Monthly payments shown constitute an estimate and are provided for informational purposes. This does not constitute an offer for a mortgage loan. Payments shown do not include taxes and insurance.
Difference in monthly payment is:
New Monthly Payment:
Why Use a Mortgage Refinancing Calculator?
Are you thinking about refinancing your home? Our easy-to-use refinance calculator can help you decide whether refinancing could be a good option. Simply enter your current loan details into our mortgage refinancing calculator and the projected details of your new loan. Our refi calculator will estimate how much money you could save each month and what your new monthly payment could look like.
Refinancing Calculator: How Does Refinancing Work?
Refinancing simply replaces your current home loan with a new mortgage that has different terms. Refinancing usually requires that you have a certain amount of equity in your home. Generally, you need at least 20% equity.
Should I refinance?
When you’re deciding whether you should refinance, you have to consider your financial goals. There are several potential benefits to refinancing, which include:
- Lower your monthly payment
- Lower your interest rate
- Shorten your loan term
- Get cash back
- Eliminate private mortgage insurance
Our refinance calculator has a preset interest rate. To estimate your new loan payment, enter today’s current mortgage rate into our refinancing calculator. If you decide to refinance your loan, your mortgage interest rate will be based on your credit profile. If your credit score has improved since your first mortgage, you may qualify for a significantly lower interest rate now.
How could refinancing lower my payment?
- Lower interest rate – If you lock in a lower interest rate, you could lower your monthly payment because you’re paying less to finance your home.
- Eliminate private mortgage insurance (PMI) – If you put less than 20% down on your home, you’re probably paying PMI. If you’ve built at least 20% equity in your home, you could stop paying your PMI, which would lower your monthly payment.
- Extend your loan term – If you refinance to a longer loan term, it would decrease your monthly payment.
Can I get cash out of my home?
If you have enough equity in your home, you could refinance your current mortgage and get cash back. For example, if your home is worth $250,000 and you owe $150,000. You have $100,000 in equity in your home. You could refinance your home. Your new loan would pay off your current mortgage and you would get the cash difference.
Some of the popular reasons for getting cash back include:
- Pay off credit card debt
- Cover college tuition expenses
- Renovate your home
Give us a call today to find out if refinancing your home could be the right financial decision for your current situation. One of our experienced Loan Consultants can answer your questions and help you get the process started right away if you want to refinance your mortgage.