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By clicking "GET FREE QUOTES," you authorize selected lenders and FREEandCLEAR to contact you using the information you provided. This authorization overrides any previous registrations on federal, state, or private Do Not Call registries or any private solicitation preference you previously expressed. You agree that lenders may use automatic dialing systems to make calls to any phone number entered, even to a cell phone or other service for which the called party is charged. You understand that consent is not a condition of purchase.
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FREEandCLEAR Calculator

Calculate Your Refinance Savings and Connect with Top Lenders

Use the FREEandCLEAR Mortgage Refinance Calculator to determine how much money you can save and time to break-even when you refinance. Compare different mortgage programs, interest rates and terms to understand what refinancing option works best for you.  When you submit your information we connect you with up to four leading lenders so that you can compare multiple proposals to find the refinancing that is right for you.  We also offer a version of this calculator that does not require personal information

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When you provide valid personal info we may connect you with lenders which enables you to compare mortgage proposals and find the mortgage that is right for you. Click here for a version of this calculator that does not require personal info
 
By clicking "CALCULATE" you authorize selected lenders and FREEandCLEAR to contact you using the information you provided. This authorization overrides any previous registrations on federal, state, or private Do Not Call registries or any private solicitation preference you previously expressed. You agree that lenders may use automatic dialing systems to make calls to any phone number entered, even to a cell phone or other service for which the called party is charged. You understand that consent is not a condition of purchase.
Outputs
Monthly mortgage payment based on new mortgage terms
 
Total interest expense you will pay over the life of your new mortgage based on the terms of your refinancing
 
 
Depending on your existing mortgage balance, the amount of your new mortgage and the amount of closing costs, you may be able to keep some of the proceeds when you refinance your mortgage. The value of your property and LTV ratio will also determine your ability to take cash out when you refinance. In some cases, you may also be required to contribute money to cover closing costs
 
Savings from Refinancing
The amount of money you save (or additional expense you incur) per month by refinancing
 
The amount of time it will take you to recover the non-recurring closing costs required to refinance your mortgage based on your monthly mortgage payment savings
 
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Points: Fees you are willing to pay in order to get a lower interest rate. The number of points refers to the percentage of the loan amount that you would pay. For example, "2 points" means a charge of 2% of the loan amount.
 
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Principal & Interest: A periodic payment, usually paid monthly, that includes the interest charges for the period plus an amount applied to the reduction of the principal balance.
Mortgage Insurance More Info
Mortgage Insurance: The monthly cost for a policy that protects the lender in case you’re unable to repay the full amount of the loan. It is typically required for loans that have a loan-to-value ratio between 80% to 100%.
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Property Tax: (Also called "Real Estate Tax.") Property taxes are government assessments on real estate property. With mortgage financing, the local, county or state tax assessment on real estate property is considered part of the monthly housing obligation and typically collected and set aside by the lender ...
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Homeowner Insurance: or also commonly called hazard insurance, is the type of property insurance that covers private homes. It is an insurance policy that combines various personal insurance protections, which can include losses occurring to one’s home, its contents, loss of its use, or loss of other personal possessions of the homeowner, as well as liability insurance for accidents that may happen at the home or at the hands of the homeowner within the policy territory.lender ...
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Homeowner Association fee: (HOA) fees are funds that are collected from homeowners in a condominium complex to obtain the income needed to pay (typically) for master insurance, exterior and interior (as appropriate) maintenance, landscaping, water, sewer, and garbage costs.
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Points Fees you are willing to pay in order to get a lower interest rate. The number of points refers to the percentage of the loan amount that you would pay. For example, "2 points" means a charge of 2% of the loan amount.
Origination Fee More Info
Origination Charge: A loan origination charge is a fee charged by the lender for evaluating, processing, and closing the loan.
Credit Report Fee More Info
Credit Report Fee: Fee charged to obtain an applicant’s credit history prepared by one or all of the three major credit bureaus. Used by lender to determine the borrower’s creditworthiness.
Tax Service Fee More Info
Tax Service Fee: A fee charged by the lender to cover the cost of retaining a tax service agency. These agencies monitor the property tax payments on the property and report the results to the lender.
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Processing Fee: A processing fee is a charge by the lender for clerical items associated with the loan. Examples of processing include loan set up, organization of loan conditions for underwriting, and preparing required disclosures for the borrower.
Underwriting Fee More Info
Underwriting Fee: A fee charged by the lender to verify information on the loan application, authenticate the property’s value, and perform a risk analysis on the overall loan package.
Wire Transfer Fee More Info
Wire Transfer Fee: In most cases lenders wire funds to escrow companies to fund a loan. Commercial banks that perform this function will charge the lender so the fee is generally passed on to the borrower.
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FHA Upfront Premium More Info
FHA Upfront Premium: A fee paid in cash at the close of escrow or more commonly it is financed into the loan. These premiums are pooled together by the FHA and are used to insure the risk of borrower default on FHA loans. FHA upfront premiums are prorated over a five year period, meaning should the homeowner refinance or sell during the first five years of the loan, they are entitled to a partial refund of the FHA upfront premium paid at loan inception.
(If any)
VA funding Fee (If any)
Flood Fee
Other Fees More Info

Other fees could be either additional Administrative Fees that a lender charges or it could be a Flat Fee to cover all lender charges such as: (Origination Fees, Points, Underwriting and Processing Fees, Credit Reports and Tax Service Fees)

The flat fee does not include prepaid items and third party costs such as appraisal fees, recording fees, prepaid interest, property & transfer taxes, homeowners insurance, borrower’s attorney’s fees, private mortgage insurance premiums (if applicable), survey costs, title insurance and related services.

