Refinancing your mortgage might lower your monthly payments, allow you to cash out equity, or help you save on total loan costs.
Our simplified calculator offers a quick glimpse of how refinancing could change your financial situation, including potential new monthly payments and overall cost differences.
To help you focus on the potential benefits of refinancing, this calculator does not include expenses like property taxes, homeowner's insurance, and private mortgage insurance. For a detailed monthly payment estimate that provides for additional costs, try our Mortgage Calculator.
Starting with your estimated home value, adjust the sliders below and scroll down to learn more about the calculations. Note that sliders work in tandem to keep your values in appropriate ranges.
These costs average 2% - 5% of the refinanced amount. The calculator defaults to 3%. Adjust as needed.
Current Payment:
New Payment:
Current Total:
New Total:
Cash Out Amount:
Total Interest:
Effective APR: *
* The Effective APR is lower than the refinanced mortgage interest rate since it only considers the interest paid on the cash-out amount, not the principal, and spreads this cost over the entire term of the loan. This Effective APR can be useful for comparing the cost of the cash-out refinance to other borrowing options (like a home equity or personal loan) over the same term.
Current Loan-to-Value Ratio:
New Loan-to-Value Ratio:
Closing Costs:
Break-even Point: **
** If refinancing reduces your monthly payment, this calculates how long it takes the reduction to cover closing costs.