Mortgage Refinance Calculator

Is it time to refinance your mortgage?

Thinking about refinancing your current mortgage? Whether you're trying to get a better interest rate, a longer or shorter term, or lower your monthly payment, our refinance calculator is a good place to start.

There's never a bad time to at least investigate refinancing, but when markets are down or there's something major going on in the world, rates tend to get lower. Keep an eye on daily rates and the news and be prepared to strike when rates are low or dropping!

Can you pay more?

While you'll never pay less on your monthly mortgage, it is possible to pay more each month. For example, if you lower your required monthly payment, then you could keep your actual payment the same and reduce the length of your loan. This will help you pay off your mortgage more quickly and pay less in interest over time. You can do this monthly or whenever you have a windfall, like a bonus at work or a gift from family. ​

What else to consider

There are costs associated with refinancing. These closing costs typically get rolled up in your mortgage payment so you might be increasing your total loan. Ask your lender to estimate the costs and how long it will take you to break even. If that break-even number is longer than you plan on staying in the home then you should take that into consideration. 

Shop around

It's typically easiest to stay with your same lender, but you might get a better rate by switching. Get several quotes before you decide. If you really want to stick with the same lender then be sure to let them know you've been offered a better rate, You never know, they may be able to match it!

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