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.
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Answer a few questions to uncover your best option for getting cash from your home
Find the key to unlocking your equity
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Your credit range or equity amount may be too low to qualify for a home loan at this moment.
Learn about how to qualify for a home loan to access equity in our Learning Center.
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Home Equity Loan
- Take out a lump sum of cash
- Keep your current mortgage rate and payment
- Add a fixed-rate second mortgage payment
Cash-out refinance
- Get the cash you need
- A fixed interest rate for long-term stability
- One monthly payment, to keep things simple
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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.
Learn about refinancing
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How to lower your mortgage payment
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How does refinancing your mortgage impact your credit?
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How often can you refinance your home?
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