FHA Streamline Refinance Calculator
This worksheet figures the maximum loan amount on an FHA streamline refinance. Fill in the blue fields with your current loan details. The gray cells calculate on their own as you type, and every line carries a number so you can trace where each figure comes from.
FHA sets the maximum base loan amount as the lesser of two calculations. The first starts with your unpaid principal balance, then adds the interest and monthly mortgage insurance that build up before the new loan funds. The second uses the original principal balance from your existing note, including any upfront premium you financed. The calculator runs both and keeps the smaller result, then adds the new upfront mortgage insurance premium to give you the full mortgage amount.
The worksheet also tests the three rules that decide whether a streamline refinance works at all. Your new combined rate has to beat the old one by the margin FHA sets for your loan type, or the loan has to qualify through a reduction in term. Your existing loan needs enough seasoning: six payments made, six full months since the first payment came due, and 210 days since closing. Your payment history has to be clean for the six months before the lender orders the case number.
Use your existing Closing Disclosure (documant that has all the expenses when you closed) to help with the dates and costs. It lists the closing date, the original loan amount, and the upfront premium you financed. If your loan closed before October 2015, look at the HUD-1 Settlement Statement instead. Your monthly statement shows the unpaid balance and note rate, and the servicer's payoff statement gives you the interest and mortgage insurance due at funding.
Pull your unpaid balance and payoff figures from the servicer before you rely on the results. The upfront premium refund in particular comes from FHA Connection and cannot be calculated from the loan file. See below for more information
| Have at least 6 full months passed since your first payment due date? | |
| Have you made at least 6 consecutive, on-time payments? | |
| Have at least 210 days passed since your original loan closed? | |
| No late payments in the last 6 months? (No more than one 30-day late in 12 months) |
• Loans must be credit qualifying if there are any borrowers removed from the transaction.
• Streamlines must be manually underwritten.
• In order to use TOTAL Scorecard, must obtain an appraisal and process as a Simple Refinance.
• Simple Refinance is an FHA to FHA Refinance and allows fees to be financed in loan amount.
| 1 | Borrower Name | ||
| 2 | Loan Number |
| Net Tangible Benefit |
| 3 | Current note rate | ||
| 4 | Current annual MIP rate | ||
| 5 | Current loan Combined Rate (line 3 + line 4) | ||
| 6 | New note rate | ||
| 7 | New annual MIP rate | ||
| 8 | New loan Combined Rate (line 6 + line 7) | ||
| 9 | Difference in Combined rate (line 5 − line 8) must meet the row marked below or be eligible Reduction in Term |
| # | From / To | New Combined Rate must be: | Applicable NTB |
|---|---|---|---|
| 10 | Fixed Rate to Fixed Rate | At least 0.5 percentage points below the prior Combined Rate. | |
| 11 | Fixed Rate to Hybrid ARM | At least 2 percentage points below the prior Combined Rate. | |
| 12 | ARM to Fixed Rate | No more than 2 percentage points above the prior Combined Rate. | |
| 13 | ARM to Hybrid ARM | At least 1 percentage point below the prior Combined Rate. | |
| Reduction in term (must meet below requirements) | |||
| Reduction in Term Requirements | |
| The net tangible benefit test is met if: | the mortgage term is reduced; the new interest rate does not exceed the current interest rate; and the combined principal, interest and MIP payment of the new Mortgage does not exceed the combined principal, interest and MIP of the refinanced Mortgage by more than $50. |
| Maximum Loan Amount |
| Maximum base loan amount must be calculated by using the lesser of the following two calculations: |
| Required calculation #1: | |||
| 14 | Unpaid principal balance from payoff statement (for month prior to disbursement) | ||
| 15 | Days of interest — leave blank for one full month | ||
| 16 | plus interest & MIP due (owner occupied & HUD Approved 2nd only) — line 14 × line 5 ÷ 12 | ||
| 17 | Minus applicable UFMIP refund (fills line 20) | ||
| 18 | New base loan amount based on calculation #1 (line 14 + line 16 − line 17) | ||
| Required calculation #2: | |||
| 19 | Original principal balance (including financed MIP) | ||
| 20 | Minus applicable UFMIP refund (mirrors line 17) | ||
| 21 | New base loan amount based on calculation #2 (line 19 − line 20) | ||
| Compare calculation #1 & #2 to determine maximum base loan amount | |||
| 22 | Maximum base loan amount — the LESSER of line 18 or line 21 | ||
| 23 | Plus new UFMIP — line 22 × 1.75% Loan endorsed on or before 5/31/2009 — use 0.01% | ||
| 24 | New maximum mortgage amount (line 22 + line 23) | ||
| Seasoning Requirement |
| Example: The FHA case number on the mortgage being refinanced was closed on or before December 1st, and the borrower's first payment on that mortgage was due on January 1st. The new case number for the refinancing mortgage cannot be requested prior to July 1st. |
| 25 | Case number assignment date - NEW LOAN Must be the latest of the three dates in this section | ||
| 26 | Number of payments made on current mortgage (at least six) | ||
| 27 | First payment date - OLD LOAN Example: existing loan closed 3/15/2025 → first payment due 5/1/2025 | ||
| 28 | Number of full months since first payment due date (at least six) — line 27 to line 25 | ||
| 29 | Closing date - OLD LOAN Example: existing loan closed 3/15/2025 | ||
| 30 | Number of days since current mortgage closing date (at least 210) — line 29 to line 25 |
| Mortgage Payment History Requirement |
| The Borrower must have made all Mortgage Payments within the month due for the six months prior to case number assignment and have no more than one 30-Day late payment for the previous six months for all Mortgages. The Borrower must have made the payments for all Mortgages secured by the subject Property within the month due for the month prior to mortgage Disbursement. |
| 31 | Number of late payments in 6 months prior to case # assignment | ||
| 32 | Number of late payments in previous 6 months for all mortgages |
Understanding the FHA Streamline Refinance Calculators
FHA offers two versions of the streamline refinance, and both use the same maximum loan amount math you see in the calculator above. The lesser-of test, the seasoning rules, and the net tangible benefit chart apply either way. What changes between the two is how much of your financial life the lender has to verify.
