · national avg
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2026 buying power
Conforming baseline: $832,750
FHA floor / ceiling: $541,287 – $1,249,125
UFMIP is financed, not usually paid in cash
The 1.75% upfront premium is typically rolled into your loan balance.
Annual MIP is billed monthly
It is calculated against your loan balance and added to your escrowed payment.
Down payment size decides how long MIP lasts
10%+ down can end MIP after 11 years; less than 10% down generally lasts the life of the loan.
Cost and payment tools
Run your payment, affordability, closing cost and refinance numbers
Monthly payment, affordability, closing costs, refinance break-even and early payoff, all on one screen. This page is not written for one state, so property tax, insurance and transfer or recording charges start at neutral placeholder assumptions rather than published averages — Transfer, documentary-stamp and recording charges are set by your state and county — enter your own figure, or open the state page for a sourced seed. Insurance and tax assumptions vary widely by state, county and property, so replace these starting values with quotes for your address. Every figure is an illustrative estimate, not a quote, lock, offer, approval, or commitment to lend.
Your inputs
Estimated result
- Down payment
- $20,000
- Loan amount
- $380,000
- Principal & interest
- $2,402
- Property tax
- $333/mo
- Homeowners insurance
- $167/mo
- Estimated total monthly
- $2,902/mo
Reference sources: Tax Foundation — property taxes paid as a percentage of owner-occupied housing value, NAIC — Homeowners Insurance Report, CFPB — Understanding your Loan Estimate.
Assumptions, methodology, and limitations
Principal and interest use the standard amortization formula on the loan amount you enter. This page does not target a single state, so the property tax and insurance fields start at neutral placeholder assumptions rather than published averages — replace them with figures for your own address, or open the matching state page for sourced seeds. Closing costs apply your state's transfer / documentary-stamp practice (0.00% of price used as the buyer-side seed) plus typical title, recording, appraisal, credit and prepaid escrow lines. Refinance break-even divides your entered costs by the monthly payment difference. Early payoff runs a month-by-month amortization with your extra principal.
These tools do not include mortgage insurance, funding or guarantee fees, HOA special assessments, flood or windstorm premiums, seller credits, lender credits, discount points, or county and municipal charges specific to your parcel. Statewide averages will not match any individual property. Figures are estimates only.
Illustrative only. Binding figures appear on your Loan Estimate, and terms vary by borrower, property, lender, program, and state.
Turn these estimates into real numbers
Send your scenario to a Simply Approved Mortgages Loan Officer and get a written summary back, or compare where rates sit today. Educational only — not a quote, lock, offer, approval, or commitment to lend.
FHA loan calculator FAQs
Answers to the most common FHA loan calculator questions, written by licensed loan officers.
Ask SAM anything about mortgages
SAM is the Simply Approved Mortgages AI assistant. It answers general questions using the reviewed guides published on this site and links you to the primary government source. It is educational only — it does not quote a rate, payment, APR, approval or commitment to lend. A Simply Approved Mortgages Loan Officer reviews every scenario before any terms are confirmed.
Hi, I'm SAM — an AI assistant for Simply Approved Mortgages. I can explain loan programs, closing costs, DTI, down payments and which calculator or guide to use. I'm not a licensed loan officer, and nothing here is a quote, approval or commitment to lend.
Ask Sam AI provides general educational information only. It is an automated assistant, may be incomplete or out of date, and does not provide legal, tax or financial advice. Nothing it produces is a rate quote, APR, pre-approval, offer or commitment to lend. Never share a Social Security number, ITIN, date of birth, account number or password in chat. Simply Approved Mortgages LLC (NMLS #2620881) arranges residential mortgage loans in Florida and Colorado. Eligibility, terms, conditions and availability vary by borrower, property, lender, loan program and state, and all loans are subject to lender underwriting and approval. Equal Housing Opportunity.
Trusted government resources
These independent government resources can help you research mortgage programs, rates, and your rights before you apply.
HUD
HUD — FHA Loan Basics
HUD
HUD — Single Family Housing Policy Handbook
CFPB
CFPB — What Is Mortgage Insurance?
Simply Approved Mortgages is not affiliated with HUD, the CFPB, the FTC, the VA, or any other government agency. Links are provided for your independent verification.
How this page connects
Where this fits in the FHA lending library
This page sits inside our FHA lending coverage.
What most readers open next
- FHA credit score requirementsBecause the score band drives the minimum down payment.
- The FHA cash-to-close estimatorBecause to separate down payment from closing costs and prepaids.
Explore the full guide
Keep reading — the rest of the buying playbook
Each of these is a deep-dive on one piece of the purchase mortgage process. Bookmark whichever you need next.
Guide
FHA Loans
Full overview of FHA eligibility and guidelines.
Read the guide →Guide
FHA Mortgage Insurance
UFMIP, annual MIP, and the 11-year rule explained.
Read the guide →Guide
FHA DTI Calculator
Model your front-end and back-end FHA debt ratios.
Read the guide →Guide
PMI Calculator
Compare conventional PMI against FHA MIP.
Read the guide →Guide
Mortgage Payment Calculator
General PITI calculator for any loan type.
Read the guide →Guide
FHA Loan Limits
Maximum FHA loan amounts by county.
Read the guide →Internal library
Related mortgage guides across our library
Follow the next relevant guide for your scenario.
FHA loans
FHA loan library
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Tell us about your scenario
The form below is tailored to FHA loan — only the questions and documents your program needs.
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FHA allows 3.5% down at 580+ FICO, or 10% down at 500–579 FICO.
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Plain-language articles to help you understand the home loan process, save on closing costs, and make confident decisions.
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Broker identification. Simply Approved Mortgages LLC is a mortgage broker and is not a direct lender. We arrange residential mortgage loans with third-party wholesale lenders and do not make the lender's final credit decision or fund the loan. We arrange residential mortgage loans in Florida and Colorado. Business-purpose mortgage products may be arranged in additional states only where permitted by applicable law and pursuant to applicable licensing requirements or exemptions.
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