FHA Streamline
Does refinancing restart my 30-year mortgage?
Only if you choose a new 30-year term — the term is a choice, not automatic.
Refinancing gives you a new loan with its own term, which you and your loan originator select. If you choose a new 30-year term, your amortization schedule effectively restarts, even if you were partway through your old loan. This is exactly why the calculator distinguishes a lower monthly payment caused by extending your term from real interest savings — they aren't the same thing, and the site is built to show you both clearly.
Two ways to win
A lower interest rate lowers the payment the loan requires. What you do with that difference is your choice — and both choices are worth something.
Keep the savings
Lower your required payment and keep the difference as monthly cash flow.
- A lower required monthly principal & interest payment.
- More money available every month to use however you choose.
- Lifetime interest savings created by the lower rate itself.
Keep the payment
Keep paying roughly what you pay today and send the difference to principal.
- More of each payment reaches principal at the lower rate.
- Fewer remaining payments and an earlier payoff date.
- The lower-rate savings plus extra interest saved from faster paydown.
Illustrative and educational only. Not a loan offer, rate lock, or approval. Actual terms depend on lender pricing and your specific situation.
Want to see how this plays out for your loan?
Run your actual numbers through the calculator — real amortization math, no contact info required.