Loan Types
FHA Loan Calculator
Calculate your FHA payment including upfront mortgage insurance premium, monthly MIP, and when you can drop it.
FHA Loan Details
FHA Payment Breakdown
Principal & Interest
$2,547
Monthly MIP
$177
Base Loan Amount
$386,000
Total Loan (w/ UFMIP)
$392,755
Upfront MIP (1.75%)
$6,755
Rolled into loan
Down Payment
$14,000 (3.5%)
FHA Loan Questions?
Talk to a Lender
FHA loans have specific property requirements in Florida. Get connected with an FHA-specialist lender.
FHA Facts
Minimum 3.5% down
FHA requires 3.5% down for credit scores of 580+. Scores 500-579 require 10% down.
FHA loan limits (2024)
Palm Beach County: $726,200. Broward: $726,200. Miami-Dade: $726,200. Loan limits increase in high-cost areas.
MIP vs PMI
FHA charges Mortgage Insurance Premium (MIP) while conventional loans charge PMI. MIP often costs more, but FHA has looser credit requirements.
How the FHA loan calculator works
This tool estimates an FHA payment including mortgage insurance. It adds upfront MIP of 1.75 percent of the base loan (usually financed into the balance), then applies annual MIP as a percentage of the loan, split into 12 monthly parts. It combines that with principal, interest, taxes, and insurance for a full monthly estimate.
On a $400,000 home with 3.5 percent down, the base loan is $386,000. Upfront MIP adds $6,755, so the financed loan is about $392,755. At a 0.55 percent annual MIP that is roughly $180 a month, and principal and interest near 6.5 percent adds about $2,482, so P and I plus MIP is around $2,662 as an example.
FHA loans help many first-time South Florida buyers priced out by rising values and condo assessments. One key rule: on most 30-year FHA loans with under 10 percent down, annual MIP stays for the life of the loan. Buyers who expect to build equity fast often refinance to a conventional loan later to drop it.