Mortgage

Refinance Calculator

Our Premium Refinance calculator can help you determine if refinancing is right for you. Enter some details to estimate your potential refinance savings.

Current Loan Information:

$50K$1M
%

New Loan Information:

Our Estimate
$50K$1M
%Current Average

Refinancing could result in:

$144 lower monthly payment
$3,467 additional interest
Monthly Savings:$144/mo
New Monthly Payment:$1,835
Total Interest Paid:$376,816
Refi Interest:6.72%
Lifetime Savings$8,467
Refinance Fees$5,000
Additional Interest$3,467
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Based on your existing mortgage details and new refinance numbers, you would pay about $144 less per month and pay $3,467 more in interest over a similar term loan.

Mortgage refinancing replaces your current mortgage with a new loan, usually to achieve better financial terms. Homeowners typically refinance to accomplish one of several goals:

  • Reduce interest rates: When market rates drop below your current rate, refinancing can lower your monthly payments and total loan cost.
  • Shorten loan terms: Moving from a 30-year to 15-year mortgage increases monthly payments but saves significantly on total interest paid.
  • Switch loan types: Convert from an adjustable-rate mortgage (ARM) to a fixed-rate loan for payment predictability.
  • Access home equity: Cash-out refinancing lets you borrow against your home's value for improvements, debt consolidation, or other expenses.
  • Lower monthly payments: Extend your loan term or secure better rates to improve monthly cash flow.

Always weigh refinancing costs against potential savings to ensure the financial benefit justifies the expense.

Refinancing typically costs 2% to 5% of your loan amount, varying by loan size, lender, and location. Common refinancing fees include:

Application Fee:$75 - $500
Origination Fee:0.5% - 1% of loan
Appraisal Fee:$300 - $600
Title & Insurance:$400 - $900
Credit Report:$25 - $50
Recording Fee:$25 - $250
Attorney/Closing:$500 - $1,000
Discount Points:1% per point

Example:

For a $300,000 refinance at 3% closing costs, you'd pay approximately $9,000 in fees. Some lenders offer "no-closing-cost" options, but these typically mean higher interest rates or fees rolled into your loan balance.