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FHA Mortgage Insurance

News - FHA mortgage insurance reduced Jan 8th, 2015!
FHA mortgage insurance lowered by .5% a year, starting Jan. 26th, 2015.

Calculate your new lower FHA mortgage insurance payment with updated FHA mortgage insurance calculator. Learn more about mortgage insurance reduction below.

FHA Mortgage Insurance Calculator - Calculate the up-front FHA mortgage insurance premium (FHA MIP or UFMIP) and the monthly FHA mortgage insurance (FHA MMI). View current FHA loan requirements based on loan amount, loan to value and mortgage amortization terms with this FHA mortgage insurance calculator based on must recent HUD mortgagee letter 2013-04 which updated FHA mortgage insurance on April 1, 2013. Updated HUD mortgagee letter 2015-1 - "Reduction of Federal Housing Administration (FHA) annual Mortgage Insurance Premium (MIP) rates"

FHA Mortgage Insurance Calculator Mortgage Insurance Calculator Instructions

Step 1: Select Loan Purpose
Step 2: Enter Sales Price and FHA Mortgage Amount
Step 3: Click "Calculate FHA Mortgage Insurance"

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FHA Mortgage Insurance  / //
Loan Purpose
Sales Price / Property Value
FHA Mortgage Amount
Loan Amortization
Property Type

Results of FHA Mortgage Insurance Calculator ///
FHA Mortgage Insurance Summary
Upfront FHA Mortgage Insurance Premium (FHA MIP)
Previous Monthly FHA Mortgage Insurance
New Monthly FHA Mortgage Insurance (FHA MMI)
Monthly Savings

Refinance your FHA loan to take advantage of .5% savings now.

FHA Mortgage Insurance Details
FHA Loan Amount*
FHA Loan Amount w/ financed up-front FHA MIP
Final FHA Loan to Value / LTV with financed FHA MIP
Do You Qualify for this FHA Mortgage?
  • FHA mortgages require a minimum credit score of 580.
  • Learn if you qualify for a FHA mortgage now:

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Link to this FHA Mortgage Insurance Calculator. Copy and Paste HTML code below:

What is FHA Mortgage Insurance?

The Federal Housing Administration (FHA) was created to help increase homeownership in America by allowing homebuyers to purchase a home with a low FHA downpayment of 3.5% vs. traditional 20% downpayment.

In order to encourage banks and mortgage lenders to provide financing these low downpayment mortgages, FHA provides mortgage insurance to help protect the lenders from the average 3-9% of borrowers who default on mortgages where lenders are forced to foreclose.

FHA mortgage insurance are fee's collected upfront and/or monthly from borrowers which are used to help protect mortgage lenders (and bank depositors money) from serious financial losses due to defaults on these higher risk mortgages with down payments of less than 20%.

If there was no FHA mortgage insurance it is very likely that most home buyers would be required to put a downpayment of 20% or more when buying a home and this would lower homeownership in America and lower home prices.

Upfront FHA Mortgage Insurance Premium (FHA MIP)

The Federal Housing Administration charges borrowers an upfront mortgage insurance premium (FHA MIP) on FHA mortgages. This upfront mortgage insurance premium is based on a percentage of the FHA loan amount and is dependant on the type of mortgage.

  • Purchase FHA loans and FHA refinance mortgages - the current FHA mortgage insurance premium requirement is 1.75% of the mortgage amount

  • FHA to FHA Streamline Refinance - the upfront FHA MIP requirment for these loans is discounted.

  • FHA MIP - maybe financed into the FHA loan amount or paid in cash at time of loan closing.

  • If you payoff a FHA mortgage within the first 5 years you may received a prorated portion of the FHA mortgage insurance premium / FHA MIP refund

Calculate your upfront FHA mortgage insurance premium / FHA MIP using the above FHA MIP calculator or use our FHA mortgage payment calculator to calculate your full FHA monthly mortgage payment with principal, interest, taxes and insurance.

FHA Monthly Mortgage Insurance (FHA MMI)

Monthly mortgage insurance or MMI is a monthly prorated mortgage insurance which is included in FHA mortgage payments. The mortgage insurance is part of the PITI mortgage payment calculation for FHA loans.

Below are some details of current monthly FHA mortgage insurance.

  • All FHA 30 year mortgages and FHA 15 year mortgage regardless of loan to value require FHA monthly mortgage insurance.

  • FHA Mortgages over $625,500 have a slightly higher FHA mortgage insurance the mortgage amounts under $625,500.

  • 15 year mortgages have a lower FHA MMI, monthly mortgage insurance than 30 year mortgages.

  • Discounted FHA MMI is provided on FHA 15 year mortgages with loan to values from 78.01% - 90%

  • FHA streamline refinance mortgages of FHA loans originated before May, 2009 have a discounted monthly mortgage insurance of .55% per year.

Use our FHA mortgage calculator with taxes and insurance to calculate your exact monthly mortgage insurance premium and piti mortgage payment for either FHA 30 year mortgages or FHA 15 year mortgages.

2015 FHA Mortgage Insurance Premium Chart

Chart of current mortgage insurance rates for FHA loans updated on Jan 8th for all loans after Jan 29, 2015.

FHA Mortgage Insurnace Premiums 2015
Purchase and Refinance* Loans Terms from 15 - 30 Years
Loan Amount Loan to Value (LTV) Annual Mortgage Insurance Upfront Mortgage Insurance / Funding Fee
Below $625,000 Over 95% .85% 1.75%
Over $625,000 Over 95% 1.05% 1.75%
Below $625,000 Below 95% .80% 1.75%
Over $625,000 Below 95% 1.00% 1.75%
Note: FHA streamline refinance loans (FHA to FHA) have different mortgage insurance guidelines.

Private Mortgage Insurance vs FHA Mortgage Insurance

Both private mortgage insurance and FHA mortgage insurance are designed to protect mortgage lenders. The difference between PMI and FHA mortgage insurance is the company providing the insurance.

  • Private Mortgage Insurance / PMI - is provided by private mortgage insurance companies in business to make profits. These PMI companies perform detailed statistical analysis risk based on a borrowers down payment, loan to value, debt to income, credit scores and property location to calculate private mortgage insurance rates.

  • FHA Mortgage Insurance - is managed by the federal government's, Department of Housing and Urban Developement (HUD) Federal Housing Administration (FHA) with the primary goal of increasing homeownership vs. creating profits.

Calculate your FHA mortgage payment with taxes and insurance or learn more about FHA mortgage insurance information presented in this mortgage insurance page in the FHA mortgage guide.

Reference Sources for 2015 FHA Mortgage Insurance Requirements:

Mortgage Insurance Press Release Updated Jan 9th, 2015. -, 2015. "Mortgagee Letter 2015-1" -, 1999-2015. "FHA Home - FHA loans - FHA Mortgage Lender" -, 2013. "Mortgagee Letter 2013-4" -, 2012. "Mortgagee Letter 2012-4" -

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