FHA Streamline Refinance Calculator

See if an FHA Streamline refinance lowers your payment

This FHA streamline refinance calculator estimates your new monthly payment, monthly savings, break-even point, and whether you pass the FHA net tangible benefit test, including the lower 0.55% annual MIP that many older FHA loans can capture.

Your current FHA loan
$
Your new FHA Streamline loan
$
If your FHA loan is under 3 years old you may get a partial refund of your original upfront MIP.
Estimated monthly savings
$163
Lower by this much each month
Current payment (P&I + MIP)$1,868
New payment (P&I + MIP)$1,705
New loan amount$264,550
Break-even28 months
✓
Likely passes net tangible benefitYour combined rate drops by at least 0.5 points.
See If You Qualify Talk to a Broker

Estimates only. This tool is for educational planning and is not a loan offer, quote, or approval. It estimates principal, interest, and annual MIP; it excludes taxes, insurance escrow, and closing costs beyond financed upfront MIP. Net tangible benefit is a simplified estimate; actual eligibility is determined by HUD rules and your lender. NextGen Mortgage is a broker; we arrange but do not make mortgage loans. Equal Housing Opportunity.

What it is

How an FHA Streamline refinance works

An FHA Streamline refinance lets you refinance an existing FHA loan into a new FHA loan with reduced paperwork, often with no appraisal, no income verification, and no new credit check. It is designed by HUD to help FHA borrowers lower their rate quickly. You can only refinance into another FHA loan, and cash-out is not allowed.

The new loan keeps FHA mortgage insurance, including a fresh upfront MIP of 1.75 percent (which can usually be financed into the loan) and an annual MIP. Here is the key opportunity the calculator highlights: HUD cut the annual MIP from 0.85 percent to 0.55 percent in 2023. If your FHA loan predates that cut, a streamline can capture both a lower interest rate and a 0.30 percent MIP reduction, which can save money even when interest rates have barely moved.

The qualifying test

The net tangible benefit test

HUD only approves a streamline if it clearly helps you. That rule is called the net tangible benefit (NTB) test, and which version applies depends on your loan type.

Fixed to fixed

Your combined rate (interest rate plus annual MIP) must drop by at least 0.5 percentage points. This is the most common case and the one the calculator tests.

Fixed to ARM

The new combined rate must be at least 2.0 points lower than your current combined rate.

ARM to fixed

Counts as a benefit as long as your new combined rate does not rise more than 2.0 points, because fixed-rate stability is itself a benefit.

Shortening your term

Moving to a shorter term (for example 30 years down to 15) by at least three years has its own relaxed benefit rules.

Questions

FHA Streamline refinance FAQ

It gives a close estimate of your new payment, monthly savings, and a simplified net tangible benefit check based on the numbers you enter. It does not include property taxes, homeowners insurance, or all closing costs, and final eligibility and rate are set by HUD rules and your lender. Treat it as planning, not a quote.

For a fixed-to-fixed streamline, HUD requires your combined rate (interest rate plus annual MIP) to drop by at least 0.5 percentage points. Other loan-type combinations, like ARM to fixed, have their own rules. The calculator checks the common fixed-to-fixed case.

Yes. An FHA Streamline keeps FHA mortgage insurance: a fresh upfront MIP of 1.75 percent (usually financed into the loan) and an annual MIP. Many borrowers benefit because the current annual MIP of 0.55 percent is lower than the 0.85 percent older FHA loans pay.

No. Cash-out is not allowed on an FHA Streamline. If you need to tap equity, an FHA cash-out refinance or another program would be the route, which a broker can help you compare.

Yes. NextGen Mortgage is an independent broker serving New Hampshire and Massachusetts. We compare FHA streamline offers across multiple lenders to find a competitive rate and confirm whether the refinance gives you a real net tangible benefit. Start with a quick call or check your options online.