Loading
Powered bySRK CAPITAL
Calculate your potential savings from refinancing your mortgage. Compare your current loan to new rates and see your break-even point, monthly savings, and total interest saved.
Plan your financial future with our suite of mortgage calculators
Consider refinancing when rates drop 0.5-1% below your current rate, you want to switch from ARM to fixed, need to cash out equity, or want to remove PMI. Use our calculator to see if the savings justify closing costs.
Refinance closing costs typically range from 2-5% of the loan amount. Common fees include origination, appraisal, title insurance, and recording fees. Some lenders offer no-closing-cost refinances with slightly higher rates.
The break-even point is when your monthly savings equal your closing costs. For example, if you save $200/month and pay $4,000 in costs, break-even is 20 months. Refinancing makes sense if you plan to stay past this point.
Rate-and-term refinance changes your interest rate or loan term without taking equity. Cash-out refinance lets you borrow more than you owe and receive the difference in cash, useful for home improvements or debt consolidation.
You can refinance with less-than-perfect credit, though options vary. FHA streamline refinance has flexible requirements for existing FHA borrowers. VA IRRRL offers easy refinancing for veterans. Conventional loans typically need 620+ credit scores.