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Major benefits of refinancing your home include lowering your interest rate, reducing your monthly mortgage payment, or swapping out your loan term. You should add data to as many fields as possible for the most precise calculation.
| Current Loan | New Loan | Interest Savings | |||
|---|---|---|---|---|---|
| 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.
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.
Try using these additional free mortgage calculator tools to estimate your monthly payment based on various loan types. You can change data for your home price, down payment, interest rate and loan term to tailor the results to your unique situation and give you an estimated monthly payment requirement.
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No Obligation and transparency 24/7. Instantly compare live rates and costs from our network of lenders across the country. Real-time accurate rates and closing costs for a variety of loan programs custom to your specific situation.