Our free refinance calculator will help you to determine what your potential interest savings could be based on refinancing your current mortgage. Enter the specifics on your current mortgage and the details on what you would have if you refinanced your mortgage to see if it is beneficial for you to refinance. The refinance calculator also allows you to determine your break-even point if you do refinance, which is the amount of time that it will take to recoup the closing costs that you will have to pay to refinance your mortgage.
Refinancing your mortgage can not only save you money on your monthly mortgage payment but also on the amount of interest that you are paying over the term of your mortgage. How much interest you can save by refinancing depends on several factors. Try our refinancing calculator to find out how much you can save. To use the our mortgage refinance calculator and get the best results you'll need to know the total closing costs of your loan. You can find these on the good faith estimate that you should receive from your lender. If you have not received a good faith estimate then a general rule of thumb is closing costs will be approximately 1.5% of your loan amount depending on your credit and other factors. Watch out for no cost mortgage refinancing, the trade off is usually that you pay a higher interest rate which the lender receives a rebate on. This may be right for your circumstances but you should check your APR for the best way to compare different refinance programs.
Our mortgage refinance calculator will help make sure you get the best deal on your mortgage refinance.
Information and interactive calculators are made available to you as self-help tools for your independent use and are not intended to provide investment advice. We cannot and do not guarantee their applicability or accuracy in regard to your individual circumstances. All examples are hypothetical and are for illustrative purposes. We encourage you to seek personalized advice from qualified professionals regarding all personal finance issues.