FHA Streamline
What happens if I keep making my old payment?
If your new required payment is lower, you can voluntarily keep paying your old amount — the difference goes toward principal.
If refinancing lowers your required monthly payment, you don't have to take the full savings every month. You can choose to keep paying approximately what you pay today. Your servicer will apply the extra amount above the new required payment directly to your principal balance, which reduces the balance faster than the minimum schedule would. Try this in the “Keep My Payment the Same” calculator to see your specific numbers.
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.