{"id":3870,"date":"2026-07-29T09:33:00","date_gmt":"2026-07-29T14:33:00","guid":{"rendered":"https:\/\/tomo.com\/blog\/?p=3870"},"modified":"2026-07-29T09:00:40","modified_gmt":"2026-07-29T14:00:40","slug":"everything-you-need-to-know-about-mortgage-insurance-premiums-mip","status":"publish","type":"post","link":"https:\/\/tomo.com\/blog\/everything-you-need-to-know-about-mortgage-insurance-premiums-mip\/","title":{"rendered":"What Is FHA Mortgage Insurance Premium (MIP)?"},"content":{"rendered":"\n<p class=\"wp-block-paragraph\"><\/p>\n\n\n\n<p class=\"wp-block-paragraph\">MIP, or mortgage insurance premium, is an essential part of certain home loans, specifically those backed by the Federal Housing Administration (<a href=\"https:\/\/tomo.com\/blog\/what-are-fha-loans-and-conventional-loans\/\" title=\"FHA\">FHA<\/a>). Just like <a href=\"https:\/\/tomo.com\/blog\/what-is-pmi\/\" title=\"PMI \">PMI <\/a>(private mortgage insurance).<\/p>\n\n\n\n<p class=\"wp-block-paragraph\"><\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Your <a href=\"https:\/\/tomo.com\/blog\/what-should-i-put-down-for-my-down-payment\/\" title=\"down payment amount\">down payment amount<\/a> will impact how long you pay MIP. For example, if you put 10% of your total home\u2019s purchase price down, or more, you will pay MIP for 11 years. Whereas if you put less than 10% down, you will pay MIP for the lifetime of the loan (until you sell or refinance).<\/p>\n\n\n\n<p class=\"wp-block-paragraph\"><\/p>\n\n\n\n<p class=\"wp-block-paragraph\">While it might seem like an excessive fee, it ultimately allows lenders to give people loans with lower down payments, and that allows <a href=\"https:\/\/tomo.com\/blog\/how-to-buy-a-home-with-less-cash-the-hidden-world-of-lender-credits\/\" title=\"more people to get in on home ownership much faster\">more people to get in on home ownership much faster<\/a>, which is incredibly important. And note that <a href=\"https:\/\/tomo.com\/blog\/who-does-what-in-a-mortgage-company-understanding-your-lending-team\/\" title=\"mortgage companies \">mortgage companies <\/a>are required to have the MIP, unlike charging lender fees, it\u2019s not a way to sneak in more money.\u00a0<\/p>\n\n\n\n<p class=\"wp-block-paragraph\"><\/p>\n\n\n\n<p class=\"wp-block-paragraph\">To get the best price, take a look at <a href=\"https:\/\/tomo.com\/mortgage\/rates\" title=\"today\u2019s rates for FHA loans.\u00a0\">today\u2019s rates for FHA loans.<\/a><\/p>\n\n\n\n<p class=\"wp-block-paragraph\"><\/p>\n\n\n\n<p class=\"wp-block-paragraph\"><strong>Quick summary: FHA Mortgage Insurance Premium (MIP)<\/strong><\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li>MIP is required on all FHA loans. It protects the lender, not you.<\/li>\n\n\n\n<li>You pay two premiums: an upfront MIP of 1.75% of the loan amount at closing, and an annual premium of 0.55% for most 30-year loans, billed monthly.<\/li>\n\n\n\n<li>If you put down less than 10%, MIP stays for the life of the loan. If you put down 10% or more, MIP falls off after 11 years.<\/li>\n\n\n\n<li>Unlike PMI, MIP cannot be cancelled by reaching 20% equity, the only exit is refinancing into a conventional loan or selling.<\/li>\n\n\n\n<li>FHA&#8217;s minimum credit score is 580 for 3.5% down, making it accessible to buyers who don&#8217;t qualify for conventional loans.<\/li>\n<\/ul>\n\n\n\n<p class=\"wp-block-paragraph\"><\/p>\n\n\n\n<h2 class=\"wp-block-heading\">How much does a MIP cost?<\/h2>\n\n\n\n<p class=\"wp-block-paragraph\"><strong>How much does MIP cost?<\/strong><\/p>\n\n\n\n<p class=\"wp-block-paragraph\">MIP comes in two parts: an upfront premium paid at closing and an annual premium billed monthly.