The Cost of FHA Monthly Mortgage Insurance (MIP) | MIP Rate & Payment Calculation

When you get an FHA loan you are required to pay mortgage insurance. There is an up-front mortgage insurance premium (UFMIP) and a monthly mortgage insurance (MIP) too. Today, we're talking about FHA's monthly mortgage insurance premium...most lenders don’t know how to PROPERLY calculate FHA monthly MIP.

The cost of your monthly mortgage insurance will depend on a few factors, including your loan amount, down payment, and the length of your mortgage.

CHAPTERS:
00:00 Two Types of FHA Mortgage Insurance
01:05 What Impacts FHA MIP
01:49 FHA MIP Chart
03:13 Calculating FHA Monthly MIP
04:58 What Most Lenders Don’t Know
05:33 Real Life Example

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Scott Wynn
Wynn & Eagan Team at Citywide Home Loans
Mortgage Advisor
[phone]

This is not a commitment to lend. Program restrictions apply.
11990 Grant Street, Suite 120, Northglenn, CO 80233

The information contained, and the opinions expressed, in this video are not intended to be construed as investment advice. Citywide Home Loans & the Wynn & Eagan Team does not guarantee or warrant the accuracy or completeness of the information or opinions contained herein. Nothing herein should be construed as investment advice. You should always conduct your own research and due diligence and obtain professional advice before making any investment decision. Citywide Home Loans & the Wynn & Eagan Team will not be liable for any loss or damage caused by your reliance on the information or opinions contained herein.

[andamargine]

Thanks for sharing this. Very useful! How is MIP calculated for the subsequential years? Thanks

[hangguy]

No FHA for me. Rather build credit and strong down payment and go Conventional