Estimate your FHA mortgage payment including the upfront mortgage insurance premium (UFMIP) and annual MIP. See your base loan, financed loan, monthly principal & interest, and total monthly payment.
With UFMIP & annual MIP
FHA loans are government-backed mortgages popular with first-time buyers because they allow down payments as low as 3.5% and accept lower credit scores. The trade-off is mortgage insurance. Every FHA loan includes an upfront mortgage insurance premium (UFMIP) of 1.75% of the base loan amount, which is typically financed into the loan, plus an annual mortgage insurance premium (MIP) — currently around 0.55% per year for a standard 30-year loan with less than 5% down — paid monthly.
For example, a $350,000 home with 3.5% down has a base loan of $337,750. The 1.75% UFMIP adds $5,911, making the financed loan about $343,661. At 6.5% over 30 years, principal and interest run about $2,172/month, and the 0.55% annual MIP adds roughly $158/month — for a total of about $2,330 before taxes and insurance. Unlike conventional PMI, FHA MIP usually lasts the life of the loan when you put down less than 10%.
FHA allows as little as 3.5% down with a credit score of 580+. Below 580, a 10% down payment is required.
A one-time upfront premium of 1.75% of the loan, usually rolled into the mortgage rather than paid in cash at closing.
Paid monthly, roughly 0.55%/year for most 30-year loans. It generally stays for the life of the loan if your down payment is under 10%.
Because FHA MIP often can't be cancelled, many borrowers refinance into a conventional loan once they reach 20% equity to eliminate it.
FHA loans are government-insured mortgages designed for borrowers with smaller deposits or weaker credit, allowing as little as 3.5% down with a 580 credit score. The insurance that makes this possible is paid by the borrower in two parts: an upfront premium of 1.75% of the loan, normally financed into the balance, and an annual premium charged monthly. The critical difference from conventional PMI is duration — for most FHA loans originated since 2013 with under 10% down, the annual premium lasts the entire life of the loan and cannot be cancelled by reaching 20% equity.
Upfront MIP = Base loan × 1.75% (usually added to the loan)Total loan = Base loan + Upfront MIPMonthly MIP = Total loan × annual MIP rate ÷ 12 (0.55% typical)Total payment = P&I + Monthly MIP + taxes + insurancewhere:
Assumptions: FHA also imposes county loan limits and property condition standards. Escaping lifetime MIP generally requires refinancing into a conventional loan once you have 20% equity.
Build the FHA payment including both insurance premiums.
Result$2,241.21 a month — including $153.01 of lifetime mortgage insurance
Over 30 years that MIP totals roughly $55,084, and unlike conventional PMI it never falls away. Borrowers who can reach 5% down on a conventional loan with decent credit often pay less overall despite a higher rate, precisely because that PMI cancels at 78% LTV.
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