Estimated monthly payment
$3,337.87
$2,620.93 principal & interest + $176.11 mortgage insurance on a $392,755 loan at 7.03% for 30 years
- Principal & interest
- $2,620.93
- Mortgage insurance (MIP)
- $176.11
- Property tax
- $333.33
- Home insurance
- $207.50
- Total monthly payment
- $3,337.87
Annual MIP is 0.55% a year. It starts at $176.11 a month and slips to $7.47 in year 30, but it is charged for the full 30-year term because your loan-to-value ratio is above 90%.
With 10% down ($40,000), the annual MIP would end after 11 years and total MIP over the loan would be $24,716 instead of $49,104.
Total loan
$392,755
Monthly MIP (year 1)
$176.11
Total MIP paid
$49,104
- Home price
- $400,000
- Down payment
- $14,000 (3.5%)
- Base loan amount
- $386,000
- Upfront MIP (1.75% of base loan)
- $6,755 financed
- Total loan amount
- $392,755
- Loan-to-value (base loan ÷ price)
- 96.5%
- Annual MIP rate
- 0.55% for the loan term
- MIP ends
- Not before the loan is paid off (30 years)
- Annual MIP paid over the loan
- $42,349
- Upfront + annual MIP paid
- $49,104
- Total interest
- $550,779
- Interest caused by financing the UFMIP
- $9,473
- Cash for the down payment
- $14,000
Loan balance, interest and MIP over time
- Loan balance
- Interest paid
- Annual MIP paid
Year-by-year schedule
| Year | Interest | Principal | Annual MIP | Ending balance |
|---|---|---|---|---|
| 1 | $27,484 | $3,967 | $2,113 | $388,788 |
| 2 | $27,196 | $4,255 | $2,091 | $384,534 |
| 3 | $26,888 | $4,564 | $2,067 | $379,970 |
| 4 | $26,556 | $4,895 | $2,042 | $375,075 |
| 5 | $26,201 | $5,250 | $2,015 | $369,825 |
| 6 | $25,820 | $5,632 | $1,985 | $364,193 |
| 7 | $25,411 | $6,041 | $1,954 | $358,153 |
| 8 | $24,972 | $6,479 | $1,920 | $351,674 |
| 9 | $24,502 | $6,950 | $1,884 | $344,724 |
| 10 | $23,997 | $7,454 | $1,845 | $337,270 |
| 11 | $23,456 | $7,995 | $1,803 | $329,274 |
| 12 | $22,875 | $8,576 | $1,759 | $320,699 |
| 13 | $22,252 | $9,199 | $1,711 | $311,500 |
| 14 | $21,585 | $9,867 | $1,660 | $301,633 |
| 15 | $20,868 | $10,583 | $1,605 | $291,050 |
| 16 | $20,100 | $11,351 | $1,545 | $279,699 |
| 17 | $19,275 | $12,176 | $1,482 | $267,523 |
| 18 | $18,391 | $13,060 | $1,414 | $254,464 |
| 19 | $17,443 | $14,008 | $1,341 | $240,456 |
| 20 | $16,426 | $15,025 | $1,263 | $225,431 |
| 21 | $15,335 | $16,116 | $1,179 | $209,315 |
| 22 | $14,165 | $17,286 | $1,089 | $192,028 |
| 23 | $12,910 | $18,541 | $993 | $173,487 |
| 24 | $11,563 | $19,888 | $889 | $153,599 |
| 25 | $10,119 | $21,332 | $778 | $132,267 |
| 26 | $8,570 | $22,881 | $659 | $109,387 |
| 27 | $6,909 | $24,542 | $531 | $84,845 |
| 28 | $5,127 | $26,324 | $394 | $58,521 |
| 29 | $3,216 | $28,235 | $247 | $30,286 |
| 30 | $1,166 | $30,286 | $90 | $0 |
Show monthly schedule
Estimate only. Annual MIP follows HUD’s method (average balance of each loan year × rate, paid 1/12 a month) and assumes the home’s value equals its price. County loan limits, appraisal and condo rules, seller concessions and closing costs are not modeled.