FHA loan payment & MIP calculator for Las Vegas (2026)

An FHA loan calculator should do more than multiply a rate against a loan balance. FHA financing carries a mortgage insurance premium (MIP) that most calculators either skip or fudge — and MIP is exactly the line item that decides whether a Las Vegas home fits your budget. The tool below builds your payment the way an underwriter would: base loan amount, the 1.75% upfront MIP financed in, monthly principal and interest, annual MIP, Clark County property taxes, homeowners insurance, and HOA. What you get back is a realistic all-in monthly number for a Clark County home.

One number to anchor on first: the 2026 FHA loan limit for a single-family home in Clark County is $541,287 — the floor limit that covers Las Vegas, Henderson, and North Las Vegas. Borrow above that and you're into conventional or jumbo territory. (Full detail lives in our 2026 FHA loan limits for Clark County guide.) Now let's calculate a payment. For the cash you'll need at the table alongside your monthly payment, keep our FHA closing costs in Las Vegas guide open in the next tab.

The FHA payment & MIP calculator

Enter your numbers below. The calculator pre-fills a typical Clark County example — a $350,000 home with FHA's minimum 3.5% down at an illustrative 6.9% rate — and updates every line as you type. It shows the full stack, including the pieces most FHA calculators leave out: your base loan, the financed UFMIP, and annual MIP.

How FHA MIP works: upfront vs. annual

FHA mortgage insurance is what makes 3.5%-down lending possible — it protects the lender if a loan defaults, so lenders can approve buyers a conventional loan would turn away. You pay for it in two separate pieces, and the calculator above handles both.

• Upfront MIP (UFMIP) — 1.75% of the base loan amount, charged once at closing. Most buyers finance it into the loan rather than paying cash. On the $350,000 example, that's about $5,910 added to the loan you amortize (HUD Mortgagee Letter 2023-05).
• Annual MIP — a percentage of the base loan charged every year, divided by 12 and paid monthly. For a standard 30-year loan at 3.5% down, that's 0.55% (55 basis points) per year. On the example base loan, that's roughly $155 a month.

Both figures come from the current HUD MIP schedule set by Mortgagee Letter 2023-05, which took effect in early 2023. That letter cut the annual premium by 0.30 percentage points — a meaningful, still-current reduction that lowered the annual MIP on a typical FHA purchase from 0.85% down to 0.55%. HUD has not changed the schedule since, so these are the 2026 numbers. Because rates can change, treat the figures here as illustrative and confirm the live schedule before you rely on them. For how the upfront piece fits with everything else you'll pay at signing, see our FHA closing costs in Las Vegas guide.

The 2026 FHA MIP rate schedule

Your annual MIP rate isn't one number — it depends on your loan term, your loan amount, and your loan-to-value (LTV) at closing. Here's the schedule for loans at or below the base loan limit (which covers essentially every Clark County FHA purchase), straight from HUD Mortgagee Letter 2023-05.

The takeaway for most Las Vegas buyers using 3.5% down on a 30-year loan: your annual MIP is 0.55%. Pushing your down payment to 5% shaves it to 0.50%, and a 15-year term drops it dramatically — which is one of the levers we cover below. To see how the down-payment side interacts with MIP, read our FHA down payment guide for 2026.

When MIP drops off (and when it doesn't)

This is the single most important — and most misunderstood — fact about FHA financing. Whether your annual MIP ever goes away depends entirely on your down payment. For FHA loans originated after June 3, 2013 (HUD Mortgagee Letter 2013-04), which covers virtually every loan today, the rule is:

• Less than 10% down (LTV above 90% at closing) — annual MIP lasts the life of the loan. It never cancels on its own.
• 10% or more down (LTV 90% or below at closing) — annual MIP drops off after 11 years.

Because most FHA buyers use the 3.5% minimum, their MIP is a life-of-loan passenger. That's not a reason to avoid FHA — for many first-time Las Vegas buyers it's the easiest door to ownership, with 3.5% down and a 580 credit score. But it does change the long-run math, and it's why so many FHA buyers eventually refinance into a conventional loan once they've built enough equity to drop mortgage insurance entirely.

FHA vs. conventional: when PMI is cheaper

The MIP-versus-PMI question is really a down-payment question. Conventional loans charge private mortgage insurance (PMI) instead of FHA's MIP, and the two behave very differently depending on how much you put down.

• At 20% or more down: conventional wins, clearly — it carries no mortgage insurance at all, while FHA still charges MIP. If you have 20% down, conventional is almost always the better structure.
• At 3.5%–10% down: it depends on your credit. FHA's 0.55% MIP is often cheaper than conventional PMI for borrowers with lower or mid-range scores, because conventional PMI is heavily credit-priced and can run 1%+ per year for a sub-680 score. For a strong-credit buyer (740+), conventional PMI can undercut FHA MIP — and it cancels at 20% equity.
• The duration difference: conventional PMI cancels automatically once your scheduled balance reaches 78% of the home's original value (roughly 20% equity), and you can request removal at 80%. FHA MIP, under 10% down, does not — which is the long-run cost that tips many strong-credit buyers toward conventional.

For a Las Vegas first-time buyer with a 620–680 score and 3.5% saved, FHA is usually the easier and cheaper starting point. For a 740-plus buyer with 10%+ down, it's worth pricing conventional side by side. A local mortgage company can model both on your actual numbers — the same numbers you just tested in the calculator.

5 ways to reduce your FHA payment

Once you've seen your all-in number, here are five levers that actually move it — each one testable in the calculator above.

1. Put more down. A larger down payment shrinks your base loan (and your P&I), and crossing 5% down trims annual MIP from 0.55% to 0.50%. Crossing 10% also flips MIP from life-of-loan to an 11-year runway.
2. Shop the rate — and consider buying it down. Your rate is the biggest lever on P&I; even a half point moves the monthly payment meaningfully. Discount points let you pay upfront to lower the rate, which can pay off if you'll hold the loan long enough. Check today's FHA rates before you set a budget.
3. Choose a 15-year term. A 15-year FHA loan cuts annual MIP from 0.55% to as low as 0.15%–0.40% and builds equity far faster — the trade-off is a higher monthly payment. Worth modeling if the payment fits.
4. Refinance to conventional once you have equity. This is the classic FHA exit: build ~20% equity through payments and Clark County appreciation, then refinance into a conventional loan to drop mortgage insurance entirely. See our Clark County FHA affordability data to gauge the runway.
5. Shop your taxes and insurance. Two of your five payment parts aren't set by your lender. Homeowners insurance is priced on rebuild cost, so shopping carriers genuinely lowers your escrow — and Clark County's property tax mechanics (the 35% assessed ratio and 3% owner-occupied cap) keep the "T" gentle. Learn how it's calculated in our Clark County property taxes and your FHA payment guide, and line up coverage early with Valley West Insurance.

The bottom line

A good FHA loan calculator shows you the whole payment, not just principal and interest — and on an FHA loan, the extras matter. Start with your base loan (price minus down payment), finance the 1.75% upfront MIP, then stack monthly P&I, annual MIP (~0.55% at 3.5% down), Clark County property taxes, homeowners insurance, and any HOA. Remember the two rules that shape your long-run cost: the 2026 Clark County FHA limit is $541,287, and under 10% down, MIP lasts the life of the loan. Every figure on this page is an illustrative example — not a quote, offer, or commitment to lend. You've done the math; the smartest next step is to have a local mortgage company run your real scenario and confirm the number in writing.

Frequently asked questions