30-Year Fixed Rate — Last 52 Weeks
Source: Freddie Mac Primary Mortgage Market Survey via FRED · St. Louis Fed
FHA Mortgage Calculator with MIP
FHA loans require as little as 3.5% down and include both an upfront mortgage insurance premium (1.75% financed in) and annual MIP. The FHA MIP rate for 2026 is 0.55% annually for loans with LTV above 90%. Use this FHA mortgage calculator to see your complete payment breakdown.
Current 30-yr avg (Freddie Mac)
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HUD FHA MIP Schedule (2026)
Upfront MIP: 1.75% of base loan amount (financed into loan) |
Annual MIP (30yr, LTV >90%): 0.55% |
Annual MIP (30yr, LTV ≤90%): 0.50% |
MIP removed: After 11 years if LTV ≤90% at origination; lasts life of loan if LTV >90%
Conventional Loan PMI Calculator
PMI is required when your down payment is less than 20% and automatically cancels at 80% LTV under the Homeowners Protection Act — unlike FHA MIP which can last the life of the loan. This calculator shows you exactly when your PMI drops off and how much you'll save.
Current 30-yr avg (Freddie Mac)
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VA Loan Calculator with Funding Fee
This VA loan calculator includes the exact funding fee schedule for first and subsequent use, automatically waives the fee for eligible disabled veterans, and shows your complete payment with no PMI. Veterans with a 10% or greater service-connected disability rating have the funding fee waived entirely.
Current 30-yr avg (Freddie Mac)
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VA Funding Fee Schedule
| Down Payment | 1st Use | Subsequent |
|---|---|---|
| Less than 5% | 2.15% | 3.30% |
| 5% – 9.99% | 1.50% | 1.50% |
| 10% or more | 1.25% | 1.25% |
Fee waived for veterans with 10%+ service-connected disability and surviving spouses. Can be financed into the loan.
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FHA MIP — What You Need to Know
FHA loans allow 3.5% down with a 580+ credit score. The 2026 FHA MIP rate is 0.55% annually for LTV above 90%, plus 1.75% upfront. Unlike conventional PMI, FHA MIP lasts the life of the loan if you put less than 10% down — this calculator shows you exactly what that costs monthly.
Conventional PMI — When It Goes Away
Conventional PMI rates depend on your LTV and credit score. The key advantage over FHA: PMI automatically cancels at 80% LTV under the Homeowners Protection Act. Strong credit borrowers often find conventional PMI cheaper than FHA MIP over the long run.
VA Funding Fee — Waived for Disabled Veterans
The VA funding fee ranges from 1.25% to 3.30% depending on down payment and loan usage — and is completely waived for veterans with a 10%+ service-connected disability rating. No PMI ever on a VA loan. If you qualify, this is almost always your best option.
Frequently Asked Questions
How much is FHA mortgage insurance per month?
FHA monthly MIP is calculated as 0.55% of the base loan amount per year divided by 12 months. On a $300,000 FHA loan with LTV above 90%, your monthly MIP would be approximately $137.50. Use the FHA calculator above to get your exact number.
Is the VA funding fee waived for disabled veterans?
Yes — the VA funding fee is completely waived for veterans with a service-connected disability rating of 10% or more, veterans receiving VA compensation for a service-connected disability, and surviving spouses of veterans who died in service or from a service-connected disability. Check the disability box in the VA calculator to see your savings.
What is the FHA MIP rate in 2026?
Per HUD Mortgagee Letter 2023-05, the annual FHA MIP rate for 30-year loans in 2026 is 0.55% for loans with LTV above 90%, and 0.50% for LTV at or below 90%. The upfront MIP remains 1.75% of the base loan amount and is typically financed into the loan balance.
When is PMI removed on a conventional loan?
Under the Homeowners Protection Act, conventional PMI automatically cancels when your loan balance reaches 80% of the original purchase price based on your scheduled amortization. You can also request early cancellation if your home has appreciated to 80% LTV.
What is the VA funding fee for first-time use with no down payment?
The VA funding fee for first-time use with less than 5% down is 2.15% of the loan amount. With 5–9.99% down it drops to 1.50%, and with 10% or more down it is 1.25%. For subsequent use, the fee with less than 5% down increases to 3.30%. The fee can be financed into the loan and is waived for eligible disabled veterans.
Calculator Disclaimer: These calculators are for educational purposes only and provide estimates based on the information entered. Actual loan terms, rates, and payments will vary based on your credit profile, lender, location, and current market conditions. Mortgage insurance rates reflect current HUD and VA guidelines but are subject to change. Always consult a licensed mortgage professional before making financial decisions. Tim George is not a licensed mortgage broker in an active capacity. Some links on this page are affiliate links.
Mortgage rate data provided by Freddie Mac Primary Mortgage Market Survey via FRED, Federal Reserve Bank of St. Louis. © Freddie Mac. Used with attribution.
Mortgage rate data provided by Freddie Mac Primary Mortgage Market Survey via FRED, Federal Reserve Bank of St. Louis. © Freddie Mac. Used with attribution.