Calzento

FHA 30-year mortgage calculator

FHA loans get you in with 3.5% down — but the trade is mortgage insurance for the lifetime of the loan when LTV at origination is above 90%. Most FHA calculators omit this. Calzento surfaces the total MIP paid alongside monthly payment so you can honestly compare to a conventional loan with auto-removing PMI.

Last updated 2026-05-13

Your FHA loan

FHA minimum is 3.5%.
MIP runs lifetime — the entire 30 years. Because LTV at origination is above 90% and the loan is post-June-2013, federal rules require MIP for the life of the loan — there is no auto-removal. Total MIP paid over the loan: $57,248.

Taxes & insurance

(optional, realistic)
Sets property tax rate to median for state
Estimated monthly payment
Estimated monthly payment $2,742 for a 3.5 percent down FHA mortgage on $320,000 at 6.625 percent APR in Texas.
For a $320,000 home, 3.5% down, 6.625% APR, 30-year FHA in Texas.
Principal & interest
$2,012
Property tax
$451
Insurance
$135
MIP 0.55%/yr(lifetime)
$144
FHA-specific costs
Base loan
$308,800
Upfront MIP (1.75%)
$5,404
Total financed
$314,204
Total MIP paid (lifetime)
$57,248
Lifetime MIP because LTV at origination > 90%. Compare to conventional with tiered PMI (auto-removes at 78% LTV) in the methodology below.
Methodology

FHA vs. Conventional — the actual decision framework

Upfront MIP= 1.75% of the base loan amount, paid at closing. Typically rolled into the financed total (so you don't pay cash, but you pay interest on it for the loan's life).

Annual MIP rates depend on term + LTV + base loan size. For 30-year FHA loans below the $726,200 high-cost threshold: 0.50% if LTV ≤ 95%, 0.55% if LTV > 95%. High-cost-area loans bump to 0.70-0.75%. Rates per HUD Mortgagee Letter 2023-05 (effective 2023-03-20).

Duration is the trap. Loans originated after June 2013 with LTV > 90% at origination carry MIP for the entire loan term — there is no auto-removal. The only way out is refinancing to conventional once you have ≥20% equity (or 10% with PMI). Loans starting at LTV ≤ 90% terminate MIP after 11 years.

The conventional alternative: if you can put 10% down, conventional with tiered PMI (~0.5-1.25% depending on LTV band) auto-removes at 78% LTV per the Homeowners Protection Act. Often saves tens of thousands over a 30-year horizon vs FHA lifetime MIP. The 5% gap between FHA min (3.5%) and conventional viability (10% for sane PMI math) is the real decision.

FHA still wins when:credit score is in the 580-680 range (FHA tolerates lower scores), debt-to-income is stretched, or down-payment cash is strictly 3.5%. The lifetime MIP is the cost of qualifying when conventional won't take you.

Source: HUD Handbook 4000.1 §II.A.8 + Mortgagee Letter 2023-05. See the full methodology.

Related

Conventional 30-year fixed
The alternative if you can put 10%+ down. Tiered PMI auto-removes at 78% LTV.
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Compare scenarios
Model FHA vs conventional vs different down-payment scenarios side-by-side.
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Refinance break-even
When you have ≥20% equity, refi from FHA to conventional drops the lifetime MIP.
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