FHA Loan Calculator
A true FHA payment with the current 1.75% UFMIP, tiered annual MIP by LTV/term, correct MIP duration rules, escrow, and a side-by-side comparison to a conventional loan.
- 30yr Fixed6.51%
- 15yr Fixed5.84%
- 5/1 ARM6.47%
- 2yr Fixed5.68%
- 5yr Fixed5.63%
- Tracker3.96%
- Variable6.20%
- 2yr Fixed5.90%
- 5yr Fixed5.54%
- Variable5.95%
Rates shown are national averages for reference only. Actual rates vary by lender, credit score, and LTV. US 30/15-yr figures auto-refresh daily from the Freddie Mac PMMS public dataset.
Inputs
How it works
UFMIP: 1.75% × base loan, financed into the loan.
Annual MIP: a percentage of the financed loan, split into 12 monthly payments. Rate depends on term and LTV.
MIP duration: if LTV > 90% at closing, MIP is charged for the full term. If LTV ≤ 90%, MIP drops off after 132 monthly payments (11 years).
Comparison: we amortize a conventional loan at your Conv rate, apply 0.55% PMI until scheduled LTV hits 78%, and add lifetime interest + PMI to compare against FHA's interest + total MIP.
Frequently asked questions
Why does FHA MIP last for the life of the loan sometimes?
If your LTV at closing is above 90% (down payment less than 10%), FHA charges annual MIP for the full loan term. Put 10%+ down and MIP drops off after 11 years.
How much is the 2024 FHA UFMIP?
1.75% of the base loan amount, paid upfront. Almost everyone rolls it into the loan — that's why the calculator uses base loan + UFMIP as your financed amount.
What's the FHA annual MIP rate?
For 30-yr loans: 0.55% if LTV > 90%, 0.50% if LTV ≤ 90%. For 15-yr loans: 0.40% if LTV > 90%, 0.15% if LTV ≤ 90%. Rates set by HUD, updated periodically.
Can I refinance out of MIP?
Yes. Once you have 20% equity via appreciation or paydown, you can refinance into a conventional loan and eliminate MIP. The calculator's refinance page models the break-even.
What are 2024 FHA loan limits?
$498,257 floor in low-cost areas, $1,149,825 ceiling in high-cost areas. Above the ceiling you need a conventional/jumbo loan.
FHA vs Conventional with 3% down — which wins?
The comparison table above runs the exact math on your inputs. Generally FHA wins at lower credit scores (better rates); conventional wins at 700+ FICO because PMI drops off.