US FHA Loan Calculator (3.5% Down & Upfront/Annual MIP)
Calculate monthly payments for first-time home buyers with 3.5% down payment, including Upfront MIP (1.75%) and Annual MIP (0.55%).
Calculate monthly payments for first-time home buyers with 3.5% down payment, including Upfront MIP (1.75%) and Annual MIP (0.55%).
Calculate monthly payments for first-time home buyers with 3.5% down payment, including Upfront MIP (1.75%) and Annual MIP (0.55%). Calculate exact, penny-accurate projections compliant with 2026 IRS • St. Louis FED (FRED) standards using Calconova's deterministic IEEE-754 (Decimal.js) calculation engine with instant breakdowns.
Based on $350,000 home with 3.5% ($12,250) down payment.
Because your down payment is 3.5% (< 10%), your annual MIP of $155/mo remains for the entire 30-year life of the loan ($55,729 total MIP). Most FHA homeowners refinance to a Conventional mortgage once their home equity reaches 20% to eliminate this fee.
MIP_{monthly} = \frac{(Price - DownPayment) \times 0.55\%}{12}Standard FHA loan with 3.5% down payment includes 1.75% Upfront MIP financed into the principal and 0.55% Annual MIP billed monthly.
All calculations, amortizations, and scenario projections displayed on this page are strictly for informational and educational purposes. Nothing herein constitutes investment, financial, tax, underwriting, or legal advice. Actual interest rates, closing costs, lender fees, and statutory criteria may vary. Calconova explicitly disclaims all liability for any financial decisions or actions taken based upon these calculations. Users are strongly advised to consult a certified financial planner, CPA, or licensed lending officer prior to executing financial commitments.
An FHA loan is a government-backed mortgage insured by the Federal Housing Administration. Borrowers with a credit score of 580 or higher can qualify with as little as 3.5% down payment, making it one of the most accessible mortgages for first-time home buyers in the United States.
FHA borrowers pay two types of mortgage insurance: (1) Upfront MIP (UFMIP), which is 1.75% of the base loan amount and is almost always rolled into the total loan balance; and (2) Annual MIP, which is currently 0.55% of the loan amount per year (billed monthly at ~0.0458%) for a standard 30-year fixed loan with 3.5% down.
If you put down less than 10% (such as the standard 3.5% minimum), FHA annual MIP stays for the entire 30-year life of the loan. The only way to remove it is by refinancing into a Conventional mortgage once your home equity reaches 20%. If you put down 10% or more, FHA MIP automatically cancels after 11 years.
FHA loans are ideal for borrowers with lower credit scores (580–660) or strict debt-to-income ratios. However, if your credit score is 700+ and you have at least 5% down payment, a Conventional loan is typically cheaper because Private Mortgage Insurance (PMI) cancels automatically when you reach 20% home equity.
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