Mortgage Refinance Calculator
Calculate potential savings from refinancing your mortgage
📚 How To Use the Refinance Calculator
- Enter Current Balance: Input your remaining mortgage balance
- Current Rate: Add your existing interest rate
- New Rate: Enter the refinance rate you're considering
- Remaining Years: How many years left on your current loan
- Calculate: See your potential monthly and total savings
💎 Refinancing Tips
Rate Difference
Generally, refinancing makes sense with at least 0.5% rate reduction.
Closing Costs
Factor in closing costs (2-5% of loan amount) when calculating savings.
Break-Even Point
Calculate how long it takes for savings to offset closing costs.
Home Equity
You typically need at least 20% equity to qualify for best rates.