Refinance Calculator

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Use the new free refinance calculator to see if refinancing your mortgage will save you money.

May 16, 2012

Mortgage rates are at historic lows and now is a great time to refinance. Use our innovative mortgage refinance calculator to compare your existing loan with potential mortgage offers from our lender network. Whether your goal is to lower your monthly mortgage payments or to shorten your mortgage loan term, the mortgage calculator can help you review the numbers and find out if refinancing is right for you.

With our mortgage calculator, you will be able to gain valuable insights into mortgage refinancing. The mortgage calculator will calculate the cumulative mortgage payments and interest and show you how much you can save with the new loan. You'll also be able to compare different loan products from a 30-year fixed-rate mortgage to a 5/1 ARM against your existing loan. Evaluate all your options with the mortgage calculator and then get a mortgage quote if you can save by refinancing.

To start using the mortgage calculator, simply enter information about your original mortgage loan and your house. After, tell us about your goals and how long you expect to stay in your home. Then, the mortgage calculator will find the best mortgage loan for your situation to compare against your existing loan!

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Comments (43)


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S. S.
Greece, NY  |  May 16, 2012
I've been offered a 3.5% interest rate on refinancing $66,850 for 15 years. My present mortgage is approximately $62,300 with 11 years left on a 6.25 mortgage. I plan to move in two years or maybe not at all. Do I refinance? I am 53 years old. Please advise asap.
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Bills.com
May 17, 2012
Although the interest rate you're being offered is very attractive, it is not clear that you are better off doing a refinance. To decide if this is a good deal, consider these factors:
  1. Reason you are refinancing: Do you need a lower payment finish the loan quicker, or save money?
    If you want to lower your payment, then take a longer term loan. If you can afford the monthly payments then look into a 10 year loan.
  2. Closing costs:
    You don't mention the closing costs, but I assume that your are looking at a no-closing cost loan where are the costs and fees are added to your present loan. If that is the case, the sum of $4550 (7% of your current loan) is excessive, unless part of that sum is prepaid interest and escrow related prepaid fees. You should be getting a refund from your current account. In order to determine if the deal is worthwhile, determine what are your real extra cost closing fees.

If you take a 15-year loan, your payments will drop by about $176. If you take a 10-year loan, they will increase by about $7.22 assuming you don't receive a lower interest rate. The bottom line is that if your fees are as high as 7% it will take about 3 years to recover your costs. On the other hand if your closing costs are 3% ($1,869) then it will take about 14 months to breakeven. I suggest that you carefully calculate your real closing costs, and then make a decision. The more sure you are planning to move in two years, the less attractive the refinance will be.

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R A.
Raleigh, NC  |  May 14, 2012
My wife and I would like to lower our monthly mortgage payment, but there are concerns. Here is our info: 1. Loss of home value... did a refinance with 90% LTV loan in 2008, not Fannie Mae or Freddie Mac. We are now at about 94% LTV because of the market drop. 2. Would like to lower our payments if possible with as little out-of-pocket costs 3. Currently a 30yr fixed loan, 6% interest rate, but not paying PMI because it's through our Credit Union (the loan originator and holder) 4. Our time horizon for staying in the house is approximately 4-5 years, depending. It could be shorter, it could go longer. Any ideas or thoughts on whether or not it's worth it to consider refinancing? (A 6% interest rate seems high, but not having to pay PMI does appear to balance it out.) Thank you for your time and consideration, R.A.
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Bills.com
May 14, 2012
It is always worth considering a refinance. But, as the saying goes, the devil is in the details. What rates and closing fees are lenders offering you? The math is basic: Learn the total cost of the refinance. Then learn the change, hopefully a decrease, in your monthly payments. Divide the closing fee by the payment change to learn the number of months your payback period is.

Do you qualify for HARP refinance? If so, your time-to-breakeven may be shorter than with a conventional loan.
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A R.
Hanford, CA  |  May 11, 2012
should i make an additional payment of $4300 to reach 78% LTV of the original loan so that i no longer have to pay PMI of $100 per month?
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Bills.com
May 14, 2012
Your PMI is automatically terminated, in most cases, when your LTV reaches 78%, based on your original payment schedule and original home value. A prepayment will not make a difference in the case of a automatic termination.

