Who can use this calculator?

Anyone shopping for a home loan in Illinois, Indiana, Tennessee, or Alabama can use this calculator for free. There is no signup required.

Is the estimate the same as a preapproval?

No. This calculator gives a math-based estimate. A real preapproval requires Kim Dobyns to review your full credit, income, assets, and debts — schedule one by calling (630) 660-3539.

How is PMI / MIP calculated?

Conventional PMI uses tiered rates by credit score and LTV. FHA MIP is 1.75% upfront + roughly 0.55% annually on most loans. USDA charges a 1% upfront fee + roughly 0.35% annually. VA has no monthly mortgage insurance.

FHA Mortgage Calculator | Monthly Payment with MIP

FHA Mortgage Payment Calculator

Adjust inputs to explore different scenarios

Home Price

Down Payment ($)

Current Home Value ($)

Current Loan Balance ($)

Cash-Out Amount ($)

Loan Type

Loan Term

Interest Rate (%)

Credit Score

First-Time Buyer?

Annual Property Tax ($)

Annual Homeowner's Ins ($)

Total Payment

Principal & Interest

Taxes & Insurance

Mortgage Insurance

Estimates are for educational purposes only and do not represent a commitment to lend or a guaranteed rate. Kim Dobyns, NMLS #204859 · Union Home Mortgage Corp., NMLS #2229 · Equal Housing Lender.

How FHA Mortgage Insurance Works

FHA loans include two types of mortgage insurance: an upfront premium (UFMIP) of 1.75% of the loan amount, which is typically added to your loan balance, and an annual premium (MIP) that is paid monthly. This calculator includes both in your payment estimate.

FHA Upfront MIP (UFMIP)

The upfront mortgage insurance premium is 1.75% of your base loan amount. It is typically financed into the loan — meaning it is added to your loan balance rather than paid out of pocket at closing. This increases your loan amount slightly but does not require additional cash upfront.

FHA Monthly MIP

The annual FHA mortgage insurance premium is paid monthly. For most 30-year FHA loans with less than 10% down, MIP remains for the life of the loan. The only way to remove FHA MIP is typically to refinance into a conventional loan once you have sufficient equity.

FHA Mortgage Calculator — Common Questions

What credit score do I need for an FHA loan?

FHA guidelines allow for more credit flexibility than conventional loans. However, lender overlays and specific program requirements also apply. Credit history, recent payment patterns, and overall financial profile all factor into approval. A mortgage review will tell you exactly where you stand.

How much is the FHA down payment?

FHA allows a lower minimum down payment for eligible buyers. The down payment may come from your own savings, eligible gift funds, or approved down payment assistance programs. In Illinois, Indiana, Tennessee, and Alabama, several assistance programs may be paired with FHA loans.

Can I remove FHA mortgage insurance?

For most FHA loans with less than 10% down, MIP stays for the life of the loan. If you put 10% or more down, MIP can be removed after 11 years. Many buyers eventually refinance into a conventional loan to eliminate MIP once they have built sufficient equity.

Is FHA better than Conventional?

It depends on your situation. FHA may be better if you have lower credit or limited down payment funds. Conventional may be better if you have stronger credit and want the option to remove PMI. Compare both in the calculator — and then get a full review to see which actually works better for your file.

See If FHA Is Right for You

The FHA calculator gives you estimates. A full mortgage review compares FHA vs conventional for your specific credit, income, and goals.

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