You would end up paying -$0 less per month
You would end up paying -$0 less over the life of the loan
Principal and interest only
Each point = 1% of loan amount, typically reduces rate by 0.25%
Leave at $0 for a rate-and-term refinance
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How to Calculate a Mortgage Refinance?
To calculate a mortgage refinance, enter your current loan balance, monthly payment, interest rate, and remaining term into the mortgage refinance calculator. Then add the new loan details, including the new term length and rate. The calculator will compare both loans, showing your new payment, total savings, and break-even point so you can decide if refinancing makes sense.
How This Refinance Calculator Works?
The FastExpert refinance calculator works by comparing your current mortgage to a new loan with a different rate. After you enter your existing balance, rate, payment, and remaining term, you'll also enter the proposed refinance rate, term, and costs. From there the calculator automatically estimates your new payment, total interest savings, and break-even point. This helps you quickly see whether refinancing is financially worthwhile.
Mortgage Refinance Key Terminology
Review essential terms and jargon to help understand the refinance process, and the sometimes complex mortgage refinance concepts used in home financing documents and discussions.
Interest Rate
The percentage charged by the lender for borrowing money. A lower rate can reduce your monthly payment and total interest paid.
Loan Term
The length of time you have to repay your mortgage, typically 15 or 30 years. Changing the term affects your payment amount and total interest.
Break-Even Point
The time it takes for your monthly savings from refinancing to outweigh the upfront costs. Helps determine if refinancing is financially worthwhile.
Home Equity
The portion of your home you own outright. More equity can help you qualify for better refinance rates or cash-out options.
Loan-to-Value Ratio (LTV)
A measure comparing your loan amount to your home’s value. Lower LTVs typically qualify for better rates.
APR (Annual Percentage Rate)
Represents the total cost of borrowing, including interest and required fees, providing a fuller picture of the loan’s true cost.