start portlet menu bar

Web Content Viewer

end portlet menu bar

Mortgage refinance calculator

Use our free mortgage refinance calculator to help estimate how much you might save by lowering your interest rate.

start portlet menu bar

Web Content Viewer

end portlet menu bar

How much can you save?

Find out how much you might save by refinancing your home to a lower rate. By refinancing, the total finance charges you pay may be higher over the life of the loan. Change the default values to personalize your savings estimate!

All fields are required.







This calculator is made available as a self-help tool for your personal use. We do not guarantee its accuracy or applicability to your individual circumstances. Resulting calculations are for illustrative and informational purposes only and are not intended as investment or financial advice. Consult a qualified financial advisor before making important personal finance decisions. To get a better understanding of the benefits of refinancing, speak with a loan advisor at Freedom Mortgage.

Refinancing might save you
$250 a month

Ask us what refinance rate we can offer you

The mortgage refinance rate we may be able to offer is personal to you. Your interest rate is affected by the type of refinance loan you want, your credit score, your income and finances, as well as the current mortgage market environment. Freedom Mortgage may be able to offer you a refinance rate that is lower - or higher - than the rate you see advertised by other lenders. Ask us today what refinance rate we can offer you.

start portlet menu bar

Web Content Viewer

end portlet menu bar

Talk to Freedom Mortgage about home refinancing today

About home refinancing

Keep in mind that the Mortgage Calculator merely provides an estimate on how much your mortgage payment will be based on the information you provide. The calculator does not take into account your overall financial situation so your actual rate and payment may be higher.

To get a more precise understanding of the comparative benefits of different loan types, speak with a loan advisor at Freedom Mortgage.

"Is refinancing worth it?" is a question many homeowners ask when mortgage interest rates are low. And it’s a good question! Mortgage refinances often require you to complete a new application, provide a new set of income and financial documents, and pay closing costs. You want the expense of refinancing to be worthwhile by significantly lowering your interest rate, lowering your monthly payment, or improving other terms of your mortgage. By refinancing, the total finance charges may be higher over the life of the loan.

That’s why we offer this free mortgage refinance calculator. It’s a quick and simple way of getting an estimate of how much you might save on your mortgage payment each month and how much you might save in interest payments over the life of the loan. Our calculator is a great first step in your mortgage refinance journey!

When you are refinancing your home, the question to ask is "Are today’s mortgage rates low compared to your current rate?" You want the rate you may be able to get today to be significantly lower than your current rate to make refinancing your home worthwhile.

This is an important question to ask because you pay the costs of refinancing upfront and enjoy the savings over time. So if you are planning on selling your home soon after you refinance, you might not "break even" – which is the point where the savings from lowering your interest rate are equal to your closing costs.

A mortgage’s "term" is the number of years you have to pay the loan back. When you refinance with a new lender, you often have to pick a term of either 15 or 30 years. If you have 20 years left on your current mortgage, refinancing to a new 30 year mortgage can help reduce your monthly payment but may result in you paying more interest over life of your new loan. Refinancing to a 15 year mortgage might increase your monthly payment, but may help you save money on interest. At Freedom Mortgage, we are often able to allow our current customers to keep their remaining loan term the same when they refinance with us.

How much you pay in closing costs when you refinance depends on your personal finances, the type of mortgage you choose, and your lender. Closing costs can include lender fees, discount points, and payments for homeowners insurance and property taxes. Freddie Mac says the average closing costs for a refinance are nearly $5,000. The actual amount of your closing costs may be higher or lower than this average.

When you are trying to understand the closing costs of a refinance, it is useful to look at the APR vs the interest rate of the loan. APR (or "annual percentage rate") helps you better understand the total cost of a refinance. When there is a large difference between the interest rate and annual percentage rate of a refinance, this can be a sign the loan comes with significant closing costs. When the difference is small, this often means the loan has fewer closing costs.

start portlet menu bar

Web Content Viewer

end portlet menu bar