Refinance Calculator : Should You Refinance Your Mortgage?

You should refinance, if it saves you money over the life of the loan. Use this calculator to estimate what the overall savings will be with your new refinanced mortgage loan. Keep in mind that the calculations are an estimate only, and that your monthly payment may be different from what’s shown on the calculator.

To get a more accurate estimate, compare rates from multiple lenders (Aug 25th, 2019)

Step 1. Enter your current mortgage information.

Do not include taxes or insurance

Step 2. Enter your new mortgage information.


Step 3. Compare results.

Monthly Payment

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Remaining Interest

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Remaining Total

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Mortgage Payoff Date

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Next Steps: Talk to a refinance Lender and lock in your rate!

Based on your inputs, we recommend the following lenders:

Reasons to Refinance a Mortgage

Trying to decide if you should refinance? Here’s a look at some of the most common reasons why you might consider refinancing your mortgage.

Get a Lower Interest Rate

Getting a lower interest rate is by far the most popular reason to refinance a mortgage. If rates are lower than when you got your original loan, refinancing can reduce your monthly mortgage payments. It can also help you save thousands of dollars in interest over the life of your loan.

Switch Your Mortgage Type

When you refinance, you can select a different loan type than the one you currently have in order to reap the benefits of that loan type. For example, if you have an adjustable-rate mortgage (ARM) and the rate is about to increase, you can change to a more stable fixed-rate mortgage. Or if you have an FHA loan and you want to stop paying mortgage insurance, you may be able refinance to a conventional loan without mortgage insurance.

Fund Home Improvements

If you have enough equity in your home, you may be able to do a cash-out refinance. With cash-out refinancing, you refinance your current home loan for more than the amount you currently owe, and keep the extra money to spend on things like a kitchen remodel, new siding, or other home projects you’ve been dreaming about.

Pay Off Your Loan Faster

In most cases, shortening your loan term will allow you to pay off your principal faster. A shorter term often means you’ll have a higher monthly payment, but you’ll likely pay less interest over the life of your loan because you are making fewer payments, and because shorter loan term loans (i.e. 15-year fixed) typically have lower interest rates than those with longer term (i.e. 30 year fixed).