Use our refinance calculator to see if you should refinance your mortgage. Enter the details of your current home loan, along with details of a new loan, to estimate your savings and see if refinancing can help you meet your financial goals.
How much house can you afford? Use our affordability calculator to estimate what you can comfortably spend on your new home.
Estimate how much will be paid each month for principal and interest over the life of the loan with our amortization calculator.
Your debt-to-income ratio helps determine if you would qualify for a mortgage. Use our DTI calculator to see if you're in the right range.
What will your new home cost? Estimate your monthly mortgage payment with our easy-to-use mortgage calculator.
Enter the remaining balance of your current loan, and the balance of your new loan. The new loan balance can be lower or higher if you'd like to pay down the principal or take cash out.
"New interest rate" is pre-filled with today's average 30-year fixed rate. To get an interest rate customized for your situation
Your term is the length of time you choose to pay off your loan (e.g., 30 years, 20 years, 15 years, etc.). Enter the term of your current loan, then choose a new term for your new loan.
Enter the year you got your current loan. Our refinance calculator takes into account the year that you would have paid off your original loan to better calculate your savings over time.
Like all home loans, a refinance loan requires closing costs to pay for things like the loan origination fee, title and appraisal. You can roll the fees into the new loan under "Advanced."
If you have enough equity in your home, you may be able to take cash out during a refinance. You can enter the amount you want to take out under "Cash out" in the Advanced settings.
Click "Full Report" in your results to see a full savings summary, mortgage payment breakdowns, total payments, and a full mortgage payment amortization calculation.
The break-even point shows how long it'll take for the savings to outweigh the cost. If you plan to sell your home before this time, it likely doesn't make sense to refinance.
The lifetime savings in your results represents the estimated amount of money you'll save on interest over the life of your loan by refinancing to the new interest rate and the new term.