Refinance Calculator Should I refinance my home? Use our refinance calculator to help determine if refinancing is the right option for you. Our easy-to-use calculator helps you estimate the amount of money a home refinancing could save you by comparing the details of your current home loan with new rates, terms and other factors. After trying the calculator, you should have a better understanding of when to refinance your mortgage. Home Location Cross Original Loan Amount Original Loan Term & Rate 1 Years 2 Years 3 Years 4 Years 5 Years 6 Years 7 Years 8 Years 9 Years 10 Years 11 Years 12 Years 13 Years 14 Years 15 Years 16 Years 17 Years 18 Years 19 Years 20 Years 21 Years 22 Years 23 Years 24 Years 25 Years 26 Years 27 Years 28 Years 29 Years 30 Years 31 Years 32 Years 33 Years 34 Years 35 Years 36 Years 37 Years 38 Years 39 Years 40 Years Original Loan Origination Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec 1991 1992 1993 1994 1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 New Loan Amount Current Balance Cash out + = $182,996 New Loan Term & Rate 1 Years 2 Years 3 Years 4 Years 5 Years 6 Years 7 Years 8 Years 9 Years 10 Years 11 Years 12 Years 13 Years 14 Years 15 Years 16 Years 17 Years 18 Years 19 Years 20 Years 21 Years 22 Years 23 Years 24 Years 25 Years 26 Years 27 Years 28 Years 29 Years 30 Years 31 Years 32 Years 33 Years 34 Years 35 Years 36 Years 37 Years 38 Years 39 Years 40 Years Refinance Costs (fees|points) Roll into new loan 0% down for veterans and their spouses, no mortgage insurance required. Overview Monthly Payment Total Interest With this refinance you will: Save monthly $245 Save over the lifetime of the loan $21,966 Your monthly payment will decrease $245/mo New monthly payment $798/mo Break even 1 Year 4 Months Refinance costs $3,654 LIFETIME SAVINGS $21,903 Year Total Saved Payment ($) 6 12 18 24 30 -$25k $0 $25k $50k $75k Get Pre-Approved Learn More about Refinancing Refinance 101: Do These 5 Things, and You'll Be On Your Way to Saving Thousands We get it. Refinancing can seem stressful—who wants to crunch numbers and talk with lenders when you already have your home? But there's something more... Read more » Reason No. 2,397,780 to Refi Right Now: Cash for Home Improvements We’ve told you again and again over the past few weeks why now is the time you need to refi. With mortgage rates at historic lows, it's the perfect time... Read more » Still Looking to Refinance? Better Act Fast In terms of refinancing, 2014 was pretty close to a dream, with rates hovering in the vicinity of 4%. But even though this year is coming to a close, there’s still good news... Read more » Calculators Rent vs. Buy Calculator Home Affordability Calculator Mortgage Calculator Refinance Calculator Veteran Home buyer? Learn about benefits in the Veteran Home Loan Center Home Insurance See news and advice about home insurance Beware of These 6 Dangerous Things That Can Spark a House Fire 12 Things Insurance Might Not Cover After Hurricane Matthew 7 Natural Disasters That Can Destroy Your Home—Are You Covered? View more » The two most common reasons for refinancing a home is to lower the monthly payment because interest rates have fallen or a homeowner needs to take out cash, such as for a remodel, paying college tuition or consolidating credit-card debt. When you need money that you don't intend to pay back in a short amount of time, refinancing a home is a better option than getting a home equity line of credit. If you want to refinance a home mortgage, Realtor.com® can help you get a mortgage quote from several lenders, which can aid you in getting the best mortgage rate. show more About us Careers Feedback Media room Ad Choices Advertise with us Agent support Privacy Terms Home Made Tech Blog Sitemap Do Not Sell My Personal Information GET THE APP © 1995-2021 National Association of REALTORS ® and Move, Inc. All rights reserved.