On the BankPricer Refinance tab, that line is New payment (all-in). It shows up only when you pick FHA as the Refinance Type. This post walks through what it adds, why the savings headline uses it, and one gap to keep in mind if you already have an FHA loan today.
Why FHA has a second payment line
FHA loans carry their own mortgage insurance. The CFPB puts it plainly: "FHA mortgage insurance is required for all FHA loans." It also explains that the insurance "includes both an upfront cost, paid as part of your closing costs, and a monthly cost, included in your monthly payment." Source: CFPB, "What is mortgage insurance and how does it work?"
The calculator's own FAQ adds that "FHA MIP is a government-backed insurance premium set by HUD." Source: bankpricer.com/mortgage-calculator, FAQ, read 2026-11-02
So on an FHA refinance, New Payment (P&I) covers only principal and interest. The monthly premium sits on top of it.
What changes when you pick FHA
Open the Refinance tab and look at Refinance Type. The choices are Conventional, FHA, FHA Streamline, and VA IRRRL. Source: bankpricer.com/mortgage-calculator, Refinance tab, read 2026-11-02 This post uses FHA, the full rate-and-term option. FHA Streamline adds a Net Tangible Benefit check, which is a different read.
On Conventional, two rows stay hidden. Switch to FHA and they appear:
- Monthly FHA MIP, the tab's estimate of the monthly premium on the new loan.
- New payment (all-in), which is New Payment (P&I) plus Monthly FHA MIP.
The tab estimates the monthly premium from the new loan amount, your Home Value, and the New Term you pick. Source: bankpricer.com/mortgage-calculator, calc-engine.js, read 2026-11-02 Type your Home Value so that estimate has something to work from.
Monthly Savings already counts the premium
The big Monthly Savings number at the top of the results is not Current Payment (P&I) minus New Payment (P&I). On the Refinance tab it is Current Payment (P&I) minus New payment (all-in). Source: bankpricer.com/mortgage-calculator, calc-ui.js and calc-engine.js, read 2026-11-02
That choice carries into the other lines:
- Break-even divides your Closing Costs by that same all-in savings. If the all-in savings is zero or less, Break-even reads "never."
- Lifetime Interest Savings subtracts the monthly premium for every month of the New Term, on top of the interest difference.
So if the P&I rows show a gap but the headline looks small, or shows a negative number, the Monthly FHA MIP row is the difference. We covered the months-to-recover math in refinance break-even: months to recover closing costs.
The gap if you already pay FHA MIP
The current side of the tab is principal and interest only. Current Payment (P&I) is figured from your Current Loan Balance, Current Rate, and Years Remaining, and the tab has no field for mortgage insurance you pay today. Source: bankpricer.com/mortgage-calculator, calc-engine.js, read 2026-11-02
If your current loan is FHA, your real payment today already includes a monthly premium. The tab compares a new payment with the premium against a current payment without it. In that case Monthly Savings, Break-even, and Lifetime Interest Savings all read lower than your real situation.
To see the gap, find the mortgage insurance line on your current statement. Compare your current principal and interest plus that premium against New payment (all-in). Do that by hand next to the tab, since the tab can't do it for you.
The upfront premium and the roll box
The tab's help text for FHA says it includes an upfront MIP and a monthly MIP. Source: bankpricer.com/mortgage-calculator, Refinance tab, read 2026-11-02 How the tab handles the upfront part depends on the Roll closing costs into new loan box.
- Ticked: the new loan amount includes your Closing Costs and the upfront premium, so both raise New Payment (P&I) and the monthly premium.
- Unticked: the new loan stays at your Current Loan Balance, and the upfront premium is not counted anywhere. If your quote has you paying it at closing, add it to the Closing Costs field so Break-even sees it.
The CFPB notes that rolling the upfront fee in means "your loan amount and the overall cost of your loan increases." Source: CFPB We ran the box both ways in roll the closing costs in or pay them up front.
Step by step
- Open the Refinance calculator and pick FHA under Refinance Type.
- Type your Home Value, Current Loan Balance, Current Rate, and Years Remaining from your statement.
- Type the New Rate from your own quote and pick a New Term.
- Type Closing Costs from your quote, and decide whether to tick the roll box.
- Read Current Payment (P&I) and New Payment (P&I).
- Read Monthly FHA MIP and New payment (all-in).
- Read Monthly Savings and Break-even, keeping in mind that they already include the new premium.
- If you have an FHA loan today, add your current premium to your current P&I by hand and compare again.
FAQ
Does my credit score change the FHA premium?
Generally not. The CFPB says FHA mortgage insurance "costs the same no matter your credit score, with only a slight increase in price for down payments less than five percent." Source: CFPB
Why doesn't Monthly Savings match the P&I rows?
On FHA, Monthly Savings subtracts New payment (all-in), not New Payment (P&I). The difference between the two is the Monthly FHA MIP row.
Is the tab's premium the exact amount I'll pay?
No. It is an estimate built from what you type. Your lender's Loan Estimate shows the actual figures, and a lender generally must give you one within three business days of receiving your application. Source: CFPB, "What is a Loan Estimate?"
One thing to do
Pull your current mortgage statement, then run your quote through the Refinance calculator with FHA selected and read New payment (all-in) before you read the savings.
Jeff Shin, Mortgage Loan Originator, NMLS #1041652. Chicago. Equal Housing Lender. Not a commitment to lend.