Refinance Calculator

Recalculate your new house payment based on loan amounts, interest rates, and other factors, to see if refinancing your mortgage is a smart financial move.

Refinancing your mortgage to a lower interest rate can save you money each month, as well as for the duration of your loan. This refinance calculator will help you discover if a refinance is the right financial step for you. Quickly calculate how much money the refinance process might cost you up front, and how much it may help you save in the long run.

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  • MONTHLY SAVINGS: {{user.details.refiSavings|currency:undefined:0}}/mo
  • NEW PAYMENT: {{user.details.newPayment|currency:undefined:0}}
  • BREAK EVEN: {{user.details.breakEven}} months
  • COSTS: {{user.details.refiFees|currency:undefined:0}}
  • LIFETIME SAVINGS: {{user.details.lifeTimeSavings|currency:undefined:0}}

Refinance Calculator Help

Enter in a few details, such as your current and new loan dollar amounts and interest rates. The calculator will show you how much money a home loan refinance may save you each month, your potential lifetime savings on the home, and how long it may take to break even — i.e. when the savings of the refinance may outweigh the initial costs. Ready to see if refinancing is the right path for your financial goals? Here is the information you will need to provide:

Current Loan Amount

Enter how much you currently owe on your home loan, not how much you originally purchased the house for. Exact answers will result in the most accurate calculations.

Interest Rate

In this field, enter your current interest rate. For the most accurate answer, use the exact APR. Don’t round up or down.

Current Term

Provide how long your original home loan was financed for. Typical home loans are 30-year fixed, 15-year fixed, and 5/1 ARM.

Origination Year

This is the year that you purchased your home. If the home-buying process took place over two years, then you would input the year the loan was completed.

New Loan Amount

This is the amount of your new home loan after the refinance is finalized.

Refinance Fees

Find out how much your refinance will cost. These fees can bepaid out of pocket or rolled into the new loan.

New Interest Rate

This is pre-filled with the current average interest rate. Your exact interest rate will be based on your creditworthiness.

New Term

You can choose a new term length during refinance. Choose from a 30-year fixed, 15-year fixed, and 5/1 ARM. Refinancing to a shorter term may increase your monthly payments but decrease the amount of interest repaid overall.

Cash Out

If you are planning to take cash out during the refinance for home renovations or debt repayment, enter that number. Note that the amount of cash you can obtain through a refinance is set by the lender.