Refinance Calculator
Calculate whether refinancing your mortgage makes financial sense
Current Mortgage
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1 year25 years30 years
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New Loan Details
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Amount you want to borrow in addition to your remaining balance
Refinance Summary
Worth Considering
New Monthly Payment
$0.00
Costs $0.00/month compared to current ($0.00/month)
New Loan Amount
$0.00
0.0% Loan-to-Value Ratio
Break-Even Point
0 months
(0.0 years)
Interest Saved Over Loan Life
$0.00
New Interest: $0.00 | Old Remaining Interest: $0.00
Remaining Balance: $0.00
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.