You can request a borrower initiated termination if your LTV, based on the current value of the house is 80%. The balance of the loan is used for a borrower initiated termination of PMI, so a prepayment would make a difference. The lender will determine the value of the house through an appraisal, or other acceptable methods.
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Chris O.
Orlando, FL  |  May 14, 2012
This is not true. Wells Fargo will eliminate PMI if you pay down the principal early to 78% LTV. they even sent me a letter with the payoff amount. Just call your mortgage lender and ask. I investigated this since 80% LTV is unattainable when your house is completely underwater and the bank requires an appraisal. 78% LTV requires no appraisal.
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Ruby H.
March 18, 2012
Houses and cars are expensive and not every person is able to buy it. However, mortgage refinance loans were invented to support people in such situations.
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Ron P.
Miami, FL  |  March 15, 2012
I am interested in finding out where I can seek refinancing with the following conditions: Current loan IS NOT freddie / fannie, upside down, have great credit, can verify income, never late.
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Bills.com
March 15, 2012
Ron, you asked the easiest question we've answered all day. Start with the Bills.com locate a lender page and complete the form there. You will be contacted by pre-screened lenders who are ready, willing, and able to refinance home loans in the amount you need in your location.
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Raymond H.
Rancho Palos Verd, CA  |  February 05, 2012
Are there any programs that allow us to refi our first and HELOC into one fixed rate loan, or to refi at least our first to a lower interest rate? Our first is 702K which we refi'd feb 2010 and is a freddie mac loan at 5.25% 30 yr; hence, I don't think we qualify for HARP 2. Our HELOC is 452K which we used to avoid PMI at prime+0.75 when we first bought the house. Asked our lender but they said they can do nothing. Tried other banks and mtg brokers but again got the nay. We make great salaries and our ficos are above 780. just wish to consolidate both into one fixed rate loan (25 or 30) in case the prime rate swings wildly in the future. Suggestions?
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Wade L.
Peachtree City, GA  |  November 06, 2011
What happened to home account? Where did Mortgage Grade go? Why this new Lendage? Not Near as powerful
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Bills.com
November 07, 2011
All the features of Home Account, with the exception of multiple property support, are available through Lendage and through Bills.com. We took the decision to eliminate support for the home-account Web site in order to focus on new product development — watch lendage.com over the coming months for exciting new product enhancements that will surpass the capabilities of home-account.
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Mimi B.
Staten Island, NY  |  November 05, 2011
Hi, I am in process of refinancing my home, I locked my rate with Chase at 4,5% for 45 days. The bank rep told me that id the rate will go gown, she will contact me and I will get the lower rate, fee free. I check Chase rate every day for the last 10 days,sometimes it shows 4,125% but the bank rep telling me that I shouldn't do it, she will let me know if any changes because she receives new rates every morning. How do I know if she will tell me that the rate is lower today, is it in her interest to help me? She is working on commissions, would she get more money if my rate is higher? how could I check the rates myself to be sure I am getting the best deal? Thank you
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Bills.com
November 06, 2011
I am not sure what rate sheet you are reviewing. In general, rates that banks publish on the internet are general indications of the market with very specific requirements, which will vary depending on state, LTV, and borrower's income and credit history. They do not necessarily match the situation under which you qualified.

I do not know if the bank representative is making a higher commission based on the interest rate you are receiving. The Good Faith Estimate (GFE) will not show the yield spread premium because banks (direct lenders) are not required to disclose this information. I recommend that you directly contact the bank representative in writing (by fax or e-mail if possible) and let them know your concerns. You can provide information you have seen and ask for verification if this would be applicable to your case.

If you feel that you are not receiving the best rate possible then I suggest that you shop around and get a Bills.com Quick Quote and get matched with some of the best lenders in the country based on your unique situation and needs.
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Wes P.
Grovetown, GA  |  October 11, 2011
Hi we took out a VA loan in 2003 to buy our starter home, cost of the home was $89,000 @ 5.5%. We owe $76,000 and want to use our VA loan again, the current tenants who just moved in on a one year lease do not want to buy. The only way is to refinance with a conventional loan to pay off the VA and get certification back. We also are looking in the next 9 months to build our dream home, thinking about best way to do that and wondering if refinancing now will also hurt us when trying to get a construction loan shortly thereafter.
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Bills.com
October 12, 2011
I think the key issue in financing your dream house will be your credit score and your debt-to-income ratio, not how recently your refinanced your rental property.

Are you planning to get a VA loan to build your dream house. The VA states, "Although they (VA construction loans) are allowed by law, most lenders do not make construction loans for VA loans, largely due to risks and costs of construction disputes. You can be your own contractor, but you will have to find your own source for construction financing. Once the home is complete, you could then get a VA loan to refinance the construction loan."
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Alex H.
Lake Elsinore, CA  |  September 16, 2011
I have a two houses my primary house current loan is $373,390.52 @6% and my rental is at $396,934.54 @6.375%. Is it worth refinancing my house and can I refinance my rental? Houses are selling anywhere from $315,000 to $360,000 around where I live.
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Bills.com
September 19, 2011
The devil is in the details. In your case, I think the devil will be in the appraisals. Make an honest assessment of the values of each property. Hire an appraiser to give you a value for each. Alternatively, apply for a refinance and see what lenders propose for each.
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