Refinance Calculator
Calculate whether refinancing your mortgage makes financial sense
Current Mortgage
New Loan Details
Amount you want to borrow in addition to your remaining balance
Refinance Summary
Refinance Analysis
Recommendation
You may save some money, but the savings are modest compared to the costs and effort of refinancing.
Factors to Consider
- Rate Difference: 1.50% (6.25% to 4.75%)
- Years in New Loan: 30 years(This extends your repayment period by 5 years)
- Closing Costs: $5,000.00 (Paid upfront)
- Length of Stay: You should stay in your home at least 1 year to benefit
About Mortgage Refinancing
Refinancing is the process of replacing your current mortgage with a new one, typically to take advantage of lower interest rates.
Break-Even Point is the time it takes for your monthly savings to exceed the closing costs of refinancing.
Cash-Out Refinance allows you to borrow against your home's equity by replacing your current mortgage with a new, larger loan.
Rate-and-Term Refinance changes your interest rate, loan term, or both, without changing the loan amount significantly.
Loan-to-Value (LTV) Ratio is the relationship between your loan amount and your home's current market value. An LTV above 80% may require private mortgage insurance.