Calculators
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!
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.
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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.
WHAT ARE THE MOST COMMON REASONS TO REFINANCE A MORTGAGE?
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.
