A reduced cost voltage regulation circuit for switched mode power supplies. In one example, a current sense circuit includes a current sense terminal of a voltage regulation circuit. A voltage difference between the current sense terminal and a voltage reference terminal of the voltage regulation circuit is substantially fixed when a first current to be sensed by the current sense circuit at the current sense terminal is substantially equal to a first current sense threshold. A power transistor is also included and is coupled to the current sense circuit and coupled between a power supply input terminal of the voltage regulation circuit and a power supply output terminal of the voltage regulation circuit. The power transistor is coupled to be switched in response to the first current to be sensed by the current sense circuit at the current sense terminal to control a transfer of energy from the input of the power supply to the output of the power supply to regulate an output voltage of the power supply.