Purchase · 4 min read
How long do I pay FHA mortgage insurance?
August 24, 2026 · Written by Bill Egan, NMLS 7342
Short answer
FHA loans have an upfront premium plus a monthly premium called MIP. On a typical 30-year FHA loan with less than 10 percent down, monthly MIP lasts for the life of the loan. With 10 percent down or more, it usually stops after 11 years. That is different from conventional PMI, which can drop off when you reach enough equity. Egan Financial Group LLC will show both options with insurance included.
01
Why this comes up
You picked FHA because the down payment is small. Then you heard you pay mortgage insurance forever. You want to know if that is true, and whether putting a little more down changes it. First-time buyers mix FHA insurance with conventional PMI all the time.
02
Where this goes wrong
You compared an FHA payment to a conventional payment without lining up MIP against PMI. The FHA loan looks cheaper in year one and more expensive over time. Or you were told you can remove FHA insurance at 20 percent equity the way PMI works. That is not how FHA MIP is written. You refinance later, or you keep paying, and the payment you budgeted was never the full story.
03
What we do about it
We show FHA and conventional side by side with insurance included, and we tell you how long MIP lasts on your down payment. We will not sell FHA as the same as PMI. Egan Financial Group LLC will put both options on paper if both can fund.
04
How to get ready
Ask how much you are putting down. If you can reach 10 percent, ask us what that does to how long you pay MIP. If you cannot, know that monthly MIP is likely for the life of that FHA loan unless you refinance later. Compare the full monthly payment, not the note rate alone.