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.
Plain-English explanation
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.
What can change the answer?
Loan term, LTV at origination, HUD's published MIP schedule at the time of origination, and refinance options can change the long-term cost.
Want the real answer for your file?
FHA guidelines are the rule. Your credit, income, payment, property, and county limit are what decide the actual answer.
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.