Refinance Calculator

See how much you can save with our intuitive refinance calculator! Enter your current mortgage balance, how much you'd like to cash out (if applicable), and you'll know almost instantaneously how much you'll pay each month and how much you'll spend over the life of the loan. Of course, check out the current refinance rates to see how they compare to your existing loan.

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$1,122.61

New Monthly Payment
 

$154,140

Total Interest Paid
 

$404,140

Total of 360 Payments
 
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Apr, 2021 Mar, 2051
Loan Closing Loan Payoff

Compare Virginia Refinance Rates

740-850 FICO UP TO 2.0 POINTS

APR 13, 2021

 
2.791%
APR
$1,005
per month
30 Year
Fixed
Rate: 2.625%
Fees: $5,448
Points: 1.979
Lock: 45 days
View Details
2.791%
APR
$1,005
per month
30 Year
Fixed
Rate: 2.625%
Fees: $5,448
Points: 1.979
Lock: 45 days
View Details

Amortization Schedule

Date Interest Principal Balance
Apr, 2021 $729 $393 $249,607
May, 2021 $728 $395 $249,212
Jun, 2021 $727 $396 $248,816
Jul, 2021 $726 $397 $248,419
Aug, 2021 $725 $398 $248,021
Sep, 2021 $723 $399 $247,622
Oct, 2021 $722 $400 $247,222
Nov, 2021 $721 $402 $246,820
Dec, 2021 $720 $403 $246,417
2021 $6,521 $3,583 $246,417
Jan, 2022 $719 $404 $246,014
Feb, 2022 $718 $405 $245,608
Mar, 2022 $716 $406 $245,202
Apr, 2022 $715 $407 $244,795
May, 2022 $714 $409 $244,386
Jun, 2022 $713 $410 $243,976
Jul, 2022 $712 $411 $243,565
Aug, 2022 $710 $412 $243,153
Sep, 2022 $709 $413 $242,740
Oct, 2022 $708 $415 $242,325
Nov, 2022 $707 $416 $241,909
Dec, 2022 $706 $417 $241,492
2022 $8,546 $4,925 $241,492
Jan, 2023 $704 $418 $241,074
Feb, 2023 $703 $419 $240,654
Mar, 2023 $702 $421 $240,234
Apr, 2023 $701 $422 $239,812
May, 2023 $699 $423 $239,389
Jun, 2023 $698 $424 $238,964
Jul, 2023 $697 $426 $238,539
Aug, 2023 $696 $427 $238,112
Sep, 2023 $694 $428 $237,684
Oct, 2023 $693 $429 $237,254
Nov, 2023 $692 $431 $236,824
Dec, 2023 $691 $432 $236,392
2023 $8,371 $5,100 $236,392
Jan, 2024 $689 $433 $235,959
Feb, 2024 $688 $434 $235,524
Mar, 2024 $687 $436 $235,089
Apr, 2024 $686 $437 $234,652
May, 2024 $684 $438 $234,213
Jun, 2024 $683 $439 $233,774
Jul, 2024 $682 $441 $233,333
Aug, 2024 $681 $442 $232,891
Sep, 2024 $679 $443 $232,448
Oct, 2024 $678 $445 $232,003
Nov, 2024 $677 $446 $231,557
Dec, 2024 $675 $447 $231,110
2024 $8,190 $5,282 $231,110
Jan, 2025 $674 $449 $230,661
