FHA MIP Calculator

FHA loans carry two MI charges: upfront MIP (1.75% of loan, financed) plus annual MIP (0.15%-0.75%) paid monthly. 2023 rate cut dropped annual MIP by 30 bps. This calculator sizes both.

Loan amount (before upfront MIP)

Down payment %

Term years

Expected hold years

Total MIP paid over hold

$19,600

Upfront MIP (financed)

$6,125

Monthly MIP

$160

Annual MIP rate

0.550%

Years MIP paid (with drop if 10%+ down)

How the math works

$350K FHA at 3.5% down, 30-yr: 1.75% upfront = $6,125 financed + 0.55% × $350K ÷ 12 = $160/mo MIP. Over 7 years (permanent at <10% down): $19,565 MIP.

10%+ down drops MIP after 11 years — significant savings for long-term holds. For <10% down, refi to conventional at 80% LTV is the standard exit — usually worth doing in year 3-5.

How to Use

Enter loan amount, down payment %, and term.
See upfront MIP (added to loan), monthly MIP, and total paid over hold period.

Frequently Asked Questions

Does FHA MIP ever drop off?

Only if you put 10%+ down — then annual MIP ends after 11 years. Under 10% down: permanent for life of loan. Refi to conventional is the only way out for most FHA borrowers.

What are 2026 annual MIP rates?

Loan ≤$726K: 0.55% if LTV ≤95%, 0.50% if LTV >95% (30-year). Loan >$726K: 0.70% if LTV ≤95%, 0.75% if LTV >95%. 15-year loans: much lower (0.15-0.65%).