Upfront mortgage insurance premium (UPFMIP) is required for most FHA mortgage insurance programs. Lenders must pay UPFMIP within 10 calendar days of the mortgage closing or disbursement date, whichever is later. FHA MIP is paid in two ways – upfront at closing and annually in 12-month installments. The current UPFMIP fee is 1.75% of the borrowed amount. The typical annual MIP fee is 0.85% of the borrowed amount.