What Is Mortgage Refinancing?

When you refinance your home, you replace your existing mortgage with a new mortgage that has a lower interest rate or better terms. When you lower your interest rate, you may be able to lower your monthly payment. You could also keep your payment the same and pay off your new mortgage faster. Explore what refinancing might look like for you. Give our refinance calculator a try.

How to Use a Mortgage Refinance Calculator

Our home refinance calculator can be a valuable tool when you are thinking about refinancing. For an estimate of how much you could save, enter these values:

• Original Loan Amount: The total dollar amount of your mortgage's original principal.
• Term (Years): How long you have to pay the mortgage back, often 15 or 30 years.
• Years Paid: The number of years you've been making mortgage payments.
• Current Interest Rate: The current interest rate on your existing mortgage.
• New Interest Rate: The new interest rate you believe you might get by refinancing.

Our home refinance calculator estimates your savings based on the information you provide. Your actual refinance savings may be different than this estimate. To refinance your mortgage, you will need to meet our credit and financial requirements.

How a Mortgage Refinance Calculator Can Help You

Generally speaking, refinancing makes sense when today's interest rates are significantly lower than the rate on your existing mortgage. That's because you want the savings from lowering your rate to be worthwhile after you pay the closing costs that typically come with refinancing. Our calculator can help you decide when it's the right time to talk to us about a mortgage refinance.