Home Mortgage Refinance Calculator

Are you wondering if refinancing your mortgage is right for you? In the right situations, refinancing a mortgage can be a money saving move that can lower your interest rate and your monthly payments. Before you speak to a lender, it’s best to get an idea where you stand with a refinance. Use our mortgage refinance calculator to estimate what you can save with a home mortgage refinance.

How to use the home mortgage refinance calculator

Our refinance calculator is easy to use. Just fill in the boxes and we’ll do the rest. You can make adjustments to your current interest rate, your current mortgage, and your new rate and mortgage to see what the outcome will be.


Glossary of terms

Interest rate

Interest rate is the percent fee you pay to your lender for loaning you money to purchase a home.

Loan term

Mortgage terms aren’t limited to 30 and 15 years. Plenty of buyers prefer other options like 10-year, 20-year, 25-year, 40-year, and even five-year terms, based on their monthly income and budgetary goals.

Origination Year

This is the year you initially received your mortgage from your lender.

Refinance Fees

There may be a few fees when it comes to refinancing. Every refinance is different, but some common fees associated with refinancing a mortgage are application fees, origination fees, credit report, and home appraisal.

Cash Out

Cash out means to replace your current mortgage with a larger loan in order to pull cash out to use for personal financial needs.

Break Even

Break even is an important calculation to know when considering a refinance. Break even tells you the amount at which the cost of refinancing a mortgage and remaining with your current mortgage amounts to zero (no loss or gain). Knowing this number can help you understand if refinancing is a good choice for you.

Commonly Asked Questions

For most buyers, obtaining a mortgage and buying a home is the largest financial undertaking they will complete in their lifetime. Homes appreciate in value and are typically considered a sound investment for most applicants.

But committing to repay a large amount of money can be confusing. Let’s look at the most commonly asked questions that pop up during the process.

Refinancing a mortgage is when you replace your current mortgage with a new one. There are many reasons to refinance a mortgage but the most common are changing loan terms, locking in a better interest rate, lowering your monthly payment, or pulling cash out of your home equity.


In conclusion, the primary factors for mortgage approval are credit score, income, existing debt, and down payment. As a savvy consumer, you can run scenarios with various inputs to find the right mortgage lending solution for you.

Once you procure a mortgage, be sure to pay your payments on time and include extra principal payments as available. These actions will ensure you are able to refinance should mortgage rates become more desirable.

Home-ownership is a journey and a dream for most Americans. Use the research we’ve compiled to make the most of your adventure toward owning a home.