Fixed Rate Mortgage Refinance Calculator
Use this mortgage refinance calculator to figure out if you should refinance, how much money refinancing at a fixed rate would save you, and how much cash you could take out of your house to spend on other needs.
If interest rates are lower than what you are paying in your current mortgage, it may be a good time to refinance and save hundreds of dollars per month. Enter the value of the home, the number of years of the loan, the outstanding balance on your first (and, if you have one, second) mortgage, and any additional fees. Also, enter how much you want to cash out of your home, your current monthly payment and the new interest rate. The calculator will compute two monthly payments: how much you’ll owe each month for your new loan, and how much you’ll save over your existing loan. If this last number ends up being negative, that means refinancing could cost you money. Don’t forget to budget for property insurance and taxes!