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Mortgage Refinance Calculator

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Use our Mortgage Refinance Calculator to determine how much money you can save by refinancing. This calculator compares your new mortgage payment to your current payment as well as your current loan balance to your new mortgage to help you decide if it makes sense to refinance.
The decision to refinance is impacted by multiple factors including your new mortgage rate, loan program and length. Lowering your rate can reduce your monthly payment while shortening the length of your loan can lower your total interest expense over the life of the mortgage. In an ideal scenario you can lower your rate and your monthly payment when you refinance.
Our calculator also enables you to understand what happens if you change programs when you refinance. For example, you can compare a fixed rate mortgage to an adjustable rate mortgage (ARM) or interest only loan to determine how your monthly payment and potential savings changes.
The calculator also factors in closing costs which are important consideration when you are deciding if you should refinance. High closing costs can potentially negate the benefit of reducing your monthly payment. The calculator shows you how long it takes to recover your closing costs, which is also known as the breakeven point. If it takes too long to breakeven then refinancing may not be the right option, especially if you are going to continue owning your home for a relatively short period of time.
Use our Mortgage Refinance Calculator to evaluate and analyze multiple scenarios based on different interest rates, loan amounts, programs and closing fees. This enables you to understand the benefits and costs of refinancing to help you decide if it makes financial sense for you.  We also offer a version of this calculator that does not require personal information.

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
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.
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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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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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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.
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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.

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Current Mortgage Refinance Rates as of December 11, 2018
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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


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.  Use our Mortgage Refinance Calculator to understand how much money you can save by reducing your mortgage rate.


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.  Our Mortgage Refinance Calculate enables you to compare the monthly payment and total interest expense for loans with different lengths.


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.  With our Mortgage Refinance Calculator you can evaluate if you should change your loan program when you refinance.


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.


Don't Forget About Closing Costs

Closing costs can run thousands of dollars when you refinance and are an important consideration for prospective borrowers.  You may be tempted by a lower mortgage rate and monthly payment but high closing costs may outweigh those benefits.  Alternatively, many lenders offer no cost refinances but charge you a higher mortgage rate.  In this case you pay little or no closing costs but the higher rate can significantly increase your total interest expense.  Whether it is high closing costs or no costs at all, you should consider the financial consequences of these expenses when you decide if you should refinance.

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


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


Mortgage Refinance Guide

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

Ask a Mortgage Expert

Ask a Mortgage Expert

Got mortgage questions? We love answering them. Submit your mortgage questions and receive an informative response within 24 hours


Should You Do a No Cost Refinance?

Understand how a no cost refinance works and learn why it may actually cost you more in the long run, despite its name


Should You Refinance?: http://myhome.freddiemac.com/refinance/whether-to-refinance.html

About the calculator developer

Michael Jensen, Mortgage and Finance Guru

Michael is the co-founder of FREEandCLEAR. Michael possesses extensive knowledge about mortgages and finance and has been writing about mortgages for nearly a decade. His work has been featured in leading national and industry publications. More about Michael

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