Refinance Calculator

Calculate your monthly payment and review your loan options.

Using A Refinance Calculator

What’s the purpose of the refinance calculator?

Our refinance calculator can help you estimate what your monthly payments and loan options might be if you decided to refinance.

How do I use the refinance calculator?

Start by selecting your refinance goal from the drop-down menu. You’ll then need to input your current mortgage balance and current value of your home, plus more information depending on your refinance goal. Your credit score and whether or not you’re a veteran will both influence your refinance options.

Understanding Refinances

What is a refinance?

A refinance simply means you replace your existing mortgage with another mortgage with a different rate and term.

Why should I refinance?

If you’re looking to lower your monthly payments, shrink your interest rate, shorten the term of your loan or change your loan type, a refinance could be the right move for you.

How soon after buying a home can I refinance?

After purchasing a home, the amount of time needed before you can refinance varies depending 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.

What is a current mortgage balance?

Your current mortgage balance is the amount of your mortgage that you still owe. It’s used when calculating your home equity.

What is home equity?

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.

What is a desired cash-out amount?

A cash-out refinance takes advantage of the home equity you’ve built over time and gives you cash in exchange for taking on a larger mortgage. Your desired cash-out amount is the amount of money you hope to pocket after borrowing more than what you owe on your mortgage.

What is my current home value?

Your current home value is based on how much your house is worth plus the market value of your area.

How does my credit score affect my ability to refinance?

Your credit score directly impacts your ability to refinance because it indicates to lenders how likely you are to repay your debts. Minimum credit score requirements vary depending on the type of loan.