Non-Credit Qualifying Streamline
This is the version most borrowers use. The lender does not pull a credit report to qualify you, does not verify your income or employment, and does not calculate a debt-to-income ratio. The file still gets manually underwritten, and the lender still checks your mortgage payment history. That history is what lines 31 and 32 of the calculator track.
The appeal is speed and simplicity. A borrower whose income has dropped since the original loan closed can often still refinance, because the lender never looks at current income.
Credit Qualifying Streamline
A credit qualifying streamline puts your full financial picture back on the table. The lender pulls a credit report, documents your income and employment, and calculates your debt-to-income ratio against FHA ratio limits. Your credit score matters again, and so does every other debt you carry.
FHA requires the credit qualifying version in three situations:
- A borrower is being removed from the loan, unless the removal follows a death
- The loan is being assumed and the new borrower has not been credit qualified
- The monthly mortgage payment increases by more than 20 percent
That third rule catches more files than people expect. A borrower who shortens the term from 30 years to 15 years will usually trip the 20 percent threshold even when the interest rate drops. If you plan to use the reduction in term path to meet the net tangible benefit test, check the new payment against the old one first. You may be signing up for a full credit qualification without meaning to.
Plan for a longer timeline on these files. You will need pay stubs, W-2 forms, tax returns if you are self-employed, and bank statements. The lender may also ask for a written verification of employment.
You Cannot Finance Closing Costs on a Streamline
This is the part that surprises borrowers most often. On an FHA streamline refinance, closing costs and prepaid items do not go into the loan amount. Look at the calculator again. The maximum mortgage on line 24 is your base loan amount plus the new upfront mortgage insurance premium. Nothing else gets added.
You pay these costs out of pocket at closing:
- Lender fees, title charges, recording fees, and the appraisal if one is required
- Prepaid interest from the funding date to the end of the month
- The first year of homeowners insurance if your policy renews soon
- Your new escrow deposit for taxes and insurance
The upfront mortgage insurance premium is the one cost you can finance, and the calculator already handles it on line 23.
One piece of good news on the cash side. Your current lender refunds the balance sitting in your old escrow account, usually within 30 days of payoff. That refund does not reduce what you bring to the closing table, but it does come back to you shortly after.
If financing your costs matters more than anything else, ask your loan officer about a Simple Refinance instead. It is also an FHA to FHA refinance, it does allow costs to be financed, and it requires an appraisal.
How a Lender Credit Reduces Your Cash at Closing
Since you cannot roll costs into the loan, a lender credit becomes the main tool for lowering the cash you need. The lender pays part or all of your closing costs, and in exchange you accept a slightly higher interest rate. Loan officers call this premium pricing.
The trade is simple. A higher rate costs you more interest over the years you keep the loan. Less cash now, more cost later. Borrowers who plan to move or refinance again within a few years often come out ahead taking the credit. Borrowers who plan to stay put for the full term usually do better paying the costs and keeping the lower rate.
Watch one thing when you compare offers with a lender credit. The higher rate raises your new combined rate on line 8 of the calculator, which shrinks the difference on line 9. If your rate improvement was already thin, a large lender credit can push the loan out of net tangible benefit compliance. Run the numbers at the credited rate, not the base rate, before you commit.
Ask your loan officer to quote the same loan at two or three different rates with the matching credits. Comparing them side by side shows you exactly what the cash savings cost in rate.
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