FHA Streamline Calculator
Estimate your new payment on an FHA Streamline Refinance — a simplified refinance for existing FHA borrowers, often without an appraisal or full income documentation.
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Get a Rate QuoteWhat Makes FHA Streamline Different
An FHA Streamline Refinance is available only to existing FHA loan holders and is built to be faster and simpler than a standard refinance. Many FHA Streamline loans don't require a new appraisal, don't require full income and asset documentation, and can close faster than a conventional refinance as a result.
FHA requires the refinance to provide a "net tangible benefit" to the borrower — typically a lower interest rate, lower payment, or a move from an adjustable to a fixed rate — rather than allowing a streamline refinance for no real benefit.
How to Use This Calculator
- Current Monthly P&I Payment — your existing principal and interest payment, used to show your savings from the new loan.
- New FHA Loan Amount — since no appraisal is typically required, this is usually your current payoff balance plus any allowed costs rolled into the loan.
Frequently Asked Questions
Do I need an appraisal for an FHA Streamline Refinance?
In most cases, no. FHA Streamline refinances are typically done without a new appraisal, which is part of what makes the process faster than a standard refinance.
Do I need to provide income documentation?
Many FHA Streamline refinances don't require full income and employment verification, though individual lender requirements can vary, and a "credit qualifying" version of the streamline does review credit.
What is the "net tangible benefit" requirement?
FHA requires that a streamline refinance genuinely benefits the borrower, most commonly through a lower payment or interest rate, or a switch from an adjustable-rate to a fixed-rate loan. This prevents refinances that only benefit the lender.
Is this different from a regular FHA loan?
Yes. A standard FHA loan is for a new purchase or a full-documentation refinance. FHA Streamline is exclusively a refinance option for people who already have an FHA loan, with a simplified process.
