Refinance calculator: Lower payment
Let’s see how much you can save each month by refinancing to a lower payment. All fields are required.
What you owe on your current mortgage. You can find this on your recent loan statement.
Include principal and interest.
If you don’t know the current appraised value of your home, you can check Redfin to see what similar homes in your area are selling for.
Lighter payments, more flexibility
Calculate your new payment, then compare other popular refi benefits.
- Pay less each month
- Lower your interest rate
- Get cash from equity if you need it
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How it works
Payment structure
Core benefit
Rate type
Rocket Mortgage®
Home equity loan 1
Home equity loan 1
How it works
A second loan alongside your current mortgage.
Payment structure
Fixed monthly payments on a lump sum.
Core benefit
Access cash while keeping your rate.
Rate type
Fixed
How it works
A new mortgage that replaces your current one.
Payment structure
Payments rolled into a new mortgage.
Core benefit
Access cash and you could adjust your rate.
Rate type
Fixed
How it works
Flexible loan that doesn’t require home equity.
Payment structure
Fixed monthly payments on a lump sum.
Core benefit
Access cash fast without using your home.
Rate type
Fixed, often higher
Rocket Mortgage®
Cash-out refi
Cash-out refi
How it works
A second loan alongside your current mortgage.
Payment structure
Fixed monthly payments on a lump sum.
Core benefit
Access cash while keeping your rate.
Rate type
Fixed
How it works
A new mortgage that replaces your current one.
Payment structure
Payments rolled into a new mortgage.
Core benefit
Access cash and you could adjust your rate.
Rate type
Fixed
How it works
Flexible loan that doesn’t require home equity.
Payment structure
Fixed monthly payments on a lump sum.
Core benefit
Access cash fast without using your home.
Rate type
Fixed, often higher
Rocket Loans®
Personal loan
Personal loan
How it works
A second loan alongside your current mortgage.
Payment structure
Fixed monthly payments on a lump sum.
Core benefit
Access cash while keeping your rate.
Rate type
Fixed
How it works
A new mortgage that replaces your current one.
Payment structure
Payments rolled into a new mortgage.
Core benefit
Access cash and you could adjust your rate.
Rate type
Fixed
How it works
Flexible loan that doesn’t require home equity.
Payment structure
Fixed monthly payments on a lump sum.
Core benefit
Access cash fast without using your home.
Rate type
Fixed, often higher
Rocket Mortgage®
Rocket Mortgage®
Home equity loan 1
Cash-out refi
How it works
A second loan alongside your current mortgage.
A new mortgage that replaces your current one.
Payment structure
Fixed monthly payments on a lump sum.
Payments rolled into a new mortgage.
Core benefit
Access cash while keeping your rate.
Access cash and you could adjust your rate.
Rate type
Fixed
Fixed
Popular next steps
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Refinance calculator resources
30-year fixed
Learn about requirements for our most popular home loan.
Today's refinance rates
Get personalized rates and recommendations designed for you.
Refinancing your home: Is it a game changer?
This Red Desk video digs into the potential benefits and costs.
30-year fixed
Learn about requirements for our most popular home loan.
Today's refinance rates
Get personalized rates and recommendations designed for you.
Refinancing your home: Is it a game changer?
This Red Desk video digs into the potential benefits and costs.
Refinancing can allow you to lengthen the term of your mortgage, which will take longer to pay off but you’ll have lower monthly payments.
If you have an FHA loan and at least 20% equity in your home, you may be able to refinance to a conventional loan which would eliminate your monthly mortgage insurance premium.
Rocket Mortgage's Home Loan Experts 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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