FHA MIP Calculator
Estimate FHA mortgage insurance: the upfront premium added to your loan, the annual rate, the first-year monthly cost and how long you will pay it.
Summary
Estimated monthly MIP (first year)$155
On a base loan of $337,750, upfront MIP is $5,911 and annual MIP of 0.55% adds about $155 a month in the first year. You would pay annual MIP For the life of the loan.
- Upfront MIP (1.75%)
- $5,911
- Annual MIP rate
- 0.55%
- How long you pay annual MIP
- For the life of the loan
- Total FHA MIP (upfront + annual)
- $43,203
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Breakdown
- Base loan amount
- $337,750
- Loan amount with upfront MIP financed
- $343,661
Charts
Tap or hover the chart to see values.
View as table
| Year | Annual MIP |
|---|---|
| 1 | $1,858 |
| 2 | $1,837 |
| 3 | $1,815 |
| 4 | $1,791 |
| 5 | $1,766 |
| 6 | $1,739 |
| 7 | $1,710 |
| 8 | $1,680 |
| 9 | $1,647 |
| 10 | $1,612 |
| 11 | $1,575 |
| 12 | $1,535 |
| 13 | $1,493 |
| 14 | $1,448 |
| 15 | $1,399 |
| 16 | $1,348 |
| 17 | $1,293 |
| 18 | $1,234 |
| 19 | $1,172 |
| 20 | $1,105 |
| 21 | $1,034 |
| 22 | $958 |
| 23 | $877 |
| 24 | $791 |
| 25 | $698 |
| 26 | $600 |
| 27 | $495 |
| 28 | $383 |
| 29 | $264 |
| 30 | $136 |
FHA MIP by year
| Year | Balance | Annual MIP |
|---|---|---|
| 1 | $337,750 | $1,858 |
| 2 | $333,975 | $1,837 |
| 3 | $329,947 | $1,815 |
| 4 | $325,649 | $1,791 |
| 5 | $321,064 | $1,766 |
| 6 | $316,171 | $1,739 |
| 7 | $310,951 | $1,710 |
| 8 | $305,381 | $1,680 |
| 9 | $299,438 | $1,647 |
| 10 | $293,097 | $1,612 |
| 11 | $286,331 | $1,575 |
| 12 | $279,113 | $1,535 |
| 13 | $271,410 | $1,493 |
| 14 | $263,192 | $1,448 |
| 15 | $254,424 | $1,399 |
| 16 | $245,068 | $1,348 |
| 17 | $235,086 | $1,293 |
| 18 | $224,436 | $1,234 |
| 19 | $213,072 | $1,172 |
| 20 | $200,947 | $1,105 |
| 21 | $188,009 | $1,034 |
| 22 | $174,206 | $958 |
| 23 | $159,478 | $877 |
| 24 | $143,764 | $791 |
| 25 | $126,997 | $698 |
| 26 | $109,107 | $600 |
| 27 | $90,020 | $495 |
| 28 | $69,653 | $383 |
| 29 | $47,923 | $264 |
| 30 | $24,738 | $136 |
| Total | $37,292 |
Values are rounded to whole dollars; totals use unrounded figures.
Compare scenarios
Your numbers next to common alternatives. Each column recalculates as you change the form.
| Your numbers | 5% down | 10% down | 15-year term | |
|---|---|---|---|---|
| Estimated monthly MIP (first year) | $155 | $139 | $131 | $113 |
| Difference vs your numbers | — | −$16 | −$24 | −$42 |
| Annual MIP rate | 0.55% | 0.5% | 0.5% | 0.4% |
| Difference vs your numbers | — | −0.05% | −0.05% | −0.15% |
| How long you pay annual MIP | For the life of the loan | For the life of the loan | 11 years | For the life of the loan |
How to use it
- Enter the home price.
- Enter your down payment as a percentage; FHA's minimum is 3.5%.
- Choose your loan term.
- Read the upfront premium, the annual rate and the first-year monthly MIP.
- Check the duration to see whether MIP lasts 11 years or the life of the loan.
This FHA MIP calculator estimates the two mortgage insurance charges on an FHA loan: the one-time upfront premium, which is usually added to your loan, and the annual premium, which is split into monthly payments. It also tells you whether the annual premium lasts 11 years or the life of the loan.
How do you use this calculator?
Enter the home price, your down payment as a percentage and your loan term. The tool works out your base loan, applies HUD’s premium table and shows your upfront premium, annual rate and first-year monthly cost. It takes about ten seconds.
Tips on each input:
- Home price. FHA uses the lower of the price or the appraised value, so if you expect a low appraisal, enter that number.
- Down payment. FHA’s minimum is 3.5% for borrowers with a credit score of 580 or higher. With a score from 500 to 579, the maximum loan-to-value is 90%, so enter at least 10% (HUD Handbook 4000.1).
- Term. Terms longer than 15 years use one rate table; terms of 15 years or less use a lower one.
How is FHA MIP calculated?
FHA charges an upfront premium of 1.75% of the base loan, plus an annual premium set by loan size, loan-to-value and term. The annual premium is divided by 12 and added to your monthly payment. This calculator uses the rates in HUD Mortgagee Letter 2023-05.
