FHA MIP (Mortgage Insurance Premium) is a fee required by the FHA on all FHA loans. It includes an upfront premium (usually 1.75% of the loan amount) and an annual premium that ranges from 0.45% to 1.05% depending on the loan term and down payment.

How long do I have to pay FHA MIP?

For FHA loans with less than 10% down, you'll pay MIP for the life of the loan. For loans with 10% or more down, you'll pay MIP for 11 years.

What credit score do I need for an FHA loan?

The minimum credit score for an FHA loan is typically 580 with a 3.5% down payment. Borrowers with scores between 500-579 may qualify with a 10% down payment, though requirements vary by lender.

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Loan Details

Home Price

Down Payment (3.5% min)

FHA requires minimum 3.5% down

Interest Rate

Loan Term

Credit Profile

Credit Score

Monthly Payment$2,617per month

Principal & Interest$2,440

FHA MIP$177

Upfront MIP (1.75%)$5,790

FHA Loan Amount$386,000

Total Interest$492,322

Understanding FHA Loans

FHA loans are government-backed mortgages insured by the Federal Housing Administration. They are popular among first-time homebuyers because they require lower minimum credit scores and down payments than conventional loans.

FHA Loan Requirements

Minimum Down Payment: 3.5% for credit scores 580+
Credit Score: Minimum 500 (with 10% down) to 580 (with 3.5% down)
Debt-to-Income Ratio: Typically 43% or less
Property Requirements: Must be your primary residence

FHA MIP Explained

All FHA loans require Mortgage Insurance Premium (MIP), which protects the lender in case you default.

Upfront MIP

1.75% of the loan amount (can be rolled into the loan)

Annual MIP

0.45% - 1.05% of the loan amount annually
Paid monthly as part of your mortgage payment
Duration: 11 years for loans with 10%+ down, life of loan for <10% down