Calculate your FHA loan monthly payment including principal, interest, upfront MIP, annual MIP, property tax, and insurance. See the true cost of an FHA mortgage with all MIP fees.
30-year fixed-rate mortgages — updated April 2026
| Lender | Rate | APR | Est. Payment | Action |
|---|---|---|---|---|
Community Credit UnionBest Rate | 6.125% | 6.280% | $1,217/mo | Check Rate |
National Lending Co | 6.250% | 6.410% | $1,231/mo | Check Rate |
Big Bank Mortgage | 6.375% | 6.520% | $1,247/mo | Check Rate |
Premier Mortgage | 6.450% | 6.580% | $1,258/mo | Check Rate |
Digital Home Loans | 6.500% | 6.630% | $1,264/mo | Check Rate |
Rates shown are for illustrative purposes. Actual rates may vary based on credit score, loan amount, down payment, and market conditions. Contact lenders directly for personalized rate quotes.
FHA loans are government-backed mortgages designed for borrowers with lower credit scores or smaller down payments. While they widen access to homeownership, the MIP (mortgage insurance premium) adds a significant ongoing cost that conventional borrowers with 20% down avoid entirely.
FHA loans are government-backed mortgages insured by the Federal Housing Administration, designed to help first-time homebuyers and borrowers with lower credit scores achieve homeownership. Unlike conventional loans that typically require a 20% down payment and a credit score of 620 or higher, FHA loans allow down payments as low as 3.5% with a credit score of 580 or above. Borrowers with credit scores between 500 and 579 may still qualify with a 10% down payment. The trade-off for these flexible requirements is mortgage insurance premiums (MIP). FHA loans require two types of MIP: an upfront premium of 1.75% of the base loan amount (usually rolled into the loan balance) and an annual premium that varies based on your loan term and loan-to-value ratio. For loans with terms greater than 15 years, the annual MIP ranges from 0.50% to 0.55% of the loan balance. For loans of 15 years or less, it ranges from 0.15% to 0.50%. This calculator factors in both MIP costs along with your principal, interest, property taxes, and homeowners insurance to give you the complete monthly payment picture. It also shows the total cost of MIP over the life of the loan so you can understand the full cost of FHA financing compared to conventional options.
Result: With a 3.5% down payment ($10,500) on a $300,000 home, the FHA loan amount is $289,500. The upfront MIP is $5,066 (1.75%). Annual MIP is ~$2,461/year (0.85%). Monthly payment including MIP is approximately $1,981/month — compared to a conventional loan at 20% down with no PMI at ~$1,520/month. The FHA premium adds ~$461/month vs. conventional.
Understanding how to use financial calculators effectively requires knowing the underlying concepts. The fha loan involves several key financial principles that affect your results.
Our calculator uses industry-standard formulas verified by certified financial professionals. The inputs you provide are processed entirely in your browser — we never store or transmit your financial data. Results update in real time as you adjust values, allowing you to explore different scenarios quickly.
For the most accurate results, use current figures from your most recent financial statements. If you are unsure about a specific input, our default values represent national averages based on data from the Federal Reserve, IRS, and Bureau of Labor Statistics.
Remember that calculator results are estimates for educational purposes. Your actual financial situation may differ based on factors like your credit score, specific lender terms, local regulations, and market conditions. We recommend consulting with a qualified financial professional before making major financial decisions.
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Results are estimates only and not financial advice. Calculator logic verified by Michael Chen, CFP®. Full disclaimer · Methodology