Sam Ferreri, RAA
RE/MAX Top Realty

FHA MIP Release

Purchase Price

Loan Terms
Down Payment
Interest Rate
Term (Years)
Up-front MIP
Monthly MIP
Additional Principal Contribution
First Payment Made
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FHA MIP Release

The Annual Mortgage Insurance Premium on a FHA loan adds a considerable expense to a mortgage payment. It is cancelled when the loan-to-value reaches 78% of the original sales price. The date can be accelerated by making additional principal contributions to the loan. This app will serve as a tool to determine the required additional principal payments.

For FHA loans whose case number was issued after May 31, 2013, the Mortgage Insurance Premium remains for the life of the loan. For FHA loans whose case number was issued before June 1, 2013 and the mortgage term is greater than 15 years and LTV is 90.01% or greater, the MIP will be terminated when the loan to value of purchase price or appraised value reaches 78%. However, it must be in effect for a minimum of five years. This is not an offer of credit but is a general illustration of typical mortgage terms and concepts. Susan Anthony and Stars & Stripes Realty are not mortgage lenders. You should contact a specific lender to learn more about its mortgage products and your eligibility for such products. License: