Refinance Calculator

Does a mortgage refinance make sense for your budget?

Use our free mortgage refinance calculator to get an idea of your overall savings and what your new monthly payment could look like by comparing today’s market numbers to your current home loan.


Ready to see how much you could save by refinancing your mortgage? Get an estimate of your overall savings and new monthly payment using today’s numbers and compare with your current home loan to see if refinancing makes the most sense for you at this time.

After changing your values, scroll down to click calculate and see your results!


Enter the original loan amount for your home


Enter your original loan interest rate

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Here is a breakdown of your refinance estimate based on the numbers you provided. Want to see more options? Just enter new numbers to calculate and compare.

Current payment
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New payment

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These calculations are tools for learning more about the mortgage process and are for educational/estimation purposes only. Calculator results are rounded down to the nearest dollar. Payment shown does not include taxes, insurance, or mortgage insurance (if applicable). This does not constitute an offer or approval of credit. Contact a PrimeLending home loan officer for actual estimates.

For example, a Conventional fixed rate loan with the terms purchase price of $312,500, on a loan term of 360 months, down payment of 20%, and an interest rate of 6.5%, will result in an annual percentage rate of 6.598% with $3,613 in APR fees. Rate pulled 09/02/22, rates change daily. Loans are subject to borrower qualifications, including income, property evaluation, and final credit approval.



Refinancing your mortgage can offer a host of benefits, namely, saving money in the long run. Other common reasons to refinance a mortgage include:

  • Market mortgage rates are lower than your initial rate. When market rates fall below the rate you are currently paying, a refinance could help you save money in the long run if you can lock in a lower interest rate.
  • Consolidate debt. A refinance gives you the opportunity to cash in on your home equity that you can use to consolidate your other debts like student loans or credit card debt.
  • Lower monthly payments. You may qualify for lower monthly payments on your refinance.
  • Access home equity with a cash-out refinance. A cash-out refinance lets you leverage your home equity any way you choose, whether you use it for a vacation, buying a car, the list could go on.
  • Eliminate mortgage insurance. After you meet certain loan conditions, you may be able to rid yourself of the mortgage insurance that protected your lender in case you defaulted on your loan. A refinance could give you the opportunity to remove that line item from your budget.

Much like the initial costs associated with purchasing a home, there are costs affiliated with refinancing your mortgage. Costs and fees associated with a refinance include bank fees, appraisal fees, attorney fees and title insurance. You’ll need to plan on paying closing costs up front, which typically range between 2 to 5% of your loan amount. A mortgage refinance calculator can help you get a better understanding of what you could save.


If you refinanced your home recently and are wondering how soon you can refinance again, you have come to the right place. Technically, there is no limit on how many times you can refinance your home, however the amount of equity that remains in your home after each refinance will have an impact on when you can refinance again. Also, there may be a waiting period if you have recently purchased or refinanced the property.

Your lender may tell you that you have to wait between 6 and 12 months before you can apply for another refinance. That said, if you are refinancing to get rid of private mortgage insurance (PMI), you may have to wait longer than that depending on your lender and loan details. If you have questions about your mortgage and a refinance, connect with a PrimeLending loan officer to discuss what your options may be.