The FHA Mortgage Insurance Calculator
What You Should Know
- This FHA Mortgage Insurance Premium Calculator allows you to estimate your upfront and annual mortgage insurance premiums.
- FHA MIP is mortgage insurance that is paid by all FHA loan holders regardless of the loan-to-value ratio of the loan.
- FHA mortgage insurance premium includes two fees: an upfront fee and an annual fee.
- An upfront fee is paid once at the time of closing on the loan while an annual fee is charged annually and paid in monthly installments.
About This FHA MIP Calculator
This FHA PMI Calculator allows you to estimate your upfront MIP and your annual MIP payments. It also provides you with information about how long you will have to pay your mortgage insurance premium. In addition to that, this calculator also estimates your annual FHA mortgage insurance premium rate.
To estimate the results, you need to input a home purchase price, your down payment, and your loan term. Once you adjust your inputs, the calculator will yield precise results related to the mortgage insurance premium on your FHA loan. This calculator does not require your credit score or any other information regarding the home loan because it only estimates the mortgage insurance premium charged by the Federal Housing Administration.
It does not estimate the monthly payments on your FHA loan. If you want to estimate your monthly mortgage payments, you should use the FHA mortgage calculator instead.
How to Calculate PMI on FHA Loan
It is easy to estimate your mortgage insurance on an FHA loan because FHA MIP is fixed, and it does not depend on your credit report. FHA MIP has two separate fees: an upfront fee and an annual fee. An upfront fee is paid once at the time of closing on the mortgage. An annual fee is charged annually and paid in monthly installments for at least 11 years of the loan term.
Upfront Fee (UFMIP): 1.75% of the original mortgage principal.
Annual Fee (MIP): 0.45% to 1.05% of the mortgage principal. The rate depends on the loan term, original loan amount, and loan-to-value (LTV) ratio.
FHA MIP Rates Chart
| Base Loan Amount | LTV Ratio | MIP | Duration |
|---|---|---|---|
| Mortgage Term Up to 15 years | |||
| Less than or equal to $625,000 | ≤ 90% | 0.0045 | 11 years |
| > 90% | 0.007 | Mortgage Term | |
| Greater than $625,000 | ≤ 78% | 0.0045 | 11 years |
| > 78% but ≤ 90% | 0.007 | 11 years | |
| > 90% | 0.0095 | Mortgage Term | |
| Mortgage Term More Than 15 years | |||
| Less than or equal to $625,000 | ≤ 90% | 0.008 | 11 years |
| > 90% but ≤ 95% | 0.008 | Mortgage Term | |
| > 95% | 0.0085 | Mortgage Term | |
| Less than or equal to $625,000 | ≤ 90% | 0.001 | 11 years |
| > 90% but ≤ 95% | 0.001 | Mortgage Term | |
| > 95% | 0.0105 | Mortgage Term | |