Savannah FHA Mortgage Calculator

An FHA buyer in Savannah, GA borrowing $374,830 (with 3.5% down on a median $388,425 home) pays an upfront mortgage insurance premium (MIP) of $6,560 — equal to 1.75% of the base loan amount. This upfront MIP is typically financed into the loan balance rather than paid at closing, increasing the total loan amount to approximately $381,390.

For a typical FHA loan in Savannah, GA with a base loan amount of $374,830, the annual MIP rate is 0.55% — adding approximately $172/month to the required payment. This monthly MIP is separate from principal, interest, property taxes, and homeowners insurance.

Unlike conventional PMI — which automatically cancels at 80% LTV under the Homeowners Protection Act — FHA annual MIP on loans with less than 10% down does not fall off. For FHA buyers in Savannah, GA putting 3.5% down, this means ongoing monthly MIP payments of approximately $172/month for the life of the loan. To eliminate MIP, borrowers must refinance into a conventional loan once they reach 20% equity, or put 10%+ down at origination (MIP then cancels after 11 years).

The 2025 FHA loan limit for Savannah, GA is $541,287 for a 1-unit property. A typical buyer purchasing the median-priced home here (approximately $388,425) with 3.5% down would have a base loan amount of approximately $374,830, which falls within the local FHA limit — making FHA financing an accessible option for eligible buyers.

Beyond principal and interest, FHA buyers in Savannah, GA with a median $388,425 home can expect approximately $2,509/yr in property taxes, $11,109/yr for homeowners insurance, $2,146/yr in energy utilities, and $172/mo in FHA mortgage insurance (MIP). Together, these non-P&I costs add approximately $1,486/month to the required payment in Savannah, GA.