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">The upfront MIP is 1.75% of the loan amount for all FHA loans, regardless of down payment or term. On a $300,000 loan, that&#8217;s $5,250* due at closing, though most borrowers roll it into the loan balance rather than paying it out of pocket.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">The annual MIP is 0.55% for most 30-year FHA loans. On that same $300,000 loan, the annual premium comes to $1,650, or about $137.50 added to your monthly mortgage payment. Borrowers with 15-year loan terms or larger down payments may qualify for lower annual rates, but 0.55% is the standard for the majority of FHA borrowers.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\"><\/p>\n\n\n\n<p class=\"wp-block-paragraph\">*<em>This example is illustrative and assumes a $300,000 FHA loan with a 30-year term and a standard 0.55% annual MIP rate. Your actual costs will vary based on loan amount, term, and down payment.<\/em><\/p>\n\n\n\n<p class=\"wp-block-paragraph\"><\/p>\n\n\n\n<h2 class=\"wp-block-heading\">How long will you pay MIP?<\/h2>\n\n\n\n<p class=\"wp-block-paragraph\"><\/p>\n\n\n\n<p class=\"wp-block-paragraph\">How long you\u2019re on the hook for MIP depends on your down payment and loan type:<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li><strong>If you put down 10% or more:<\/strong> MIP drops off after 11 years.<\/li>\n\n\n\n<li><strong>If you put down less than 10%:<\/strong> You\u2019re locked into paying MIP for the life of the loan (until you sell, refinance, or pay it off).<\/li>\n<\/ul>\n\n\n\n<p class=\"wp-block-paragraph\">That said, most buyers don\u2019t stay in their FHA loan forever. On average, homeowners either sell or refinance after about 8 years. If you refinance into a conventional loan and have more than 20% equity built up in your home, you won\u2019t need to pay mortgage insurance anymore. This is a common strategy to get rid of MIP once your home\u2019s value has increased or you&#8217;ve paid down enough of the loan.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\"><\/p>\n\n\n\n<p class=\"wp-block-paragraph\">So, if you take out a 30-year FHA loan with a 5% down payment, you\u2019re technically paying MIP for 30 years unless you make a move. But realistically, if you\u2019ve built up 20% equity, refinancing into a conventional loan can help you ditch the MIP and save on those extra monthly costs. It\u2019s all about hitting that equity sweet spot to cut loose!<\/p>\n\n\n\n<p class=\"wp-block-paragraph\"><\/p>\n\n\n\n<h2 class=\"wp-block-heading\">Can you shop for a lower cost MIP?\u00a0<\/h2>\n\n\n\n<p class=\"wp-block-paragraph\"><\/p>\n\n\n\n<p class=\"wp-block-paragraph\">MIP rates are set by the FHA (Federal Housing Administration), not individual lenders. The FHA determines standard rates based on factors like loan amount and down payment size, effectively &#8220;selling&#8221; the mortgage insurance while lenders act as middlemen.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\"><\/p>\n\n\n\n<p class=\"wp-block-paragraph\">The catch? You, the borrower, pay for it through upfront and annual premiums. While you can\u2019t directly shop for different MIP rates, you can compare lenders\u2019 overall loan offers. Here at Tomo Mortgage we have no<a href=\"https:\/\/tomo.com\/blog\/what-is-a-origination-fee\/\" title=\" lender fees\"> lender fees<\/a>, and some of the lowest rates in America, which can help you offset the cost of MIP.<\/p>\n\n\n\n<div style=\"height:25px\" aria-hidden=\"true\" class=\"wp-block-spacer\"><\/div>\n\n\n\n<div class=\"wp-block-buttons is-layout-flex wp-block-buttons-is-layout-flex\">\n<div class=\"wp-block-button\"><a class=\"wp-block-button__link wp-element-button\" href=\"https:\/\/tomo.com\/mortgage\/your-quote?utm_source=tomo_blog\">See Tomo Mortgage\u2019s rates for a 30-year fixed-rate mortgage<\/a><\/div>\n<\/div>\n\n\n\n<div style=\"height:25px\" aria-hidden=\"true\" class=\"wp-block-spacer\"><\/div>\n\n\n\n<h2 class=\"wp-block-heading\">What are the different mortgage insurance premiums?