Mortgage Refinance Calculator
Refinancing your home can help you lower your interest rate, reduce your monthly mortgage payment, or change your loan term.
Fill in as many fields as possible for the most accurate calculation.
Current Loan
New Loan
Payment Savings
| Current Loan | New Loan | Interest Savings | |||
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| Total interest payments | – | = | |||
| Interest remaining | |||||
| Principal balance | |||||
Total Savings( ) |
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Whether you’re buying a home or ready to refinance, our professionals can help.
Live Mortgage Rates by State
Compare today’s mortgage rates and get personalized rate quotes based on your location, loan type, and home financing goals.
Common Mortgage Calculator Terms
Gather the same information from when you originally financed your home, add the data from the current state of your loan, and consider what is likely to change (loan term, interest rate) to have everything you need to use the refinance calculator.
Current Principal & Interest Payment
Balance Left
Cash-out Amount
Closing Costs
Break-even Point
Interest Remaining
Principal Balance
Payment Savings
How Mortgage Rates Impact Your Refinancing Decision
A lower mortgage rate can reduce your monthly payment and long-term interest costs, but refinancing should also be evaluated based on closing costs, your loan term, and your future plans.
Lower Rates Can Increase Savings
- Lower payment
- Less interest
- Faster equity
Higher Rates Don’t Always Mean You Should Wait
Even when current mortgage rates are higher than in previous years, refinancing may still make sense if you’re switching from an adjustable-rate mortgage, removing PMI, consolidating debt through a cash-out refinance, or changing your loan term.
Higher Rates Don't Always Mean You Should Wait Even when current mortgage rates are higher than in previous years, refinancing may still make sense if you're switching from an adjustable-rate mortgage, removing PMI, consolidating debt through a cash-out refinance, or changing your loan term.
Understanding Your Results
After clicking “View Full Report,” you’ll receive several key estimates that can help determine whether refinancing makes financial sense.
When Should You Refinance?
Refinancing can be a smart financial strategy when it helps you achieve specific long-term goals, such as lowering your monthly mortgage payment, reducing the total interest paid over the life of your loan, accessing your home’s equity, or changing your loan term. Whether you’re looking to improve your monthly cash flow or pay off your mortgage sooner, understanding your options is the first step toward making an informed decision.
Lower Your Interest Rate
Even a modest reduction in your mortgage rate can lower your monthly payment and reduce the total interest paid over the life of the loan.
Reduce Your Monthly Payment
Extending your loan term or securing a lower rate can improve monthly cash flow and free up money for other financial priorities.
Switch Loan Types
Move from an adjustable-rate mortgage (ARM) to the stability of a fixed-rate loan, or shorten your repayment period to build equity faster.
Access Home Equity
A cash-out refinance allows qualified homeowners to use their home equity for renovations, debt consolidation, education expenses, or other major financial goals.
Improved Credit Profile
If your credit score has improved since obtaining your original mortgage, you may now qualify for more competitive refinance rates and loan terms.
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Refinance Costs Explained
Like purchasing a home, refinancing involves closing costs. Understanding these expenses helps you accurately evaluate whether refinancing is worthwhile.
Charged by the lender for processing and underwriting your refinance loan.
Some refinance programs require an updated appraisal to determine your home’s current market value.
Title search and title insurance help verify ownership and protect both the borrower and lender.
Local government fees for recording the new mortgage documents.
Depending on your loan, you may prepay property taxes, homeowners insurance, or interest at closing.
Some lenders offer refinance options with little or no upfront costs by incorporating the fees into the loan balance or accepting a slightly higher interest rate. While this can reduce your cash required at closing, it’s important to compare the long-term cost before choosing this option.
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FAQ
Refinancing means replacing your current home loan with a new one—usually with a different interest rate, loan term, or payment structure. Many homeowners refinance to lower their monthly payment, switch to a shorter loan term, or change from an adjustable rate to a fixed rate.
This tool estimates how much you might save by refinancing. It compares your existing payment with a new payment based on the refinance rate and terms you enter. It also shows how changes in interest rate, loan amount, and term affect your monthly cost and total loan expense over time.
People refinance for many reasons, including lowering their monthly payment, reducing the total interest paid over the life of the loan, accessing home equity for cash needs, or switching to a loan structure that better fits their financial goals.
To estimate costs and savings, the calculator typically asks for your current loan balance, existing interest rate, proposed new interest rate, new loan term, and any estimated refinance costs. Accurate information helps generate more meaningful estimates.
The refinance calculator allows you to enter an estimate of closing costs so that your savings calculation reflects the impact of those fees. If you leave costs blank or estimate them too low, your results may overstate your potential benefit.
No. The results are estimates that help you evaluate whether refinancing might be beneficial. Actual savings depend on your final loan offer, market conditions, fees, and how long you keep the new mortgage. Always consult a loan officer for precise numbers.
Because mortgage rates and loan programs change over time, it can be helpful to re-evaluate your refinance options periodically—especially if rates drop or your financial goals change. A small shift in rate can sometimes make refinancing more attractive.
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