FHA Loan Calculator — Mississippi
On the typical Mississippi home ($198,000), 3.5% down leaves a $191,070 base loan. The 1.75% upfront premium ($3,344) is financed, for a $194,414 loan, and annual MIP of 0.55% adds $89 a month for the life of the loan. Mississippi FHA limits run $541,287–$832,750 by county.
Mississippi has the 15th-lowest effective property tax rate of the 50 states at 0.58% — $653 less a year than the 0.91% state average on a $198,000 home. Homeowners insurance averages $2,529 a year, the 24th-highest premium nationally and $191 less than the typical state.
Loan Parameters
Total Monthly Payment
$1,693
Principal & Interest + Taxes + Insurance
APR 7.761%
Total Interest
$272,635
Total Cost
$598,700
Advanced Parameters
FHA Mortgage Insurance Premium (MIP)
Annual MIP of 0.55% is billed monthly on the average balance of each loan year. With less than 10% down it lasts for the life of the loan; with 10% or more down it ends after 11 years. A 1.75% upfront premium is also added to the loan.
Loan Summary
Payoff Date
Sep 2056
Interest / Principal
1.40x
Mortgage Insurance Ends
Full term
50% Equity
Jul 2048
Amortization Schedule
| Period | Payment | Principal | Interest | MIP | Balance | Equity |
|---|---|---|---|---|---|---|
| Year 1 | $15,568 | $1,963 | $13,605 | $1,064 | $192,450 | $5,550 |
| Year 2 | $15,568 | $2,106 | $13,462 | $1,053 | $190,344 | $7,656 |
| Year 3 | $15,568 | $2,259 | $13,309 | $1,041 | $188,085 | $9,915 |
| Year 4 | $15,568 | $2,423 | $13,145 | $1,028 | $185,662 | $12,338 |
| Year 5 | $15,568 | $2,599 | $12,969 | $1,015 | $183,063 | $14,937 |
| Year 6 | $15,568 | $2,788 | $12,781 | $1,000 | $180,276 | $17,724 |
| Year 7 | $15,568 | $2,990 | $12,578 | $984 | $177,285 | $20,715 |
| Year 8 | $15,568 | $3,207 | $12,361 | $967 | $174,078 | $23,922 |
| Year 9 | $15,568 | $3,440 | $12,128 | $949 | $170,638 | $27,362 |
| Year 10 | $15,568 | $3,690 | $11,878 | $929 | $166,948 | $31,052 |
| Year 11 | $15,568 | $3,958 | $11,611 | $908 | $162,991 | $35,009 |
| Year 12 | $15,568 | $4,245 | $11,323 | $886 | $158,746 | $39,254 |
| Year 13 | $15,568 | $4,553 | $11,015 | $862 | $154,192 | $43,808 |
| Year 14 | $15,568 | $4,884 | $10,684 | $836 | $149,308 | $48,692 |
| Year 15 | $15,568 | $5,239 | $10,330 | $808 | $144,070 | $53,930 |
| Year 16 | $15,568 | $5,619 | $9,949 | $778 | $138,451 | $59,549 |
| Year 17 | $15,568 | $6,027 | $9,541 | $747 | $132,424 | $65,576 |
| Year 18 | $15,568 | $6,465 | $9,104 | $712 | $125,959 | $72,041 |
| Year 19 | $15,568 | $6,934 | $8,634 | $675 | $119,025 | $78,975 |
| Year 20 | $15,568 | $7,437 | $8,131 | $636 | $111,588 | $86,412 |
| Year 21 | $15,568 | $7,978 | $7,591 | $594 | $103,610 | $94,390 |
| Year 22 | $15,568 | $8,557 | $7,012 | $549 | $95,053 | $102,947 |
| Year 23 | $15,568 | $9,178 | $6,390 | $500 | $85,875 | $112,125 |
| Year 24 | $15,568 | $9,844 | $5,724 | $448 | $76,031 | $121,969 |
| Year 25 | $15,568 | $10,559 | $5,009 | $392 | $65,472 | $132,529 |
| Year 26 | $15,568 | $11,326 | $4,242 | $332 | $54,146 | $143,854 |
| Year 27 | $15,568 | $12,148 | $3,420 | $268 | $41,997 | $156,003 |
| Year 28 | $15,568 | $13,030 | $2,538 | $199 | $28,967 | $169,033 |
| Year 29 | $15,568 | $13,977 | $1,592 | $125 | $14,990 | $183,010 |
| Year 30 | $15,567 | $14,990 | $577 | $45 | $0 | $198,000 |
FHA Loan numbers for Mississippi
- Typical Mississippi home value
- $198,000
- 3.5% down ($6,930) · Zillow, August 31, 2026
- Loan amount
- $194,414
- Includes $3,344 financed UFMIP
- Estimated monthly payment
- $1,693
- APR 7.761%
- Mississippi property tax
- 0.58%
- $96/mo
- Homeowners insurance
- $2,529/yr
- $211/mo
- Upfront MIP (1.75%)
- $3,344
- Financed into the loan
- Annual MIP
- 0.55%
- $89/mo in year 1 · life of loan
- Mississippi FHA loan limit
- $541,287 – $832,750
- One-unit, by county
How much house can you afford in Mississippi with an fha loan?