<\/h2>\n\n\n\n<p class=\"wp-block-paragraph\"><\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li><strong>Upfront MIP:<\/strong> This is a one-time payment made when you close on your loan. It\u2019s often rolled into the loan itself, so you may not have to pay it out of pocket, but it will increase the total loan balance.<\/li>\n\n\n\n<li><strong>Annual MIP:<\/strong> Paid monthly as part of your mortgage payment, this ongoing insurance premium protects the lender throughout the life of the loan.<\/li>\n\n\n\n<li><strong>Does a borrower pay both?<\/strong> Yes, borrowers typically pay both upfront and annual MIP. The upfront MIP is due at closing, while the annual MIP is spread out over the life of the loan. Together, these premiums ensure the lender is protected in case of default, making them essential components of FHA loans.<\/li>\n<\/ul>\n\n\n\n<p class=\"wp-block-paragraph\"><\/p>\n\n\n\n<h2 class=\"wp-block-heading\">Does MIP apply to all loans?<\/h2>\n\n\n\n<p class=\"wp-block-paragraph\"><\/p>\n\n\n\n<p class=\"wp-block-paragraph\">MIP is specific to FHA loans and plays a crucial role in making homeownership more accessible for buyers with smaller <a href=\"https:\/\/tomo.com\/blog\/what-should-i-put-down-for-my-down-payment\/\" title=\"down payments\">down payments<\/a>, lower <a href=\"https:\/\/tomo.com\/blog\/what-credit-score-do-i-need-to-buy-a-home\/\" title=\"credit scores\">credit scores<\/a> or higher <a href=\"https:\/\/tomo.com\/blog\/what-is-debt-to-income-dti-in-mortgage\/\" title=\"DTI ratios.\">DTI ratios.<\/a><\/p>\n\n\n\n<p class=\"wp-block-paragraph\"><\/p>\n\n\n\n<p class=\"wp-block-paragraph\">If you\u2019re getting a <a href=\"https:\/\/tomo.com\/mortgage\/rates\" title=\"conventional loan\">conventional loan<\/a>, you\u2019ll encounter PMI instead. Other government-backed loans, like VA loans, have different insurance requirements, such as a funding fee.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\"><\/p>\n\n\n\n<h2 class=\"wp-block-heading\">How is MIP different from PMI?<\/h2>\n\n\n\n<p class=\"wp-block-paragraph\">MIP and PMI serve the same basic purpose, they protect the lender if you default, but they work differently and have very different cancellation rules.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">PMI applies to conventional loans and can be cancelled once you reach 20% equity (or automatically at 22%). MIP applies to FHA loans and, if you put down less than 10%, stays for the life of the loan regardless of how much equity you build. That&#8217;s the most important practical difference: with PMI, building equity is your exit. With MIP on a low-down-payment FHA loan, the only real exit is refinancing into a conventional loan.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">The other key difference is who sets the rate. PMI rates vary by lender and insurer, you can sometimes get a better deal by comparing lenders. MIP rates are set by HUD and are the same regardless of which FHA-approved lender you use.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\"><\/p>\n\n\n\n<figure class=\"wp-block-table\"><table class=\"has-fixed-layout\"><thead><tr><th><\/th><th><strong>MIP (FHA loans)<\/strong><\/th><th><strong>PMI (conventional loans)<\/strong><\/th><\/tr><\/thead><tbody><tr><td>Who sets the rate<\/td><td>HUD (same across all lenders)<\/td><td>Private insurers (varies by lender)<\/td><\/tr><tr><td>Upfront cost<\/td><td>1.75% of loan amount<\/td><td>None (for standard monthly PMI)<\/td><\/tr><tr><td>Annual cost<\/td><td>0.55% for most 30-year loans<\/td><td>0.46%\u20131.5% depending on credit and LTV<\/td><\/tr><tr><td>Cancellable by equity?