Find out if refinancing to a lower interest rate makes sense for you.
Refinancing your mortgage may allow you to lower your interest rate, reduce your monthly payment, or shorten your loan term. This refinance calculator helps you estimate whether refinancing makes financial sense based on your current mortgage and potential new loan terms.
How It Works
Find out if refinancing to a lower interest rate makes sense for you by following these steps:
- Enter your current mortgage balance: This is the remaining principal on your loan
- Enter your current monthly payment: Include the principal and interest portion only
- Enter your current interest rate
- Enter the new interest rate you are considering
- Enter the new loan term: For example, refinancing into a 15-year or 20-year loan
- Enter your estimated closing costs
Your Mortgage Refinance Results
Our easy to use calculator will roughly estimate your:
- New estimated monthly payment
- Monthly savings
- Total interest under your current loan
- Total interest under the refinanced loan
- Total interest savings
- Break-even point on closing costs (Tells you how long it will take for your monthly savings to offset the cost of refinancing)
Considering Refinancing Your Mortgage?
Refinancing can provide major benefits, but the right strategy depends on your goals, interest rates, and how long you plan to stay in your home.
Educated Mortgage experts can review your current mortgage and help determine whether refinancing is the right move for you.
Start with a personalized refinance review and explore your potential savings.