Refinance Calculator

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

Feb 10, 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 (33)


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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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Karen S.
Heflin, AL  |  September 06, 2011
My mobile home is paid for. What I need is a loan using my home for collateral. What do I do? Where do I go for this?
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Bills.com
September 06, 2011
You seek a mortgage. Mortgages on mobile homes are a specialty, and I suggest you enter the phrase "mobile home mortgage" in your favorite search engine to shop for a lender online.
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Greg M.
Duarte, CA  |  August 22, 2011
I used the refinance calculator / refi tool and what i really want is that I wish to take advantage of the low rates available but my LTV is horrible. Home value has dropped to $400k and current loan is $600k. I am into my 7th year on a 30 year interest only loan at 6.9% (yes I was foolish at the time and the broker was greedy and I didn't do my homework). I want to convert to a 15 year fixed. Are there options for people like myself whose home values have dropped drastically but willing to eat the loss and stick with the home or should I walk away from a $200k loss? Its against my principles and I love my home.
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Bills.com
August 22, 2011
The only way to accomplish your goal is either to get your lender to redo your loan or for your lender to agree to write down your principal balance so that you could get another loan, perhaps through the FHA Short Refinance program (provided that your loan is reduced to the point that it meets the FHA loan limits for your county).

Frankly, I think you face long odds to get flexibility from your lender, though you have nothing to lose by trying.

Other than that, you have to decide if continuing to pay on the loan when your home may never be worth what you owe on it is best for you. If you love your home and feel it unethical to do a strategic default, where you walk away from the loan, even though you can afford the payment, then your choice will tip towards continuing to pay.
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Jeff L.
Anderson, OH  |  August 18, 2011
Just checked refinancing. Your calculator is good, but One website, gives wrong math calculation to fool people who do not have any math education. For example, it will use the total amount you pay for the original mortgage to compare a refinancing mortgage, and concludes a huge savings (not to count the money you have already paid so far on the original mortgage). The truth is, when you refinance, you reduce your monthly payment, but restart your 30 year clock. If the rate is 0.5% lower, then you do not save much money, instead, you spread the left over balance in long time period so the savings will be offset by the additional years or months you now have to pay. The website mentioned above must be cheating. It fools people and make them think that refinancing at the end of your original mortgage period is like getting a free house, purposely hiding the fact you have already finished paying the original mortgage.
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