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Refinance Calculator

By Brad Stroh Oct 23, 2012
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HIGHLIGHTS
  • Calculate monthly payments with a refinance loan and see the potential savings.
  • Analyze the true cost a new refinance loan.
  • Decide if refinancing is right for you!

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

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 (50)


Cj G.
October 08, 2012
Wanting info on refinancing our manufactured home. Bought it new. Owned for five years now. Want cash-out to pay for closing cost or have closing cost included in new loan and no cash out? Or, still cash-out so we can do a few things around our place like a little landscaping?
Bills.com
October 08, 2012
See the Bills.com article Mobile Home Refinance Options for a discussion of refinancing a loan on a manufactured home.
Dana C.
Vero Beach, FL  |  August 16, 2012
Please don't forget to consider the PMI when doing a refi! We are a little over 7 years into a 30 year fixed at 5.62% The PMI is due to drop off in 6 months as the principle balance will be 80% of original value. House is now worth half of what we owe. We were offered a refi for 30 years fixed at 4.25% but would have to pay the PMI until the value of the house reached 80% of the principle owed or we paid down to 80% of house value or about 23 years at an additional cost of $25,000! We would lose out on this refi!
Althea M.
July 28, 2012
I opine that to receive the mortgage loans from creditors you must have a great reason. But, once I have got a sba loan, because I was willing to buy a house.
Carol R.
Memphis, TN  |  July 13, 2012
We are in a 15 year loan. The original loan was 107K at 4.375% for 15 years. We 2.5 years into paying this loan. We are considering re-fi at 3.125%/0 pts/$3K closing costs. We'd be financing 96,750 total. We'd save $140/month which we plan to roll into the new payment for a faster payoff. As of right now, we plan to stay in this house and want it paid off ASAP. Would this benefit us enough to go backwards 3K on our principle?
Bills.com
July 16, 2012
The first question you should ask is why are your closing costs so high, considering you have a zero point loan. Are the $3000 bank or third party fees, or are they escrow costs for property tax and property insurance. (If so, then they are not real financial costs, except as regards the timing of the payment. You might have an escrow account and be getting a refund, which could be applied to the balance of the loan).

If your real cost is $3000 then it is barely worth your while to refinance the loan. However, if you decide to stick to an accelerated payment schedule of $140, then you will have overall savings of about $6000 (pre-tax). It will take about 34 months to breakeven.
Leticia W.
June 30, 2012
I received 1st mortgage loans when I was not very old and that helped my family a lot. Nevertheless, I require another mortgage loan and am thankful that I have good credit. Thanks for providing this calculator for me to use!
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.
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 $4,550 (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.

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.
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.
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?
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.
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.
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.
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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