The figures above are based upon current Federal Housing Administration (FHA) program guidelines. FHA requires at least a 3.5% down payment as well as Mortgage Insurance Premium (MIP). MIP requires 1.75% of the loan to be paid up front, and is applied to the payment amount. Monthly MIP payments are calculated at 0.85%. Calculations by this tool are believed to be accurate, yet are not guaranteed. Further review is necessary to obtain an exact qualification.