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Home refinance calculator

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

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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!

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Calculator assumes a new loan term of 30 years and closing costs of 3.5% of the new loan amount. 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.

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* 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.

A loan advisor from Freedom Mortgage will reach out to you to review your results and discuss the request for a cash out refinance on your home’s equity.

By entering your mobile number and email address and clicking “Get Your Results” below, you consent to be contacted, including via automated technology, by Freedom Mortgage and any of its current or future affiliated companies (collectively “Freedom Mortgage”) at that mobile number and email address for marketing purposes. You affirm that you are the subscriber of the phone number(s) and email address or that the subscriber has authorized you to provide this consent. Your consent is not a condition of purchase of goods or services from Freedom Mortgage. You can revoke your consent at any time by contacting Freedom Mortgage at 855-690-5900.
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Based on the values you entered, refinancing might save you
$250 a month*

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Ask us what refinance rate we can offer you

The home 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.

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Talk to Freedom Mortgage about home refinancing today

About home refinancing

Keep in mind that our home refinance calculator provides an estimate on how much your payment will be based on the information you provide. The calculator does not consider 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. Also check out our home refinance calculator FAQs that can help you decide if refinancing makes sense for you.

"Is refinancing worth it?" is a question many homeowners ask when 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. The cost of refinancing is worthwhile if you are able to lower your interest rate, lower your monthly payment, or improve other terms of your loan. By refinancing, the total finance charges may be higher over the life of the loan.

That’s why we offer this free home refinance calculator. It’s a quick and simple way of getting an estimate of how much you might save on your 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 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.

the number of years you have to pay it back. When you refinance with a new lender, you’re often required to pick a term of either 15 or 30 years. If you have 20 years left on your current home loan, refinancing to a new 30-year loan 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 loan 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 home loan you choose, and your lender. Closing costs can include lender fees, discount points, and payments for homeowners insurance and property taxes. According to Freddie Mac, 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.

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