Feb, 2025 $673 $450 $230,212
Mar, 2025 $671 $451 $229,760
Apr, 2025 $670 $452 $229,308
May, 2025 $669 $454 $228,854
Jun, 2025 $667 $455 $228,399
Jul, 2025 $666 $456 $227,943
Aug, 2025 $665 $458 $227,485
Sep, 2025 $663 $459 $227,026
Oct, 2025 $662 $460 $226,565
Nov, 2025 $661 $462 $226,103
Dec, 2025 $659 $463 $225,640
2025 $8,002 $5,470 $225,640
Jan, 2026 $658 $464 $225,176
Feb, 2026 $657 $466 $224,710
Mar, 2026 $655 $467 $224,243
Apr, 2026 $654 $469 $223,774
May, 2026 $653 $470 $223,304
Jun, 2026 $651 $471 $222,833
Jul, 2026 $650 $473 $222,360
Aug, 2026 $649 $474 $221,886
Sep, 2026 $647 $475 $221,411
Oct, 2026 $646 $477 $220,934
Nov, 2026 $644 $478 $220,456
Dec, 2026 $643 $480 $219,976
2026 $7,807 $5,664 $219,976
Jan, 2027 $642 $481 $219,495
Feb, 2027 $640 $482 $219,013
Mar, 2027 $639 $484 $218,529
Apr, 2027 $637 $485 $218,044
May, 2027 $636 $487 $217,557
Jun, 2027 $635 $488 $217,069
Jul, 2027 $633 $489 $216,579
Aug, 2027 $632 $491 $216,088
Sep, 2027 $630 $492 $215,596
Oct, 2027 $629 $494 $215,102
Nov, 2027 $627 $495 $214,607
Dec, 2027 $626 $497 $214,110
2027 $7,606 $5,866 $214,110
Jan, 2028 $624 $498 $213,612
Feb, 2028 $623 $500 $213,113
Mar, 2028 $622 $501 $212,612
Apr, 2028 $620 $502 $212,109
May, 2028 $619 $504 $211,605
Jun, 2028 $617 $505 $211,100
Jul, 2028 $616 $507 $210,593
Aug, 2028 $614 $508 $210,084
Sep, 2028 $613 $510 $209,575
Oct, 2028 $611 $511 $209,063
Nov, 2028 $610 $513 $208,550
Dec, 2028 $608 $514 $208,036
2028 $7,397 $6,074 $208,036
Jan, 2029 $607 $516 $207,520
Feb, 2029 $605 $517 $207,003
Mar, 2029 $604 $519 $206,484
Apr, 2029 $602 $520 $205,964
May, 2029 $601 $522 $205,442
Jun, 2029 $599 $523 $204,918
Jul, 2029 $598 $525 $204,393
Aug, 2029 $596 $526 $203,867
Sep, 2029 $595 $528 $203,339
Oct, 2029 $593 $530 $202,809
Nov, 2029 $592 $531 $202,278
Dec, 2029 $590 $533 $201,746
2029 $7,181 $6,290 $201,746
Jan, 2030 $588 $534 $201,211
Feb, 2030 $587 $536 $200,676
Mar, 2030 $585 $537 $200,138
Apr, 2030 $584 $539 $199,600
May, 2030 $582 $540 $199,059
Jun, 2030 $581 $542 $198,517
Jul, 2030 $579 $544 $197,973
Aug, 2030 $577 $545 $197,428
Sep, 2030 $576 $547 $196,882
Oct, 2030 $574 $548 $196,333
Nov, 2030 $573 $550 $195,783
Dec, 2030 $571 $552 $195,232
2030 $6,957 $6,514 $195,232
Jan, 2031 $569 $553 $194,678
Feb, 2031 $568 $555 $194,124
Mar, 2031 $566 $556 $193,567
Apr, 2031 $565 $558 $193,009
May, 2031 $563 $560 $192,449
Jun, 2031 $561 $561 $191,888
Jul, 2031 $560 $563 $191,325
Aug, 2031 $558 $565 $190,761
