Mortgage Refinance Calculator
People refinance their mortgages for many reasons. These might include finding a lower interest rate, shortening (or extending) the loan term, or converting from a variable to a fixed mortgage. Whatever your reason, this calculator can help you find out if refinancing is right for you.
Refinancing Could Save You:
- Total Monthly Savings $146.23
- Lifetime Savings $33,000.41
- Closing Costs $10,000
Using the Refinancing Calculator
Simply enter the amounts (or estimated amounts) to find out whether refinancing is right for you. Keep in mind that taxes and insurance vary widely and are not included in this estimate.
- Remaining Mortgage Balance ($)
- Amount owed on the current mortgage.
- Annual Interest Rate (%)
- The fixed annual rate of interest for current mortgage.
- Years Remaining on Current Loan
- The time remaining on your current mortgage.
- Cash Out Amount ($)
- Amount of money wanted to borrow (if any) in addition to mortgage payoff amount.
- New Loan Term (Years)
- Loan term for the new mortgage.
- New Interest Rate ($)
- Interest rate for refinancing amount.
- Refinance Fees/Closing Costs ($)
- Estimated costs of refinancing and closing a new loan.
- Total Monthly Savings
- Amount of savings from refinancing.
- Lifetime Savings
- Total savings over the life of the loan.
- Closing Costs
- Amount you'll save on closing.
- The time when your refinancing savings covers the closing cost of the new loan.