<\/td><td>No (for &lt;10% down)<\/td><td>Yes, at 80% LTV by request, 78% automatic<\/td><\/tr><tr><td>Duration (&lt;10% down)<\/td><td>Life of the loan<\/td><td>Until 80% LTV<\/td><\/tr><tr><td>Duration (10%+ down)<\/td><td>11 years<\/td><td>Until 80% LTV<\/td><\/tr><\/tbody><\/table><\/figure>\n\n\n\n<p class=\"wp-block-paragraph\"><\/p>\n\n\n\n<h2 class=\"wp-block-heading\">Why do MIP costs vary?<\/h2>\n\n\n\n<p class=\"wp-block-paragraph\"><\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Several factors affect how much you&#8217;ll pay in MIP:<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li><strong>Loan term:<\/strong> Loans with shorter terms (15-year FHA) typically have lower MIP rates compared to longer-term loans (30 year FHA).<\/li>\n\n\n\n<li><strong>Down payment:<\/strong> The larger your down payment, the less risky your loan is, which can result in lower MIP premiums, which is why if you put 10% down or more then you\u2019ll drop the MIP after 11 years.<\/li>\n\n\n\n<li><strong>Loan amount:<\/strong> Higher loan amounts usually come with higher MIP costs, as the risk to the lender increases.<\/li>\n\n\n\n<li><strong>Loan-to-value (LTV) ratio:<\/strong> If your LTV is above 90%, you&#8217;ll pay MIP for the entire term of the loan. If it&#8217;s below 90%, MIP may be cancellable after 11 years.<\/li>\n<\/ul>\n\n\n\n<p class=\"wp-block-paragraph\"><\/p>\n\n\n\n<h2 class=\"wp-block-heading\">Can you cancel MIP?<\/h2>\n\n\n\n<p class=\"wp-block-paragraph\"><\/p>\n\n\n\n<p class=\"wp-block-paragraph\">In most cases, MIP can&#8217;t be removed like PMI. With FHA loans, you may be stuck with MIP for the life of the loan if your down payment was less than 10%. However, if you put down 10% or more, MIP could be removed after 11 years of payments. Refinancing into a conventional loan once you have more equity in your home is another way to get rid of MIP.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\"><\/p>\n\n\n\n<h2 class=\"wp-block-heading\">How long does it take to remove MIP?<\/h2>\n\n\n\n<p class=\"wp-block-paragraph\">Unlike PMI, where removal is more straightforward after you hit 20% equity, the removal of MIP can take longer due to the specific FHA rules. Refinancing into a conventional loan may be the quickest way to eliminate MIP, but that process could take several weeks to months, depending on your lender.&nbsp;<\/p>\n\n\n\n<p class=\"wp-block-paragraph\"><\/p>\n\n\n\n<h2 class=\"wp-block-heading\">What documentation is needed for MIP removal?<\/h2>\n\n\n\n<p class=\"wp-block-paragraph\"><\/p>\n\n\n\n<p class=\"wp-block-paragraph\">If eligible for removal, you\u2019ll need:<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li>A history of on-time mortgage payments<\/li>\n\n\n\n<li>Documentation showing you have reached the required level of equity<\/li>\n<\/ul>\n\n\n\n<p class=\"wp-block-paragraph\"><\/p>\n\n\n\n<div style=\"background: #ddf5f4; padding: 24px 28px; margin: 32px 0; border-radius: 8px;\">\n  \n  <p style=\"font-family: 'Plus Jakarta Sans', sans-serif; font-weight: 600; font-size: 22px; color: #1a1a1a; margin: 0 0 12px 0; line-height: 1.3; text-align: left;\">\n    Ready to experience a different kind of lender?\n  <\/p>\n  \n  <p style=\"font-family: 'Plus Jakarta Sans', sans-serif; font-weight: 400; font-size: 16px; color: #2d2d2d; margin: 0 0 20px 0; line-height: 1.5; text-align: left;\">\n    Tomo was built without lender fees, which means our team&#8217;s success is measured by your closing. If you value transparent pricing and a stremlined digital experience, Tomo Mortgage was built for you.