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Use our free mortgage refinance calculator to help estimate how much you might save by lowering your interest rate. Change the default values to make the results more personal to you.

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Home Refinance Calculator

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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 it worth it to refinance your 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! Also think about these questions when you are considering refinancing your home.

  • Are today’s rates lower than the rate on your current mortgage? 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.
  • How long do you plan to live in your home after refinancing? 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.
  • How long is your new mortgage term? 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.

What are the average closing costs to refinance a mortgage?

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.

Talk to Freedom Mortgage today

We offer refinancing with conventional, VA, FHA, and USDA mortgages. Ask us if refinancing your home is worth it for you! Visit our Get Started page or call us at
877-220-5533.

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Contact Us

Get started today by getting a personalized evaluation of your home loan options from Freedom Mortgage.

877-220-5533