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Mortgage Refinance Calculator

Is It Time to Refinance?


When interest rates change, there is always the nagging question of whether now is a good time to refinance a home loan. Beyond the typical advice of refinancing when you can get a percentage point reduction or more, there are a handful of things to consider. One of those is whether the new loan will come with closing costs significant enough to offset the improvement in interest. Another question to ask is how the new loan term will improve your current situation. Will it extend the length of time you will be paying on your current home, or will you opt for a shorter term?

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Use this calculator to estimate your potential new (refinanced) loan amount and payment, and to compare it to your current mortgage. Additionally, this calculator offers an estimate of how long it will be before you break even on your closing costs after you refinance. Finally, a graphic representation shows you the total costs of principal and interest for both the current and the proposed refinance.

Use the sliders or enter the amounts manually and the calculator will show your results. Roll your cursor over the graphs to show dollar amounts and click on the data points below the graph to select one to dismiss, if you wish.


Ready to Take the Next Steps?

A lower interest rate and a lower payment are the ideal goals for any mortgage refinancing. When you are ready to consider a refinance, you can apply online or work with one of our loan officers specializing in mortgages. We will be happy to get you started on your way to a refi today.


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