\n  <\/p>\n  \n  <a href=\"https:\/\/tomo.com\/mortgage\/app\/preapproval\" style=\"font-family: 'Plus Jakarta Sans', sans-serif; font-weight: 600; display: inline-block; background: #fb7564; color: #ffffff; font-size: 16px; padding: 14px 28px; border-radius: 6px; text-decoration: none; text-align: left;\">\n    Get Started \u2192\n  <\/a>\n  \n<\/div>\n\n\n\n<div style=\"height:19px\" aria-hidden=\"true\" class=\"wp-block-spacer\"><\/div>\n\n\n<div style=\"padding-top:var(--wp--preset--spacing--30);padding-bottom:var(--wp--preset--spacing--30);padding-left:var(--wp--preset--spacing--30);padding-right:var(--wp--preset--spacing--30);margin-top:var(--wp--preset--spacing--30);margin-bottom:var(--wp--preset--spacing--30);margin-left:0;margin-right:0\" class=\"has-link-color wp-elements-c54b177fd5d2f341f8967a20726f2ac0 wp-block-post-author has-text-color has-contrast-color has-background has-tertiary-background-color has-large-font-size\"><div class=\"wp-block-post-author__content\"><p class=\"wp-block-post-author__name\"><a href=\"https:\/\/tomo.com\/blog\/author\/georgeptomo-com\/\" target=\"_self\">George Paul<\/a><\/p><p class=\"wp-block-post-author__bio\">George is an experienced writer and editor who has covered a wide range of topics from emerging technology and the future of work to personal finance and economics. \r\n\r\nGeorge has previously written and edited for Business Insider, The Org, and Fox Business. He is graduate of George Washington University where he studied International Affairs with a concentration in International Economics.<\/p><\/div><\/div>\n\n\n<p class=\"wp-block-paragraph\">If you&#8217;re ready to start your journey to homeownership, <a href=\"https:\/\/tomo.com\/mortgage\/app\/preapproval\" title=\"\">get pre approved with Tomo Mortgage today.<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>MIP, or mortgage insurance premium, is an essential part of certain home loans, specifically those backed by the Federal Housing Administration (FHA). Just like PMI (private mortgage insurance). Your down payment amount will impact how long you pay MIP. For example, if you put 10% of your total home\u2019s purchase price down, or more, you [&hellip;]<\/p>\n","protected":false},"author":49,"featured_media":3887,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_jetpack_newsletter_access":"","_jetpack_dont_email_post_to_subs":false,"_jetpack_newsletter_tier_id":0,"_jetpack_memberships_contains_paywalled_content":false,"fifu_image_url":"","fifu_image_alt":"","_jetpack_feature_clip_id":0,"_jetpack_memberships_contains_paid_content":false,"footnotes":"","jetpack_post_was_ever_published":false},"categories":[13,38],"tags":[61,60],"class_list":["post-3870","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-home-buying-guide","category-mortgage-dictionary","tag-conventional-loan","tag-fha-loan"],"aioseo_notices":[],"aioseo_head":"\n\t\t<!-- All in One SEO 4.9.10 - aioseo.com -->\n\t<meta name=\"description\" content=\"MIP is required on all FHA loans, with an upfront fee of 1.75% and an annual premium. Learn how long you pay it and how to get rid of it sooner.\" \/>\n\t<meta name=\"robots\" content=\"max-image-preview:large\" \/>\n\t<meta name=\"author\" content=\"George Paul\"\/>\n\t<link rel=\"canonical\" href=\"https:\/\/tomo.com\/blog\/everything-you-need-to-know-about-mortgage-insurance-premiums-mip\/\" \/>\n\t<meta name=\"generator\" content=\"All in One SEO (AIOSEO) 4.9.10\" \/>\n\t\t<meta property=\"og:locale\" content=\"en_US\" \/>\n\t\t<meta property=\"og:site_name\" content=\"Tomo Mortgage | Reports - Tomo Reports - Mortgage Tips &amp; Real Estate Trends\" \/>\n\t\t<meta property=\"og:type\" content=\"article\" \/>\n\t\t<meta property=\"og:title\" content=\"What Is FHA Mortgage Insurance Premium (MIP)?\" \/>\n\t\t<meta property=\"og:description\" content=\"MIP is required on all FHA loans, with an upfront fee of 1.75% and an annual premium. 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