How much is FHA mortgage insurance?
Two pieces: an upfront MIP of 1.75% of the base loan (typically financed) and an annual MIP set by HUD that varies by term and LTV. Annual MIP is usually well under 1% of the loan annually, billed monthly.
What this actually means.
On a $400,000 base loan, upfront MIP is $7,000 (financed). Annual MIP shows up monthly in the payment. The exact annual rate depends on term (15-yr vs 30-yr), LTV (above or below 90%), and HUD's published schedule at the time of origination.
Where this can move.
Loan term, LTV at origination, HUD's published MIP schedule at the time of origination, and refinance options can change the long-term cost.
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More FHA questions on Mortgage Insurance.
Educational only. FHA guidelines, lender overlays, rates, fees, and underwriting requirements can change. Final eligibility depends on full underwriting review. Mortgage Expert, Inc. is not affiliated with HUD, FHA, or any government agency.