Calculate your FHA loan payment including the required Mortgage Insurance Premium (MIP). FHA loans allow down payments as low as 3.5%.
= $10,500
Default FHA rate — edit to match your quote.
Total Monthly Payment
$2,429
Principal & Interest
$1,926
Monthly MIP
$133
Upfront MIP (rolled in)
$5,066
Based on: the default rate is an estimate, not published FHA rate data: the Freddie Mac Primary Mortgage Market Survey 30-year average, retrieved through FRED (7.03%, as of September 24, 2026), minus 0.20 percentage points. MIP follows HUD Mortgagee Letter 2023-05. Page last reviewed November 11, 2026. See the methodology for formulas and sources.
Assumptions: fixed rate; the monthly payment is principal and interest, monthly MIP, and the property tax and insurance you enter; the upfront MIP is added to the loan amount; monthly MIP is held constant and not recalculated as the balance falls; HOA dues are not included. Results are estimates, not advice or a loan quote.
An FHA loan is a mortgage insured by the Federal Housing Administration (FHA), a government agency within the U.S. Department of Housing and Urban Development (HUD). Because the government backs these loans, lenders can offer them to borrowers with lower credit scores and smaller down payments than conventional loans typically allow.
To qualify for an FHA loan with a 3.5% down payment, you'll need a credit score of at least 580. With a credit score between 500 and 579, you can still qualify but will need a 10% down payment. FHA loans also require a debt-to-income ratio below 43%, proof of steady income and employment, and the property must be your primary residence.
All FHA loans require two types of mortgage insurance: an upfront MIP of 1.75% of the loan amount (which can be rolled into the loan) and an annual MIP ranging from 0.15% to 0.75% depending on your loan term, loan amount, and LTV ratio. Unlike PMI on conventional loans, FHA MIP typically lasts the life of the loan if your down payment is less than 10%.
FHA loans are ideal for first-time buyers or those with less-than-perfect credit, as they have more lenient qualification requirements. However, conventional loans are often better for borrowers with strong credit (720+) since they offer lower rates, no mandatory upfront insurance, and PMI that can be canceled at 20% equity and is removed automatically at 22%. Compare both options using our main mortgage calculator to see which is right for you.
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