Refinance Calculator
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Refinance Analysis
Monthly Savings
$0.00
Break-even Time
0 months
Lifetime Savings
$0.00
Interest Saved
$0.00
Understanding Mortgage Refinancing
Refinancing your mortgage means replacing your current loan with a new one, typically with better terms. The main reasons to refinance include getting a lower interest rate, changing your loan term, or accessing home equity.
When to Consider Refinancing
Lower Interest Rates
When market rates are significantly lower than your current rate
Improved Credit Score
If your credit score has improved since your original mortgage
Change Loan Terms
To switch between fixed and adjustable rates or adjust loan length
Cash-Out Need
When you need to access home equity for major expenses
Refinancing Costs to Consider
- Application fees
- Loan origination fees
- Home appraisal costs
- Title search and insurance
- Credit report fees
- Attorney and notary fees
- Points (prepaid interest)
Tips for Successful Refinancing
- Shop around with multiple lenders
- Check your credit score before applying
- Calculate your break-even point
- Consider your long-term plans
- Gather all necessary documentation early
- Compare APRs, not just interest rates
- Ask about rate locks