The steps are:
- Base loan = price × (1 − down payment %)
- Loan-to-value (LTV) = 100% − down payment %
- Upfront MIP = base loan × 1.75%
- Total loan = base loan + upfront MIP (if financed)
- Monthly MIP (first year) = base loan × annual rate ÷ 12
HUD’s annual rates for forward mortgages, effective for case numbers endorsed on or after March 20, 2023, are below (HUD Mortgagee Letter 2023-05).
| Term | Base loan amount | LTV | Annual MIP | How long |
|---|---|---|---|---|
| Over 15 years | $726,200 or less | 90% or less | 0.50% | 11 years |
| Over 15 years | $726,200 or less | Over 90% to 95% | 0.50% | Life of loan |
| Over 15 years | $726,200 or less | Over 95% | 0.55% | Life of loan |
| Over 15 years | Over $726,200 | 90% or less | 0.70% | 11 years |
| Over 15 years | Over $726,200 | Over 95% | 0.75% | Life of loan |
| 15 years or less | $726,200 or less | 90% or less | 0.15% | 11 years |
| 15 years or less | $726,200 or less | Over 90% | 0.40% | Life of loan |
The calculator estimates the first year only and does not include principal, interest, taxes or homeowners insurance. Your lender’s figure may differ slightly due to rounding or the final appraised value.
Worked example
Here is the same $350,000 home with different choices, all computed with the calculator’s formula.
| Scenario (hypothetical) | Base loan | Upfront MIP | Annual rate | First-year monthly MIP | Duration |
|---|---|---|---|---|---|
| 3.5% down, 30-year | $337,750 | $5,910.63 | 0.55% | $154.80 | Life of loan |
| 5% down, 30-year | $332,500 | $5,818.75 | 0.50% | $138.54 | Life of loan |
| 10% down, 30-year | $315,000 | $5,512.50 | 0.50% | $131.25 | 11 years |
| 3.5% down, 15-year | $337,750 | $5,910.63 | 0.40% | $112.58 | Life of loan |
What does your result mean?
Your result shows the insurance part of an FHA payment. If the duration says “life of the loan,” you will pay MIP until you sell or refinance. If it says 11 years, MIP stops after that. Add the monthly MIP to principal, interest, taxes and insurance for your full payment.
Rules that can change your answer:
- Loan limits. FHA loan sizes are capped by county. For 2026, the one-unit limit runs from a $541,287 floor to a $1,249,125 ceiling (HUD). A base loan over $726,200, which triggers the higher MIP rates, is only possible in higher-cost counties.
- Credit score. A score of 500 to 579 limits you to 90% LTV, which also means 11-year MIP.
- Refunds. HUD’s handbook says upfront MIP is not refundable except when you refinance into a new FHA-insured loan.
- Future changes. HUD can change premium rates by mortgagee letter. Your Loan Estimate shows the rate that applies to you.
To see how FHA stacks up against a conventional loan with PMI, use the FHA vs conventional calculator or read FHA vs conventional loans. To check whether your loan fits under your county’s limits, try the loan limit checker.
Common mistakes
The biggest errors are mixing up FHA MIP with conventional PMI, and forgetting the upfront premium is added to the loan. Watch for these:
- Assuming FHA MIP can be canceled at 78% like PMI. Most FHA loans with less than 10% down keep it for life.
- Forgetting that financing upfront MIP raises your loan and your interest.
- Thinking a higher credit score lowers MIP. It does not change FHA’s rate.
- Using the price when the appraisal comes in lower.
- Comparing an FHA payment that leaves out MIP with a conventional payment that includes PMI.
Questions about this calculator
How much is FHA upfront MIP?
It is 1.75% of the base loan amount for most FHA purchase loans. It can be paid in cash at closing or financed into the loan, and most buyers finance it. On a $300,000 base loan, it is $5,250.
What is the FHA annual MIP rate in 2026?
For most 30-year loans of $726,200 or less, it is 0.55% with less than 5% down and 0.50% with 5% or more down, under HUD Mortgagee Letter 2023-05. Larger loans and 15-year terms use different rates.
Can I get rid of FHA MIP?
If you put down 10% or more, annual MIP ends after 11 years. With less than 10% down, it lasts for the life of the loan, so the usual way out is refinancing into a conventional loan once you have enough equity.
Does my credit score change my FHA MIP?
No. FHA's premium rates depend on loan amount, loan-to-value and term, not on your score. Your score can still affect the interest rate a lender offers and whether you need 3.5% or 10% down.
Why is my lender's MIP figure slightly different?
This calculator estimates the first year using your base loan amount. Lenders may round differently or use the exact appraised value and loan amount. Your Loan Estimate shows the official figure.
Is upfront MIP refundable?
Generally not. HUD's handbook says upfront MIP is not refundable except when you refinance into a new FHA-insured loan, where part of it may be credited.
Can a 15-year FHA loan lower my MIP?
Yes. For loans of $726,200 or less with a term of 15 years or less, the annual rate is 0.15% at 90% loan-to-value or below and 0.40% above it.
Do VA or USDA loans have MIP?
VA loans have no monthly mortgage insurance; most borrowers pay a one-time funding fee instead. USDA guaranteed loans have their own fees. This calculator covers FHA only.
Sources
- Mortgagee Letter 2023-05: Reduction of Annual Mortgage Insurance Premium Rates (opens in a new tab)U.S. Department of Housing and Urban Development · Checked
- FHA Single Family Housing Policy Handbook 4000.1 (Update 18) (opens in a new tab)U.S. Department of Housing and Urban Development · Checked
- HUD Announces 2026 FHA Loan Limits (HUD No. 25-145) (opens in a new tab)U.S. Department of Housing and Urban Development · Checked
- VA purchase loan (opens in a new tab)U.S. Department of Veterans Affairs · Checked
This tool gives estimates for education, not a loan offer or financial advice. Your lender’s numbers, fees and rules may differ. How we research · Disclaimer