Our Refinance Calculator can give you a rough estimate of how much money you may save by refinancing. (Note: based on the variables you enter, your savings may be negative.)
- Enter your current monthly mortgage payment
- Enter the amount of money you wish to borrow (new loan amount)
- Enter the new mortgage rate you hope to receive
- Select your loan term (15 or 30 years)
The Refinance Calculator will display your new monthly mortgage payment as well as how much money you will save each month.*
Keep in mind that a Refinance Calculator merely provides a rough estimate of how much you can save by refinancing. For example, the calculator does not display whether or not you will save money over the life of your loan. Also, the calculator does not take into account other aspects of your financial situation, such as the benefits of refinancing to get cash out to pay off high-interest credit card debt.
To get a more precise understanding of all of the possible benefits of refinancing, speak with a licensed loan advisor at Freedom Mortgage.
*Consumers should compare the annual percentage rate (APR) of all mortgages they are considering, rather than just looking at the simple interest rate. APR is a more accurate reflection of the cost of a loan because it incorporates the simple interest rate as well as the discount points and other fees and charges of the loan.
This tool is for educational purposes only and does not constitute a commitment for a loan. For a more accurate estimate of how much you can afford to pay each month on a mortgage, call Freedom Mortgage.