📊 Refinance Calculator
Compare your current loan with refinancing options and discover potential savings. Plan your refinancing strategy with detailed side-by-side analysis.
1 Current Loan
2 New Loan
Fees paid to lower your interest rate. One point = 1% of loan amount.
Application fees, appraisal, title search, origination fees, etc.
Additional cash to receive by borrowing against home equity.
Refinance Analysis
Compare your current loan with the refinanced option
💰 Monthly Savings
$0
per month
💵 Total Savings
$0
over loan life
📅 Breakeven Point
0
months to recover costs
Current Loan Existing
Remaining Balance
$0
Monthly Payment
$0
Remaining Months
0
Total Interest
$0
Total Payment
$0
Refinanced Loan New
New Loan Amount
$0
Monthly Payment
$0
Loan Term (months)
0
Total Interest
$0
Closing Costs
$0
Total Payment
$0
📊 Amortization Schedule (Yearly)
| Year | Payment | Principal | Interest | Balance |
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❓ Frequently Asked Questions
Loan refinancing involves taking out a new loan with more favorable terms to pay off an existing loan. This can help you secure a lower interest rate, change your loan term, access cash through your home equity, or switch from an adjustable to a fixed-rate mortgage.
Consider refinancing when interest rates have dropped significantly (typically 1% or more below your current rate), your credit score has improved, you need to access home equity, or you want to change your loan term.
Refinancing typically involves several fees including application fees (about 1% of loan amount), home appraisal ($300-500), loan origination fees (0-2% of loan), title search and insurance, recording fees, and inspection fees. Total closing costs usually range from 2-5% of the loan amount.
Mortgage points (or discount points) are optional fees you can pay upfront to lower your interest rate. One point equals 1% of your loan amount. Each point typically lowers your rate by about 0.25%.
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