Estimate your monthly FHA loan payment including taxes, insurance and annual MIP.
We believe in transparency (and keeping you informed). Remember, these are ballpark numbers. Talk with a Loan Officer for real results.
Estimated Taxes & Insurance: We estimate property taxes and annual homeowners insurance at 1.2% and 0.35% of the home’s value, respectively. Every state and personal situation is different – learn about your situation here.
Monthly MIP: The Mortgage Insurance Premium (MIP) is the FHA’s version of PMI, a monthly payment that protects lenders in case of loan default. This ranges from 0.45% to 1.05%. We estimate it at 0.85% as the average amount for most borrowers.
Upfront MIP: You can think of this as the FHA funding fee. 1.75% of the loan amount is due at closing – most people finance it together with the mortgage.
Amount Financed: Purchase Price (-) Down Payment (+) Upfront MIP