A mortgage refinance calculator can help you compare your existing loan to a new one. Gauge what refinancing would mean for your monthly payment, your payoff timeline, and the total interest you’ll pay in the long run.
Our mortgage refinance calculator will reveal a few things: How your old loan payment compares to your new one, how much interest you’ll pay over time, and the point at which you’ll break even on the costs of refinancing (that is, when you’ll start saving more than you spent).
To use the calculator, you’ll need the following information:
Current loan information
Proposed loan information
There are several reasons why you might want to refinance your mortgage loan, including:
COMPARE REFINANCE RATES
Mortgage rates drop or rise daily, reacting to changing economic conditions, central bank policy decisions, and investor sentiment. The table shows current mortgage refinance rates and APRs by loan term.
Product | Interest rate | APR | ||||
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General Information and Rate Disclosures: The listings that appear on this page are from companies that pay Credible compensation. This table does not include all companies or all available products. Displayed information is valid as of Dec 13, 2024 and assumes a customer with a 750 credit score borrowing a conventional loan for a single-family, primary residence, at or near zero discount points, and a 80% loan-to-home-value ratio. For products indicated as a jumbo (e.g. 30-year fixed jumbo rate), displayed information follows the same assumptions as a conventional loan but set at loan above the conforming limit. Here is an example of your payment based on a $400,000 loan amount, for each advertised loan term:
*Payments do not include amounts for taxes and insurance premiums, your actual payment obligation will be greater. The IP address of the customer accessing this page has been used to determine which U.S state should be used for pricing. In states where Credible does not have a license to operate, we are providing information about rates available in a nearby state. If you are viewing this page from an IP address in one of the states where Credible is not licensed, the rates displayed above are for consumers located in the neighbouring state shown below: IP state without license - Assumed location Missouri - Kansas Hawaii - California Rates, payments, and all information displayed are for informational purposes only and are subject to change without notice. This is not a credit decision or commitment to lend. Mortgage rates and terms you may qualify for depend on your individual financial circumstances. Payment Disclosures: All monthly payment amounts above assume on time monthly payments each month for the full duration of the loan term (e.g. 360 monthly payments for a 30 year loan). Displayed monthly payment amounts do not include amounts for property taxes and hazard insurance. Your actual monthly payment obligation will be higher. Amounts for borrower-paid mortgage insurance premiums are included in the monthly payment if (1) the loan amount is below the “conforming thresholds” set by Fannie Mae and Freddie Mac, and (2) the loan-to-home-value ratio is greater than 80%; mortgage insurance premiums are excluded from the monthly payment if either the loan amount is above the conforming thresholds or the loan-to-home-value ratio is less than or equal to 80%. Your actual payment obligation may be higher. “Conforming thresholds” depend on the county where the property is located. Fees Disclosures: The fee amounts shown above include estimates of loan costs and closing costs you may pay in connection with a mortgage transaction with the assumptions above. This includes fees the lender charges, including points and underwriting fees, and third party services the lender does not let you shop for such as a flood certification fee. It does not include title charges, recording costs, prepaids, initial escrow deposit, and other fees. ARM Disclosures: Variable rate products, such as ARMs, have interest rates that can change over the life of the loan. Changes in the interest rate will cause required payment amounts to change.” The displayed rate and payment will be in effect for the number of years in the product’s description (e.g. 5/1 ARM means the initial rate and payment are in effect for 5 years, 7/1 means they are in effect for 7 years, etc.), after which the rate and monthly payment will change every 12 months. Last updated on Dec 13, 2024. These rates are based on the assumptions shown here. Actual rates may vary. |
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This calculator can help you decide if refinancing makes sense for your current situation. Be sure to cover the following steps before applying for a refinance:
Compare your monthly payments
See what your monthly payment would be on your new loan versus your old one. If it could free up cash flow or ease your household’s financial burden, it might be a smart move.
See how much interest you’re paying
A lower interest rate or shorter loan term will reduce the amount of interest you’ll pay in the long run (there’s less time to accrue interest on the latter). Compare how much you’d pay in interest over your loan term on both your old mortgage and new mortgage. The savings could be big.
Figure out your breakeven point
The breakeven point is when the savings of your refinancing equal or outweigh its costs. On this calculator, you’ll see it displayed as years. Generally, it only makes sense to refinance if you know you’ll be in the home for at least that many years — ideally longer.
See more rates: 15-Year Fixed Refinance Rates
REFINANCE CALCULATORS
HOME LOAN CALCULATORS
When you refinance your mortgage, you’ll go through a process similar to the one you went through when purchasing your home. Here are the steps you can expect to take to refinance your home loan:
If you’ve done your research and believe refinancing is the right move, start comparing your options right away. Mortgage rates change daily and vary by lender.
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FINANCIAL EDUCATION
Best cash-out refinance lenders
Before you choose to refinance your home, it’s important to understand how cash-out refinances work, what the advantages and disadvantages are, and what some of the best cash-out refinance lenders can do for you.
5 MIN READ
Learn moreCash-out refinance on a paid-off home
When you don’t have an existing mortgage, a cash-out refinance is just a new first mortgage that lets you borrow a lot of money against your home.
5 MIN READ
Learn moreHow much does it cost to refinance?
Refinancing your mortgage can help you save money in the long run, as well as lower your monthly payment. However, before you move forward, it’s important to consider the costs of refinancing — and how to avoid or lower some of these fees.
5 MIN READ
Learn moreHELOC vs. cash-out refinance
Two of the most common ways to use your home equity are through a home equity line of credit (HELOC) or cash-out refinance. We go over the pros and cons of each — helping you decide which might be right for your situation.
5 MIN READ
Learn moreThe information in this section is provided for general education purposes only to allow you to shop for the best loan more effectively and does not necessarily reflect Credible services. For homebuyers, we will not display rates, loan options, take a mortgage application, or negotiate loan terms. We will provide advertisements of lenders you can select from based on a description of factors our lenders work with best.
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Daria Uhlig has over 16 years of experience in mortgage and real estate. Her work has been featured by GoBankingRates, USA TODAY, MSN Money, Fox Business, and Yahoo Finance.
Reina Marszalek has over 10 years of experience in personal finance and is a senior mortgage editor at Credible.
Angela Brown has more than six years of experience and is a student loan, mortgage, and real estate expert. Her byline has been featured at LendingTree, FinanceBuzz, and Yahoo Finance.
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