Home Loan Mortgage Calculators

Many buyers do not know they can simplify their home loan journey with free tools. FHA mortgage calculators help estimate costs clearly. These calculators break down what you need. Understanding these figures can lead to better decisions. By reading this article, you will learn how to use them effectively.

Adjustable Rate Calculators

Amortization Calculators

Affordability & Payment Calculators

Credit & Income Calculators

Down Payment & Cost Calculators

Loan Analysis Calculators

Specialty Calculators

Refinance Calculators

FHA Refinance Comparison

• Streamline Refinance (Non-Credit-Qualifying):
The fastest FHA option with minimal documentation. Requires no credit review, no income verification, and no appraisal. Designed for borrowers with a good payment history (no late payments in the last 6-12 months) to quickly lower their rate or adjust loan terms. Closing costs cannot be rolled into the new loan amount. Lender credits are permitted, as long as there is a "Net Tangible Benefit" to the borrower.

• Streamline Refinance (Credit-Qualifying):
Similar to the non-qualifying streamline but includes a credit report review and underwriting of the borrower's payment history. This is often required by lenders if the borrower has had a recent late payment. Maintains the streamline benefits of no appraisal and no income verification. Closing costs cannot be rolled into the new loan amount. Lender credits are permitted, as long as there is a "Net Tangible Benefit" to the borrower.

• Rate/Term Refinance:
A traditional refinance that changes the interest rate or loan term (e.g., from a 30-year to a 15-year mortgage). This option requires a full appraisal to determine the home's value, along with standard underwriting (credit check, income verification, DTI analysis). Closing costs can be rolled into the new loan amount. This is a good option for borrowers who do not qualify for a Streamline (e.g., they need to remove a borrower from the loan or have had a recent late payment).

• Cash-Out Refinance:
Treated as a new FHA loan. Requires full underwriting, including a mandatory appraisal, credit check, income verification, and debt-to-income ratio analysis. Closing costs can be rolled into the loan. The borrower receives the difference between the new loan amount and the existing loan payoff as cash at closing. The borrower must have at least 20% equity (or 15% in some cases) remaining in the home after the cash-out.

• FHA Mortgage Insurance:
All FHA loans require mortgage insurance premiums (MIP). This includes an Upfront MIP (UFMIP), which is typically 1.75% of the base loan amount and can be rolled into the loan balance. It also includes an Annual MIP, which is paid in monthly installments as part of the regular mortgage payment.