Mortgage Refinance Calculator
Determine if refinancing your mortgage makes financial sense by comparing your current loan with new refinancing options.
Current Loan Details
Enter information about your existing mortgage
New Loan Details
Enter details for the refinancing loan you're considering
Additional cash you want to take out during refinancing
Ready to Calculate
Enter your current loan details and new loan terms to see if refinancing makes sense for you.
When Should You Consider Refinancing?
Good Times to Refinance:
- • Interest rates have dropped significantly (0.5% or more)
- • Your credit score has improved substantially
- • You want to switch from ARM to fixed-rate
- • You need cash for home improvements or debt consolidation
- • You want to remove PMI with increased home value
When to Avoid Refinancing:
- • You plan to move within 2-3 years
- • Closing costs are too high relative to savings
- • Your credit score has decreased
- • You're close to paying off your current loan
- • Market rates are higher than your current rate
How to Use the Mortgage Refinance Calculator
Our refinance calculator helps you determine whether refinancing your mortgage will save you money. Simply enter your current loan details and the terms of the new loan you're considering to see:
- Monthly payment comparison
- Total interest savings over the life of the loan
- Break-even point (when savings exceed closing costs)
- Net savings after accounting for all costs
Understanding Refinance Calculations
The calculator compares your current mortgage with a potential new loan by analyzing several key factors:
- Monthly Payment Difference: How much your monthly payment will change
- Closing Costs: Upfront costs associated with refinancing
- Break-even Time: How long it takes for monthly savings to offset closing costs
- Total Interest: Lifetime interest costs for both loans
Factors to Consider When Refinancing
While our calculator provides valuable insights, consider these additional factors:
- How long you plan to stay in your home
- Current market conditions and rate trends
- Your credit score and financial situation
- Tax implications of mortgage interest deductions
- Opportunity cost of cash used for closing costs
Types of Refinancing
- Rate-and-Term Refinance: Change interest rate or loan term
- Cash-Out Refinance: Borrow against home equity for cash
- Cash-In Refinance: Pay down principal to get better terms
- Streamline Refinance: Simplified process for existing borrowers