FHA Mortgage Payment Calculator
Compare an FHA loan (3.5% down, 1.75% upfront MIP, 0.55% annual MIP), a VA loan ($0 down, funding fee or exemption, no monthly mortgage insurance) and conventional 5% and 20% down loans side by side for the same home.
FHA mortgage payment calculator vs VA and conventional
FHA
VA
Conventional
FHA loan payment calculator: 2026 costs
- Down payment: 3.5% with a credit score of 580+, 10% with 500–579.
- Upfront MIP: 1.75% of the base loan, usually added to the loan.
- Annual MIP: 0.55% of the loan a year on most 30-year FHA loans with under 5% down (0.50% with 5% or more), up to $726,200; higher on bigger loans. It lasts the life of the loan if you put down under 10%, or 11 years with 10% or more.
- Loan limits: set by county, from 65% of the $832,750 conforming limit in low-cost areas up to $1,249,125 in high-cost areas.
Example: $350,000 home, 3.5% down: base loan $337,750, plus $5,911 UFMIP = $343,661. At 6.25% for 30 years, principal and interest is $2,115.98, MIP $154.80, tax and insurance $470.83: $2,741.61 a month.
VA mortgage payment calculator: the funding fee
| Down payment | First use | Subsequent use |
|---|---|---|
| Under 5% | 2.15% | 3.3% |
| 5% to under 10% | 1.5% | 1.5% |
| 10% or more | 1.25% | 1.25% |
VA loans need no down payment and have no monthly mortgage insurance. The one-time funding fee can be financed and is waived for veterans receiving VA disability compensation, Purple Heart recipients and eligible surviving spouses. On the same $350,000 home with $0 down at 6.0%, the loan with a 2.15% fee is $357,525: $2,143.54 principal and interest plus $470.83 escrow = $2,614.38.
FHA vs VA vs conventional: which is cheapest?
If you're VA-eligible, a VA loan is usually cheapest month to month because there's no mortgage insurance. FHA helps with lower credit scores, but its MIP often lasts for the life of the loan, so many borrowers later refinance into a conventional loan once they reach 20% equity. With good credit and 5% to 20% down, conventional PMI can cost less than FHA MIP and drops off at 78% LTV. The 203(k) FHA loan wraps renovation costs into the mortgage.
FHA payment calculator and VA loan payment calculator: other names
This works as an FHA home loan calculator, FHA mortgage loan calculator, FHA payment calculator and house payment calculator FHA, and to calculate FHA mortgage payment amounts including MIP. FHA financing also covers the 203k FHA loan, which adds renovation costs to the mortgage; enter the purchase price plus the renovation budget to estimate it. On the VA side it's a VA loan payment calculator, VA home loan payment calculator, VA home loan mortgage calculator, VA home mortgage calculator, veterans mortgage calculator, mortgage calculator VA and mortgage payment calculator VA loan.
Common questions
How is an FHA mortgage payment calculated?
Principal and interest on the base loan plus the 1.75% upfront MIP, plus 0.55% annual MIP ÷ 12, plus taxes and insurance.
How much is the VA funding fee in 2026?
2.15% on first use with under 5% down, 3.3% on later use, 1.5% with 5% down and 1.25% with 10% down; waived with service-connected disability compensation.
Does a VA loan have PMI?
No. VA loans have no monthly mortgage insurance; there's a one-time funding fee instead.
How long do you pay FHA MIP?
For the life of the loan with under 10% down; 11 years with 10% or more.
What is the minimum down payment for FHA?
3.5% with a 580+ credit score.
Sources
- HUD Mortgagee Letter 2023-05: FHA annual MIP reduction
- VA: Funding fee and closing costs
- FHFA: 2026 conforming loan limits
Related
- Mortgage payment calculator
- Home affordability calculator
- Closing cost calculator
- Assumable mortgage calculator
General information, not financial, tax or legal advice. Check important numbers with the official source before acting on them.