Refinance Calculator
Extra Payment Mortgage Refinance Calculator
See if you should refinance your mortgage. Enter the details of your current home loan along with details of a new loan to estimate your savings and see if refinancing is right for you!
Current Mortgage
New Mortgage
Loan Amount
$
$
Interest Rate
%
%
Loan Term
Years
Years
Start of Payment
Extra Principal Payment
$
Refinance Saving
per month
Lifetime Savings
New Payment
/month
Payoff Period
Calculator By: Choice Home Mortgage
Frequently Asked Questions
When is it a good time to refinance my mortgage?
- To lower your interest rate: This can save you money on your monthly payments and over the life of the loan.
- To change your loan term: This can give you more flexibility with your monthly payments.
- To get cash out of your home equity: This can be used for a variety of purposes, such as home improvements, debt consolidation, or college tuition.
However, there are also some costs associated with refinancing, such as closing costs and origination fees.
What are the different types of refinance options available?
- Rate and term refinance: This is the most common type of refinance. It allows you to change your interest rate and loan term.
- Cash-out refinance: This allows you to take out cash from your home equity.
- Streamline refinance: This is a type of refinance that is available to borrowers with certain types of mortgages, such as FHA or VA loans. Streamline refinances typically have lower closing costs and easier qualifications.
How do I qualify for a refinance?
Your eligibility for a refinance will depend on several factors, including your credit score, debt-to-income ratio, and home equity. Fill out the application form below to get a pre-approval and see what interest rates and terms you qualify for!
Still looking for help?