Example of FHA Streamline
Example of an FHA Streamline Refinance
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Current Loan
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Current Interst Rate
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6%
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Current Payment (without Taxes, Ins, & Mortgage Ins.
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$1,199
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Payoff of Current Mortgage
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$200,000
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Current Escrow Account Refund
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$1,250
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Current MIP Refund
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$2,100
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New Loan
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New Interest Rate
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5.0%
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New Payment
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$1,081 |
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New MIP $3,000 Financed
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$3,000
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New Escrow Reserves
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$1,250
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New Loan Amount after financing the new MIP
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$203,000
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Total Monthly Savings to you
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$118
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Total Annual savings to you
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$1416
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Savings Over 30 Years
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$42,480
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Example above is only example and is only to show how the FHA Streamline works. Balances, savings and payment may vary.