Highest price where principal, interest, Mississippi property tax, insurance and FHA mortgage insurance (1.75% upfront premium financed, 0.55% annual MIP) stay within 28% of gross income —3.5% down, 30-year fixed at 7.03%. Other debts lower these numbers.
| Household income | Housing budget / mo | Max home price | Down payment | vs typical home |
|---|---|---|---|---|
| $40,000 | $933 | $96,000 | $3,360 | 49% |
| $50,000 | $1,167 | $127,000 | $4,445 | 64% |
| $60,000 | $1,400 | $158,000 | $5,530 | 80% |
| $75,000 | $1,750 | $205,000 | $7,175 | 104% |
| $100,000 | $2,333 | $283,000 | $9,905 | 143% |
| $125,000 | $2,917 | $361,000 | $12,635 | 183% |
| $150,000 | $3,500 | $439,000 | $15,365 | 222% |
FHA vs other loan types in Mississippi
$198,000 home, each program's typical minimum or default down payment, current average 30-year rate.
| Loan type | Down | Loan amount | Upfront fee | Monthly MI | Total / month | APR |
|---|---|---|---|---|---|---|
| Conventional | 10% · $19,800 | $178,200 | — | $107 PMI | $1,603 | 7.488% |
| FHA | 3.5% · $6,930 | $194,414 | UFMIP $3,344 | $89 MIP | $1,693 | 7.761% |
| VA | 0% · $0 | $202,257 | Funding fee $4,257 | $0 | $1,656 | 7.242% |
| JumboLoan is conforming (≤ $832,750) | 20% · $39,600 | $158,400 | — | $0 | $1,363 | 7.030% |
Frequently asked questions
What is the monthly payment on a $198,000 home with an fha loan in Mississippi?
Estimated $1,693 per month ($1,297 principal & interest, $96 property tax, $211 insurance, $89 FHA mortgage insurance) at 7.03% for 30 years, with 3.5% down. APR 7.761%.
What is the FHA loan limit in Mississippi for 2026?
Between $541,287 and $832,750 depending on the county for a one-unit home. $541,287 is the national FHA floor; counties with higher home prices get higher limits. Check your exact county on HUD's FHA mortgage limits lookup.
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Data sources & assumptions
- Freddie Mac Primary Mortgage Market Survey (PMMS) — Weekly average as of September 24, 2026
- Zillow Home Value Index (ZHVI), typical home value, all homes — Default home prices; typical value as of August 31, 2026
- FHFA 2026 Conforming Loan Limit Values (one-unit) — 2026 one-unit limits, 56 states & territories
- HUD FHA Mortgage Limits lookup — FHA floor $541,287; high-cost counties follow the conforming limit — confirm on HUD
- Effective statewide property tax rate (Tax Foundation, 2026 projections) — Statewide effective rate; county rates vary
- Average annual homeowners premium, $300K dwelling / $1K deductible (industry survey averages) — Statewide average premium
- HUD Mortgagee Letter 2023-05 (annual MIP schedule)
- HUD — FHA single family housing policy handbook 4000.1
Estimates exclude lender origination fees, points and closing costs. See our methodology for formulas and limitations.