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Use Our Mortgage Refinance Calculator to See How Much You Could Save
Refinancing your mortgage is one of the easiest ways to lower your monthly home loan payments. With a mortgage refinance, you could reduce your interest rate or your loan term, thus helping you save more throughout the lifetime of your mortgage loan. Find out with our mortgage refinance calculator what your reduced monthly mortgage payments could look like to find out if refinancing your home loan is right for you.
How to use our refinance mortgage calculator
By inputting basic information about your current and new mortgage into this calculator, you’ll quickly discover if refinancing your mortgage is right for you. In the current mortgage section at the top, simply type your estimated current home value, current mortgage balance, term in years and current interest rate. In the new mortgage section, input your remaining mortgage amount, your newly desired term in years, your newly anticipated interest rate and closing costs.
Home insurance and property taxes fields are also provided as optional inputs if you want to add these costs to the calculations. Once you complete the fields, calculate your mortgage to see a breakdown of your total lifetime savings along with a graph depicting how much you could save in interest overtime.
There are a number of reasons that refinancing your home loan may be a smart choice. For instance, if your adjustable rate mortgage (ARM) is moving to a higher interest rate, home refinancing may help you save.
What are the benefits of refinancing your mortgage?
Refinancing your mortgage to a lower interest rate can help save you money by lowering your monthly mortgage payments. In addition, refinancing could shorten your repayment period, helping you build equity even faster. Read more on the benefits of refinancing your mortgage.
Get mortgage refinance rates and apply now
If the calculator estimates that you will save more from a mortgage refinance, take the next step by looking at our refinance rates and apply for a refinance with our quick mortgage application.
Refinance interest savings definitions
Closing costs – Total expenses, including fees and other costs, involved with the new mortgage.
Home insurance – Coverage to provide damage protection for your home and personal property from a variety of events, including fire, lightning, burglary, vandalism, storms, explosions and more.
Property taxes – This value represents an annual tax on a homeowners' property.
Breakeven point - The number of months it will take for your monthly payment reduction to be greater than closing costs.