FHA MIP Calculator Arizona

Frequently asked questions

What is FHA MIP?

MIP is FHA mortgage insurance. Borrowers pay Upfront MIP (UFMIP) at closing or financed into the loan, plus an annual MIP that is collected monthly.

What is the current FHA upfront MIP rate?

UFMIP is 1.75% of the base loan amount under HUD Mortgagee Letter 2023-05 (still in force). Most borrowers finance it into the loan.

How long do I pay FHA annual MIP?

If the original LTV is 90% or less, annual MIP typically lasts 11 years. If original LTV is above 90%, annual MIP usually lasts for the life of the loan under current FHA rules.

Can I remove FHA MIP later?

Often by refinancing into conventional once equity and credit support it, or by waiting out the 11-year rule when you started at ≤ 90% LTV. Sal can run FHA vs conventional break-even for your file. Call (516) 250-1334.

Educational only. Not a credit decision or a commitment to lend. NMLS 1984347.