Calculate your potential savings from refinancing your existing mortgage to an FHA loan.
Enter the details below to calculate your potential savings from refinancing.
Refinancing your mortgage can make sense if:
If you already have an FHA loan, you may qualify for an FHA Streamline Refinance, which offers:
Learn more about FHA Streamline Refinance.
A simplified refinance program for existing FHA borrowers that requires minimal documentation and no appraisal in most cases.
Allows you to refinance your mortgage and take out cash from your home's equity.
Combines your mortgage and home improvement costs into a single loan for renovations.
Decide what you want to achieve: lower rate, shorter term, cash out, or removing mortgage insurance.
FHA loans typically require a minimum credit score of 580, though some lenders may have higher requirements.
For most FHA refinances, you'll need at least 3.5% equity in your home.
Prepare recent pay stubs, W-2s, tax returns, bank statements, and current mortgage statements.
Compare rates, terms, and closing costs from multiple FHA-approved lenders.
Submit your application and required documentation to your chosen lender.
The lender will order an appraisal to determine your home's current value (not required for some Streamline refinances).
The lender reviews your application, credit, income, and property to make a final decision.
Sign the final paperwork and pay closing costs to complete your refinance.
Simple calculator with essential inputs for a quick FHA loan payment estimate.
Use CalculatorDetailed calculator with additional inputs like property taxes, insurance, and HOA fees.
Use CalculatorCompare FHA and conventional loans side-by-side to see which is better for you.
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