Mortgage Refinance Calculator

Should you refinance your current mortgage loan? Use this mortgage refinance calculator to estimate how much you can expect to save by refinancing. Compare your current home loan with a new rate, loan term, and loan amount.

Current Loan

Original Loan Amount
?
0
1M
Interest rate
?
2%
7%
Loan Term
?
30 Years
×
Origination Date
?
Jan
×

Refinance Loan

New Loan Balance
?
$437,158
New Interest rate
?
2%
7%
New Loan Term
?
15 Years
×
Cash Out Amount
Cash Out Calculator
!
Assumptions
?
$2,684
Current Monthly Payment
$2,915
New Monthly Payment
Your Savings
$-231
/
mo
Monthly Savings
$202,453
Lifetime Savings
You will not see any savings in your monthly payments.
$8,306
Est. Refinance Fees
Breakeven Point

A calculator alone often does not tell thewhole story.

Visit our closing plan to get a deeper analysis of refinance options, interest rates, and monthly mortgage payments.

Mortgage Term Definitions

Mortgage Interest Rate

This is the percentage paid to the lender for the money you've borrowed. Interest rates are based on your credit score and several other factors, as well as market fluctuations.

Original Loan Amount

This is the full amount you were originally loaned toward the purchase of your home.

New Loan Balance

This is the current amount remaining on your original loan amount.

Lifetime Savings

This amount represents the savings you will have when comparing remaining payments on your current loan with payments you will have to make on your new loan.

Loan Term

This is the length of time chosen to fully pay off your loan.

Origination Year

The year you took out your current home loan.

Refinance Fees

The closing costs and fees associated with a prospective refinance.

Breakeven Point

The number of months it will take for your monthly savings to offset fees associated with your prospective refinance.