Sep, 2031 $556 $566 $190,194
Oct, 2031 $555 $568 $189,627
Nov, 2031 $553 $570 $189,057
Dec, 2031 $551 $571 $188,486
2031 $6,726 $6,746 $188,486
Jan, 2032 $550 $573 $187,913
Feb, 2032 $548 $575 $187,338
Mar, 2032 $546 $576 $186,762
Apr, 2032 $545 $578 $186,184
May, 2032 $543 $580 $185,605
Jun, 2032 $541 $581 $185,023
Jul, 2032 $540 $583 $184,441
Aug, 2032 $538 $585 $183,856
Sep, 2032 $536 $586 $183,270
Oct, 2032 $535 $588 $182,681
Nov, 2032 $533 $590 $182,092
Dec, 2032 $531 $592 $181,500
2032 $6,486 $6,986 $181,500
Jan, 2033 $529 $593 $180,907
Feb, 2033 $528 $595 $180,312
Mar, 2033 $526 $597 $179,715
Apr, 2033 $524 $598 $179,117
May, 2033 $522 $600 $178,517
Jun, 2033 $521 $602 $177,915
Jul, 2033 $519 $604 $177,311
Aug, 2033 $517 $605 $176,706
Sep, 2033 $515 $607 $176,098
Oct, 2033 $514 $609 $175,489
Nov, 2033 $512 $611 $174,879
Dec, 2033 $510 $613 $174,266
2033 $6,237 $7,234 $174,266
Jan, 2034 $508 $614 $173,652
Feb, 2034 $506 $616 $173,036
Mar, 2034 $505 $618 $172,418
Apr, 2034 $503 $620 $171,798
May, 2034 $501 $622 $171,176
Jun, 2034 $499 $623 $170,553
Jul, 2034 $497 $625 $169,928
Aug, 2034 $496 $627 $169,301
Sep, 2034 $494 $629 $168,672
Oct, 2034 $492 $631 $168,041
Nov, 2034 $490 $632 $167,409
Dec, 2034 $488 $634 $166,775
2034 $5,980 $7,491 $166,775
Jan, 2035 $486 $636 $166,138
Feb, 2035 $485 $638 $165,500
Mar, 2035 $483 $640 $164,860
Apr, 2035 $481 $642 $164,219
May, 2035 $479 $644 $163,575
Jun, 2035 $477 $646 $162,929
Jul, 2035 $475 $647 $162,282
Aug, 2035 $473 $649 $161,633
Sep, 2035 $471 $651 $160,982
Oct, 2035 $470 $653 $160,329
Nov, 2035 $468 $655 $159,674
Dec, 2035 $466 $657 $159,017
2035 $5,713 $7,758 $159,017
Jan, 2036 $464 $659 $158,358
Feb, 2036 $462 $661 $157,697
Mar, 2036 $460 $663 $157,034
Apr, 2036 $458 $665 $156,370
May, 2036 $456 $667 $155,703
Jun, 2036 $454 $668 $155,035
Jul, 2036 $452 $670 $154,364
Aug, 2036 $450 $672 $153,692
Sep, 2036 $448 $674 $153,018
Oct, 2036 $446 $676 $152,341
Nov, 2036 $444 $678 $151,663
Dec, 2036 $442 $680 $150,983
2036 $5,438 $8,034 $150,983
Jan, 2037 $440 $682 $150,301
Feb, 2037 $438 $684 $149,616
Mar, 2037 $436 $686 $148,930
Apr, 2037 $434 $688 $148,242
May, 2037 $432 $690 $147,552
Jun, 2037 $430 $692 $146,859
Jul, 2037 $428 $694 $146,165
Aug, 2037 $426 $696 $145,469
Sep, 2037 $424 $698 $144,770
Oct, 2037 $422 $700 $144,070
Nov, 2037 $420 $702 $143,368
Dec, 2037 $418 $704 $142,663
2037 $5,152 $8,320 $142,663
Jan, 2038 $416 $707 $141,957
