Mortgage payoff calculator
Let’s see how much faster you could pay off your current mortgage if you refinance to a shorter term. All fields are required.
What you owe on your current mortgage. You can find this on your recent loan statement.
You can find this on your recent loan statement.
You can find this by checking out similar homes to yours on Rocket Homes.
Refinancing to a shorter loan term can make your monthly payments higher, but your payoff date would be sooner.
The Home Loan Experts at Rocket Mortgage can help you decide if refinancing is the right choice for you.
This depends on your loan and lender. If you have a conventional mortgage, jumbo loan, or VA loan, you’ll likely need to wait at least six months before you can refinance.
If you have an FHA loan, you’ll probably need to wait between six months and a year.
Minimum credit score requirements vary depending on the type of loan. Generally, you'll need a credit profile of at least 680 to qualify for a refinance.
Home equity is the percentage of your home’s value that you own. In other words, it’s what you’ve paid off already. For example, if your house is worth $200,000, and you’ve paid off $40,000 of your loan, you have 20% in equity. Generally, you’ll need at least 20% equity in your home for a refinance.
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