What is the current FHA annual MIP rate?

2024 FHA MIP: 0.55% annually for 30-year loans with LTV 90-95% and 0.50% for LTV at or below 90%. For 15-year loans: 0.15-0.40% depending on LTV.

When does FHA MIP end?

For loans originated after 2013 with less than 10% down: MIP is permanent for the life of the loan. With 10%+ down: MIP drops off after 11 years. Only refinancing to conventional eliminates it earlier.

At what equity level does it make sense to refinance from FHA to conventional?

Once you reach approximately 20% equity (80% LTV), refinancing to conventional eliminates ongoing MIP. Calculate: (MIP monthly savings - refinancing costs) to find break-even months.

FHA Mortgage Insurance Premium (MIP) Calculator

Calculate FHA upfront MIP (1.75% of loan, financed) and annual MIP (0.15-1.05% based on LTV and term). Shows total insurance cost and conventional loan comparison.

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Frequently Asked Questions

What is the current FHA annual MIP rate?

When does FHA MIP end?

At what equity level does it make sense to refinance from FHA to conventional?