FHA Loan Calculator
Updated on 22 Oct 2026 · Checked by Aotob
An FHA loan on a $350,000 home with 3.5% down costs about $2,741 a month.
That includes $154 of mortgage insurance a month, for the life of the loan, plus a $5,911 upfront premium added to the loan. In total you pay about $42,070 for FHA insurance.
Monthly payment
$2,741/month
With under 10% down, FHA mortgage insurance stays for the life of the loan. Refinancing to a conventional loan once you reach 20% equity is the usual way out.
Show the working
Base loan = 350,000 × (1 − 3.5%) = 337,750
Upfront MIP = 337,750 × 1.75% = 5,911, so the loan is 343,661
P&I on 343,661 at 6.25% for 30 years = 2,115.98
Annual MIP 0.55% on the first year’s average balance ÷ 12 = 153.98
Total = 2,115.98 + 153.98 + 470.83 = 2,740.79
How your down payment changes the cost
| Down | Loan | Annual MIP | MIP lasts | Monthly |
|---|---|---|---|---|
| 3.5% | 343,661 | 0.55% | Loan term | 2,741 |
| 5% | 338,319 | 0.5% | Loan term | 2,692 |
| 10% | 320,513 | 0.5% | 11 years | 2,575 |
| 15% | 302,706 | 0.5% | 11 years | 2,458 |
Questions people ask
How much do I need to put down on an FHA loan?
At least 3.5% with a credit score of 580 or more. With a score from 500 to 579 you need 10% down.
What is FHA mortgage insurance (MIP)?
Every FHA loan has an upfront premium of 1.75% of the loan, usually added to the balance, and an annual premium paid monthly. For a 30-year loan up to $726,200 the annual premium is 0.55% with under 5% down and 0.50% with 5% or more.
When does FHA mortgage insurance end?
With 10% or more down it ends after 11 years. With less than 10% down it lasts for the life of the loan, unless you refinance into a conventional loan.
What are the 2026 FHA loan limits?
For a one-unit home the limit is $541,287 in most of the country and up to $1,249,125 in high-cost areas. Check HUD’s lookup for your county.
Updated 22 Oct 2026Source: HUD: 2026 FHA loan limitsChecked by AotobAnnual MIP is worked out on each year’s average balance; your lender’s figure may differ by a few dollars.Report an issue