Feb, 2038 $414 $709 $141,248
Mar, 2038 $412 $711 $140,538
Apr, 2038 $410 $713 $139,825
May, 2038 $408 $715 $139,110
Jun, 2038 $406 $717 $138,393
Jul, 2038 $404 $719 $137,674
Aug, 2038 $402 $721 $136,953
Sep, 2038 $399 $723 $136,230
Oct, 2038 $397 $725 $135,505
Nov, 2038 $395 $727 $134,777
Dec, 2038 $393 $730 $134,048
2038 $4,856 $8,615 $134,048
Jan, 2039 $391 $732 $133,316
Feb, 2039 $389 $734 $132,582
Mar, 2039 $387 $736 $131,846
Apr, 2039 $385 $738 $131,108
May, 2039 $382 $740 $130,368
Jun, 2039 $380 $742 $129,626
Jul, 2039 $378 $745 $128,881
Aug, 2039 $376 $747 $128,135
Sep, 2039 $374 $749 $127,386
Oct, 2039 $372 $751 $126,635
Nov, 2039 $369 $753 $125,881
Dec, 2039 $367 $755 $125,126
2039 $4,549 $8,922 $125,126
Jan, 2040 $365 $758 $124,368
Feb, 2040 $363 $760 $123,608
Mar, 2040 $361 $762 $122,846
Apr, 2040 $358 $764 $122,082
May, 2040 $356 $767 $121,315
Jun, 2040 $354 $769 $120,547
Jul, 2040 $352 $771 $119,776
Aug, 2040 $349 $773 $119,002
Sep, 2040 $347 $776 $118,227
Oct, 2040 $345 $778 $117,449
Nov, 2040 $343 $780 $116,669
Dec, 2040 $340 $782 $115,887
2040 $4,232 $9,239 $115,887
Jan, 2041 $338 $785 $115,102
Feb, 2041 $336 $787 $114,315
Mar, 2041 $333 $789 $113,526
Apr, 2041 $331 $791 $112,735
May, 2041 $329 $794 $111,941
Jun, 2041 $326 $796 $111,145
Jul, 2041 $324 $798 $110,346
Aug, 2041 $322 $801 $109,545
Sep, 2041 $320 $803 $108,742
Oct, 2041 $317 $805 $107,937
Nov, 2041 $315 $808 $107,129
Dec, 2041 $312 $810 $106,319
2041 $3,904 $9,568 $106,319
Jan, 2042 $310 $813 $105,506
Feb, 2042 $308 $815 $104,691
Mar, 2042 $305 $817 $103,874
Apr, 2042 $303 $820 $103,055
May, 2042 $301 $822 $102,233
Jun, 2042 $298 $824 $101,408
Jul, 2042 $296 $827 $100,581
Aug, 2042 $293 $829 $99,752
Sep, 2042 $291 $832 $98,920
Oct, 2042 $289 $834 $98,086
Nov, 2042 $286 $837 $97,250
Dec, 2042 $284 $839 $96,411
2042 $3,563 $9,908 $96,411
Jan, 2043 $281 $841 $95,569
Feb, 2043 $279 $844 $94,725
Mar, 2043 $276 $846 $93,879
Apr, 2043 $274 $849 $93,030
May, 2043 $271 $851 $92,179
Jun, 2043 $269 $854 $91,325
Jul, 2043 $266 $856 $90,469
Aug, 2043 $264 $859 $89,610
Sep, 2043 $261 $861 $88,749
Oct, 2043 $259 $864 $87,885
Nov, 2043 $256 $866 $87,019
Dec, 2043 $254 $869 $86,150
2043 $3,211 $10,261 $86,150
Jan, 2044 $251 $871 $85,279
Feb, 2044 $249 $874 $84,405
Mar, 2044 $246 $876 $83,529
Apr, 2044 $244 $879 $82,650
May, 2044 $241 $882 $81,768
Jun, 2044 $238 $884 $80,884
Jul, 2044 $236 $887 $79,997
Aug, 2044 $233 $889 $79,108
Sep, 2044 $231 $892 $78,216
