The real FHA payment — 1.75% upfront MIP, current monthly MIP, taxes and insurance. Free, no sign-up.
Calculate my FHA payment →FHA loans exist to open the door: 3.5% down with a credit score of 580+, and more forgiving underwriting than conventional loans. For buyers with thinner credit files or smaller savings, FHA is often the difference between buying and waiting.
FHA charges two kinds of mortgage insurance, and our calculator models both correctly. First, an upfront premium (UFMIP) of 1.75% of the loan — usually financed into the balance, which slightly raises your monthly payment. Second, an annual MIP of 0.55% for most standard loans (0.50% with 10%+ down). And the detail that costs buyers real money: with less than 10% down, FHA mortgage insurance lasts for the life of the loan — it never cancels at 20% equity like conventional PMI. The escape hatch is refinancing to conventional later, once your credit and equity have grown.
Generally 580+ for 3.5% down; some lenders approve 500–579 with 10% down. Individual lenders may set higher minimums.
With 10%+ down, MIP drops off after 11 years. With less than 10% down, it lasts the life of the loan — refinancing to conventional is the standard exit once you reach ~20% equity.
With strong credit, conventional usually wins long-term because PMI cancels. With weaker credit or minimal savings, FHA's easier pricing can win. Run both in our calculator and compare — it takes one click to switch.
Yes — our calculator has a checkbox for exactly that, and shows how it changes both the loan amount and your cash to close.