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The FHA payment is never just P&I — here is the real monthly number.
FHA loans let you buy with 3.5% down and a 580 credit score — but the payment quote you see online almost never includes both layers of mortgage insurance. This calculator finances the 1.75% upfront MIP into the loan, applies the correct annual MIP rate from HUD Mortgagee Letter 2023-05 for your exact LTV and term, and totals what MIP costs over its entire life.
Buyers with 3.5% saved use it to see the payment lenders never quote upfront — with financed UFMIP and lifetime MIP included. The 15-year MIP discount and the life-of-loan MIP trap are the two facts that change real decisions.
Two pieces: a 1.75% upfront premium (almost always financed into the loan) and an annual premium of 0.55% for 30-year loans with under 5% down, 0.50% with 5–10% down, and 0.15–0.40% on 15-year loans. On a typical $344,000 financed FHA loan that is about $158 a month — before it declines slowly with the balance.
Only if you put 10% or more down — then annual MIP ends automatically after 11 years. With less than 10% down (including the standard 3.5%), MIP runs for the entire loan term, and the only exit is refinancing into a conventional loan once you have the equity and credit. It does NOT cancel at 78% LTV the way conventional PMI does.
The one-unit floor is $541,287 in standard counties, rising to $1,249,125 in high-cost areas (per HUD Mortgagee Letter 2025-23). This calculator flags when your base loan exceeds the floor so you know to check your county limit at hud.gov.
The MIP rate drops to 0.15% with 10%+ down on a 15-year term — on a $300,000 loan that saves over $1,200 a year in insurance alone, and MIP expires at year 11. But the higher P&I payment is permanent, so run both terms here and compare total monthly, not just the insurance line.