Refinance Calculator

Have you ever considered refinancing your home loan? Too many homeowners who close on their mortgage simply “get it and forget it,” which could be a big mistake. Refinancing your current home loan may save you a significant amount of money depending on your interest rate, how many months remain on your loan term and how long you plan on staying in your home.

It’s all in the numbers. So, let’s do a little digging. Use our calculator below and then connect with an independent mortgage broker to start your home refinance.

Why Refinance?

Lower Interest Rate. If rates dropped since you took out your mortgage, you may be able to refinance to a lower rate and monthly payment.

Adjustable to fixed rate. If you have an adjustable rate mortgage (ARM) and plan to stay in your home for a while, you may want to refinance to a fixed rate mortgage.

Convert equity to cash. If your home value increased or you paid off a significant amount of your mortgage, you can get cash out of your home with a cash-out refinance to pay off credit card or other debt, make home improvements, and more.

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What is a mortgage refinance?

A mortgage refinance is a new loan that replaces the one you have — ideally, with a lower rate and/or better terms. It’s swapping one mortgage out for a new one. You’ll go through the same application process, where the lender checks your credit, verifies your income and confirms employment.


Your independent mortgage broker can help you make an informed refinancing decision. One of the first considerations should be how long you plan on staying in your current home. If there’s a possibility you’ll move within three years, it may not be financially smart to refinance your existing loan. Because there are closing costs associated with a new loan, make sure you’ll be staying in your home long enough to recoup them. Also consider the term of your new loan. If you’re not shortening the number of years, another 30-year loan may cost you more in the long run.


Much like your original home loan, there are expenses associated with a refinance. The total amount, which can range anywhere from 2% to 6% of the loan, depends on things such as the size of your loan, your lender, your location, your credit score, your available home equity, and mortgage term and type. Here are some of the potential fees that may be included in your total refinancing cost:

  • Lender fees — this includes mortgage application, loan origination, points (which lowers your interest rate in exchange for paying an upfront fee)
  • Third-party fees — appraisal, document recording, credit check
  • Title search/insurance fees
  • Escrow costs for property taxes and homeowners insurance

Bottom line? Do your research before deciding whether refinancing is right for you. A local independent mortgage broker can help you get started. Find one now.


These calculators are provided for illustrative and informational purposes only and the accuracy of the results is not guaranteed. The results displayed are only estimates based on the information you have provided and cannot be used to determine actual loan terms and costs. The results are not a quote, price, guideline or estimate for any particular loan product. The calculations provided should not be construed as financial, legal or tax advice. In addition, such information should not be relied upon as the only source of information to make financial decisions. It is encouraged that you seek personalized advice from a qualified mortgage broker.