Total Lender Fees
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Compare Refinance Mortgage Rates
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Data provided by Informa Research Services. Payments do not include amounts for taxes and insurance premiums. The actual payment obligation will be greater if taxes and insurance are included. Click here for more information on rates and product details.
While we pride ourselves on the quality and breadth of the FREEandCLEAR mortgage calculators please note that they should be used for informational purposes only. Our calculators rely on assumptions by us and inputs and assumptions provided by you, which may be inaccurate. The outputs from our calculators are estimates only and should not be used as the sole basis for making any financial decisions. Always consult multiple financial professionals when determining the mortgage size and program that is appropriate for you.

Key Mortgage Refinance Benefits and Considerations

1

Refinance to Lower Your Mortgage Rate

As a rule of thumb, your new mortgage rate should be at least .750% lower than your current interest rate if you are refinancing to reduce your rate and monthly mortgage payment.  Lowering your mortgage rate by at least .750% should enable you to recover your closing costs within 30 months.  A smaller reduction in interest rate may make financial sense for borrowers considering a "no-cost" refinance but a "no cost" refinance may actually cost borrowers more in the long run because you pay a higher interest rate than you do if you pay standard closing costs.  When deciding if it makes sense to refinance, borrowers should consider the interest rate, mortgage payment savings, closing costs and total interest expense over the life of the mortgage.

2

Refinance to Shorten Your Mortgage Length

One of the best reasons to refinance is to shorten the length of your mortgage because it enables you to both lower your interest rate and save thousands of dollars in interest expense over the life of your mortgage.  The flip side of a shorter mortgage term is that your monthly mortgage payment increases because you pay off your loan over a shorter period of time.  Borrowers should check with lenders to make sure they can afford a higher monthly payment because a shorter mortgage offers significant financial benefits.  For example, for a $250,000 mortgage, based on current interest rates borrowers can save approximately $100,000 in total interest expense over the term of the loan by selecting a 15 year mortgage as compared to a 30 year mortgage. 

3

Refinance Your ARM or Interest Only Loan Into a Fixed Rate Mortgage

If you have an adjustable rate mortgage (ARM) or interest only mortgage and are worried about an increase in interest rates and your monthly mortgage payment then refinancing into a fixed rate mortgage may be a sound financial decision.  Although the interest rate and monthly payment on a fixed rate mortgage may be higher in the near term, you may save a significant amount of money in the long term if interest rates increase.  Beyond the long term financial benefit, a fixed rate mortgage provides greater certainty than an adjustable rate mortgage or interest only mortgage.  The extra peace of mind may be more valuable to borrowers than the financial savings and justify the cost of refinancing into a fixed rate mortgage.

4

Downside of Extending Your Mortgage Term When You Refinance

One of the biggest mistakes borrowers make when they refinance is to replace their current mortgage with a new mortgage that is the same length.  By replacing your existing mortgage with a new mortgage that is the same length you are effectively extending the length of your original mortgage.   For example, if a borrower is 10 years into a 30 year mortgage and refinance with a new 30 year mortgage he or she is effectively making the original 30 year loan a 40 year loan.  Extending the length of a mortgage means that the borrower is required to pay thousands of dollars more in total interest expense.  There are many sound reasons to refinance your mortgage including to lower your monthly payment and take cash out of your home but you should compare any financial benefit to the extra cost of extending your original mortgage.

More FREEandCLEAR Mortgage Resources

Mortgage Guides

Reasons to Refinance Your Mortgage

Review the top reasons to refinance your mortgage including to lower your interest rate, reduce your mortgage term or change your mortgage program

Resources

Refinance Mortgage Rates

Compare mortgage refinance rates and fees from top lenders near you.  Comparing multiple lenders is the best way to save money when you refinance

Programs

Mortgage Refinance Guide

Our comprehensive mortgage refinance guide takes you through the refinance process from start to fiinsh

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Get Free Personalized Mortgage Quotes

First Name:
Last Name:
Phone Number:
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My Mortgage Info

Mortgage Type
Credit Score
Loan Amount
Property Value
City
State
GET FREE Quotes
FREEandCLEAR.comThank you for submitting your information!
FREEandCLEAR.comYour mortgage quote request has been sent to our lending partners and you should receive emails from multiple lenders shortly
FREEandCLEAR.comComparing proposals from multiple lenders is the best way to save money on your mortgage!
By clicking "GET FREE QUOTES," you authorize selected lenders and FREEandCLEAR to contact you using the information you provided. This authorization overrides any previous registrations on federal, state, or private Do Not Call registries or any private solicitation preference you previously expressed. You agree that lenders may use automatic dialing systems to make calls to any phone number entered, even to a cell phone or other service for which the called party is charged. You understand that consent is not a condition of purchase.