Estimate an FHA mortgage payment with financed upfront MIP, annual MIP, a down payment as low as 3.5%, and optional property tax, insurance, HOA, and other costs. Extra monthly, yearly, or one-time principal payments show how much sooner you can pay the loan off — and how much MIP and interest you avoid.
Formula
The down payment is a percent of the home price (or a dollar amount). The base loan is the price minus that down payment. calculator.net finances upfront MIP as a percent of the home price, then amortizes the combined loan:
upfront MIP = home price × upfront MIP%
loan = (home price − down payment) + upfront MIP
P&I = P · r(1 + r)^n / ((1 + r)^n − 1)
where P is the loan with upfront MIP, r is the monthly rate (APR ÷ 12), and n is the term in months. Annual MIP is billed monthly as
monthly MIP = base loan × annual MIP% / 12
that level amount does not fall as the balance declines. Recurring costs (tax, insurance, HOA, other) are annual amounts ÷ 12. Optional yearly increases compound after every 12 payments; the monthly lines still show year 1.
HUD’s published upfront MIP is 1.75% of the base loan, not the purchase price. This calculator matches calculator.net’s goldens (percent of price) so the payment, MIP totals, and schedule line up with that site.
2026 FHA annual MIP rates
These are the rates calculator.net fills in from loan term, base-loan size, and down-payment percent. Enter them in Annual FHA MIP — the form will not overwrite a rate you already typed.
Loan term longer than 15 years
| Base loan | Down payment | Annual MIP |
|---|---|---|
| $726,200 or less | under 5% | 0.55% |
| $726,200 or less | 5% or more | 0.50% |
| More than $726,200 | under 5% | 0.75% |
| More than $726,200 | 5% or more | 0.70% |
Loan term 15 years or less
| Base loan | Down payment | Annual MIP |
|---|---|---|
| $726,200 or less | under 10% | 0.40% |
| $726,200 or less | 10% or more | 0.15% |
| More than $726,200 | under 10% | 0.65% |
| More than $726,200 | 10% up to 22% | 0.40% |
| More than $726,200 | 22% or more | 0.15% |
Examples
$500,000 home · 3.5% down · 30 years
A $500,000 home with 3.5% down ($17,500) leaves a $482,500 base loan. Upfront MIP at 1.75% of the price is $8,750, so the financed loan is $491,250. At 6.782% over 30 years, principal and interest is about $3,196.69/month. Annual MIP at 0.55% of the base loan adds $221.15/month. With 1.2% property tax, $2,500 insurance, and $5,000 other costs, total out-of-pocket is about $4,542.84/month.
10% down still finances the same upfront MIP
Putting $50,000 (10%) down on the same home cuts the financed loan to $458,750 (the $8,750 upfront MIP is unchanged on this calculator) and P&I to about $2,985/month. HUD typically lets you cancel annual MIP after 11 years at 10% down — switch Annual MIP duration to 11 years to model that.
Extra $200 a month
An extra $200 of principal each month from closing pays this default loan off in 302 months (November 2051 instead of September 2056) and cuts total interest by more than $125,000, with fewer years of MIP as well.