FHA to MI Prospecting Tool

1Enter Existing FHA Loan Information

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2Enter Current Loan Information

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Your borrower is currently paying  for principal, interest and FHA premium. If you can do a “no cost” refinance into one of the conventional rates shown below, your borrower’s monthly payment amount will be lower than their current payment amount.

Borrower Savings Grid

Refinance Rate % New Payment: P&I & MI Premium Monthly Savings Annual Savings

This calculator is not an underwriting tool. It is a loan scenario comparison tool, programmed with only a few key eligibility rules, provided for use by mortgage professionals only. Essent gives no warranty, express or implied, as to the accuracy, reliability and completeness of any information, formulae or calculations provided through the use of the calculator and does not accept any liability for loss or damage of whatsoever nature, which may be attributable to the reliance on and use of the calculator. The results presented may not reflect the actual results and should not be relied upon for borrower qualification, MI eligibility, GSE acceptance or future home value. Some LTV and credit score scenarios may be unavailable in certain markets. The calculator assumes the FHA loan is a fixed rate 30 year product being refinanced into a conventional fixed rate 30 year product. For loan amounts from $453,100 to $679,650, the property must be located in an area eligible for the high-cost area conforming loan limits as established by FHFA. MI Premium rate assumes 30-Year Fixed Rate, Primary Residence, Loan Amount <=$679,650, Non-Refundable, and Level Renewals under Essent's borrower paid monthly premium plan for one borrower with a debt-to-income ratio less than 45. Essent premium rates are effective June 18, 2018 and may change in the future. For our complete guidelines and rates, please visit www.essent.us.