FHA Loan Calculator
Estimate your full FHA payment, including both the Upfront Mortgage Insurance Premium (financed into your loan) and ongoing Annual MIP — and how long you’ll actually be required to pay it, which works very differently from conventional PMI.
Putting more down and skipping FHA? See our Mortgage Amortization Calculator, or all our calculators.
Glossary
Upfront MIP is a one-time fee of 1.75% of your base loan amount, typically rolled into your loan balance at closing. Annual MIP is a separate, ongoing charge added to your monthly payment for as long as it’s required — the rate depends on your loan term, LTV, and loan amount.
If your loan-to-value at closing is above 90%, you’ll pay Annual MIP for the life of the loan — it doesn’t automatically cancel, unlike conventional PMI’s 78%-LTV cancellation rule. At 90% LTV or below, Annual MIP runs for 11 years. Refinancing into a conventional loan once you have enough equity is the usual way FHA borrowers get out of it early.
FHA charges a higher Annual MIP rate on loans above a fixed threshold ($726,200, from the 2023 rate reduction). That threshold is a static dollar figure set by HUD, not the same as the annual FHA loan limit, which is a separate, higher number that changes every year.
For 15-year FHA loans specifically, published sources show some disagreement on the exact LTV breakpoint for the lower MIP tier. This calculator uses the more commonly cited convention (0.15% at 90% LTV or below, 0.40% above). If you’re taking a 15-year FHA loan, confirm your exact rate with your lender rather than relying on this figure alone.
For 2026, the FHA loan limit for a single-family home in NYC’s five boroughs and Nassau County is $1,249,125 — the national high-cost-area ceiling. Most of the country uses the lower national floor of $541,287 instead.