Refinance Calculator
Find out if refinancing makes financial sense by comparing your current loan with potential new terms.
Enter Loan Details
Enter your current and new loan details to see if refinancing makes sense for you.
Understanding Loan Refinancing
When to Refinance
- Lower Interest Rates: Rates have dropped at least 0.5% since your original loan
- Improved Credit Score: Your credit has improved significantly, qualifying you for better rates
- Shorten Loan Term: Pay off your loan faster without significantly increasing monthly payments
- Cash-Out Needs: Access home equity for renovations, debt consolidation, or investments
- Remove PMI: If home value increased, refinancing can eliminate mortgage insurance
Refinancing Costs
- Application and origination fees (0.5-1% of loan amount)
- Appraisal fees ($300-$500 for home valuation)
- Title search and insurance costs
- Credit report and underwriting fees
- Consider paying discount points to lower your rate if staying long-term
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