Image processing and computer vision algorithms extensively use projections, such as homography, as one of the processing steps. Systems for homography calculation usually observe homography as an inverse problem and provide an exact solution. However, the systems processing larger resolution images cannot meet inherently tight real-time constraints. Look-up table based systems provide an option for forward homography solutions, but they require large memory availability. Recent compressed look-up table methods reduce the memory requirements at the expense of lower peak signal-to-noise-ratio. In this work, we present a forward homography estimation algorithm which provides higher image quality than compressed look-up table methods. The algorithm is based on bounding the homography error, and neglecting the pixels out of the determined bound. The presented FPGA implementation of the estimation system requires a small amount of hardware, and no memory storage. The prototype system project an image frame onto a spherical surface at 295 Mpixels/s rate which is, up to our knowledge, currently the fastest homography system.