Calculators

Calculators:

Refinance Calculator

Will you save money by refinancing your current loan?
A mortgage refinance can mean big savings, but it may come at a price in the short term. The decision to refinance generally comes down to whether you'll be in your home long enough for your monthly savings to outweigh the upfront refinancing costs.

Our Refinance Calculator can help you determine the amount of time you'll need to stay in your home after refinancing your mortgage to breakeven and cover your costs.

Current Mortgage

Current Loan Amount - Enter the original amount that you borrowed on your current mortgage. For example, if you bought a $200,000 home with a 20% down payment, your original loan amount would be $160,000. Current Loan Amount*:

Interest rate - Enter the interest rate on your current mortgage. Interest rate*: %

Term - Enter the term for your current mortgage. Term (in years)*:

Refinanced Mortgage

Current mortgage balance - Enter the amount of principal due on your current mortgage. You can estimate this amount, but for more accurate results, refer to you most recent mortgage bill and look for "principal due" or "amount for payoff." Current mortgage balance*:

Interest rate - Enter the interest rate that you will pay on your refinanced mortgage. You can find current average rates from Freddie Mac at www.freddiemac.com. Interest rate*: %

Term - Enter the term you desire for your refinanced mortgage. Common mortgage terms are 15, 25 and 30 years. Term (in years)*:

Refinancing Costs

Pre-payment penalty - Some lenders charge a pre-payment penalty if you refinance and pay off your current loan in full before a certain date. It is usually reflected as a percentage of the loan amount. If you do not have a prepayment penalty, enter 0. Pre-payment penalty*: %

Closing costs on new mortgage - Closing costs include a loan origination fee, points, appraisal fee, title search and insurance, survey, taxes, deed recording fee, credit report charge, and other costs assessed at settlement. The closing costs usually are about 2% to 6% of the mortgage amount. Closing costs on new mortgage:

Number of points on new loan - Discount points are paid upfront to obtain a lower interest rate. Typically, one point equals 1% of the loan amount and will lower your interest rate by .25 percent. So one point on a $200,000 mortgage would cost $2,000. Number of points on new loan:

Asterisk (*) indicates required fields.

Looking to Refinance?

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