MIP Calculator
Business Background

MIP Calculator can be used to determine the upfront mortgage insurance premium (MIP) and annual MIP for loans assigned an FHA case number on or after July 14, 2008. MIP Calculator also provides the monthly (periodic) MIP amount for the first year of loan amortization based on the annual MIP. MIP Calculator is not used for Home Equity Conversion Mortgage (HECM) cases and cases under the following Sections of the National Housing Act: Section 223(e) - Declining Neighborhoods, Section 238(c) - Military Impact Areas in Georgia and New York, Section 247 - Hawaiian Homelands, and Section 248 - Indian Lands. Also, for streamline refinance cases, Refinance Authorization and Refinance Credit Query can be used instead of MIP Calculator.

MIP Calculator allows you to calculate the upfront and annual MIP factors for a new loan based on loan characteristics or look up the MIP factors for an existing loan that was:

If the loan information entered via Insurance Application differs from the information entered via FHA TOTAL Scorecard, the MIP factors are recalculated in the Computerized Homes Underwriting Management System (CHUMS), HUD's system for processing cases for FHA mortgage insurance.

For cases assigned an FHA case number before July 14, 2008:

Return to top

See Also

MIP Calculator - Processing

MIP Calculator Page - Field Descriptions

MIP Calculator Results Page - Field Descriptions

Return to top

Last revised: September 17, 2008