FHA Mortgage Calculator - FHA MIP Calculator

This Federal Housing Administration (FHA) mortgage insurance premium (MIP) calculator accurately displays the cost of mortgage insurance for an FHA-backed loan. Unlike most private mortgage insurance (PMI) policies, FHA uses an amortized premium, so  insurance costs change along with your loan amount. The calculator allows you to see total mortgage costs including your MIP charges over any time frame you wish.

Borrowers with small downpayments do have choices available to them outside of the FHA program. This unique calculator allows cost comparisons of FHA-backed loans against "traditional" 3 percent down offers from Fannie Mae and Freddie Mac as well as the newer low-cost HomeReady and HomePossible choices, displaying the costs of each in a simple side-by-side format. To give a true picture of loan costs over time, comparison calculations take into account the costs and future cancellation points for traditional PMI.

FHA Mortgage Insurance Calculator and low downpayment mortgage comparator


Please enter value greater than $ 49,999

Loan Amount $0FHA: Up-front MIP
(1.75% of loan amount)
Total Loan Amount $0
MIP Cost Factor $0Mortgage Payment(P&I) $0Monthly MI cost $0Monthly payment $0
MI Cancellation point $0Mortgage Interest Cost $0MI Cost to - years $0Loan cost over - years $0
With your down payment, only fixed-rate mortgages can be compared, as ARMs are not available with less than 5 percent down
Want to compare FHA against other low down payment mortgage options?
Features & Benefits of Loans
  • Minimum 3.5 percent down
  • Available everywhere and to all buyers
  • No risk-based pricing for rates, may be available from FICO 580 and up (usually 620)
  • Loan amounts up to $679,650 in some areas
  • MI not cancelable with minimum down payment
  • Requires paying up-front MI premium
  • Minimum 3 percent down
  • Available everywhere for first-time buyers only
  • Cancelable PMI when loan reaches 80 percent LTV
  • 30-year fixed-rate mortgages only
  • Scores start at FICO 620, best rates available at FICO 740 and up
  • See our guide to FHA mortgages
  • Minimum 3 percent down
  • No first-time buyer requirement, but may have income or geographic limits
  • Reduced PMI costs and PMI cancelable when loan reaches 80 percent LTV
  • Buyer education course required
  • Reduced or eliminated credit risk premiums helps lower rates, with scores stating at FICO 620
FHAConventional 97 This is the "traditional" 3 percent down mortgage program from Fannie Mae and Freddie Mac and is available everywhere across the country. HR/HP HomeReady from Fannie Mae and Home Possible from Freddie Mac are recent offerings. Available in certain high-cost or underserved areas of the U.S., these have lower mortgage insurance costs and may require completing a homebuyer education course.