About this calculator
The FHA streamline refinance skips much of the paperwork, but whether it actually saves money depends on the new rate, the mortgage insurance premium, and how long you stay. This calculator runs the full comparison — including MIP and closing costs — to show real monthly savings and the break-even month.
What it shows you
- New monthly payment vs. your current FHA loan
- Updated MIP and its effect on savings
- The break-even month including all costs
- Total interest and insurance saved over time
- Whether the refinance clears the net-tangible-benefit bar
What you'll enter
- Unpaid principal balance, current note rate, and loan age
- Existing annual MIP rate and current loan term
- New refinance rate and streamline term
- Monthly taxes and insurance
- Closing costs and fees
When to use it
- Deciding whether an FHA streamline refinance is worth it
- Finding the break-even month after closing costs
- Checking the six on-time payment requirement
Why it matters
Streamline refinances are easy to sell and easy to get wrong. Showing the honest break-even — MIP included — protects the borrower and proves the advisor is optimizing for them, not the transaction.
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