Oct, 2044 $228 $894 $77,322
Nov, 2044 $226 $897 $76,424
Dec, 2044 $223 $900 $75,525
2044 $2,846 $10,625 $75,525
Jan, 2045 $220 $902 $74,622
Feb, 2045 $218 $905 $73,717
Mar, 2045 $215 $908 $72,810
Apr, 2045 $212 $910 $71,900
May, 2045 $210 $913 $70,987
Jun, 2045 $207 $916 $70,071
Jul, 2045 $204 $918 $69,153
Aug, 2045 $202 $921 $68,232
Sep, 2045 $199 $924 $67,308
Oct, 2045 $196 $926 $66,382
Nov, 2045 $194 $929 $65,453
Dec, 2045 $191 $932 $64,521
2045 $2,468 $11,003 $64,521
Jan, 2046 $188 $934 $63,587
Feb, 2046 $185 $937 $62,650
Mar, 2046 $183 $940 $61,710
Apr, 2046 $180 $943 $60,767
May, 2046 $177 $945 $59,822
Jun, 2046 $174 $948 $58,874
Jul, 2046 $172 $951 $57,923
Aug, 2046 $169 $954 $56,969
Sep, 2046 $166 $956 $56,013
Oct, 2046 $163 $959 $55,054
Nov, 2046 $161 $962 $54,092
Dec, 2046 $158 $965 $53,127
2046 $2,077 $11,395 $53,127
Jan, 2047 $155 $968 $52,159
Feb, 2047 $152 $970 $51,189
Mar, 2047 $149 $973 $50,215
Apr, 2047 $146 $976 $49,239
May, 2047 $144 $979 $48,260
Jun, 2047 $141 $982 $47,278
Jul, 2047 $138 $985 $46,294
Aug, 2047 $135 $988 $45,306
Sep, 2047 $132 $990 $44,315
Oct, 2047 $129 $993 $43,322
Nov, 2047 $126 $996 $42,326
Dec, 2047 $123 $999 $41,327
2047 $1,671 $11,800 $41,327
Jan, 2048 $121 $1,002 $40,325
Feb, 2048 $118 $1,005 $39,320
Mar, 2048 $115 $1,008 $38,312
Apr, 2048 $112 $1,011 $37,301
May, 2048 $109 $1,014 $36,287
Jun, 2048 $106 $1,017 $35,270
Jul, 2048 $103 $1,020 $34,250
Aug, 2048 $100 $1,023 $33,228
Sep, 2048 $97 $1,026 $32,202
Oct, 2048 $94 $1,029 $31,173
Nov, 2048 $91 $1,032 $30,142
Dec, 2048 $88 $1,035 $29,107
2048 $1,252 $12,220 $29,107
Jan, 2049 $85 $1,038 $28,069
Feb, 2049 $82 $1,041 $27,029
Mar, 2049 $79 $1,044 $25,985
Apr, 2049 $76 $1,047 $24,938
May, 2049 $73 $1,050 $23,888
Jun, 2049 $70 $1,053 $22,835
Jul, 2049 $67 $1,056 $21,779
Aug, 2049 $64 $1,059 $20,720
Sep, 2049 $60 $1,062 $19,658
Oct, 2049 $57 $1,065 $18,593
Nov, 2049 $54 $1,068 $17,524
Dec, 2049 $51 $1,071 $16,453
2049 $817 $12,654 $16,453
Jan, 2050 $48 $1,075 $15,378
Feb, 2050 $45 $1,078 $14,300
Mar, 2050 $42 $1,081 $13,219
Apr, 2050 $39 $1,084 $12,135
May, 2050 $35 $1,087 $11,048
Jun, 2050 $32 $1,090 $9,958
Jul, 2050 $29 $1,094 $8,864
Aug, 2050 $26 $1,097 $7,767
Sep, 2050 $23 $1,100 $6,667
Oct, 2050 $19 $1,103 $5,564
Nov, 2050 $16 $1,106 $4,458
Dec, 2050 $13 $1,110 $3,348
2050 $367 $13,104 $3,348
Jan, 2051 $10 $1,113 $2,235
Feb, 2051 $7 $1,116 $1,119
Mar, 2051 $3 $1,119 $0
2051 $20 $3,348 $0

Frequently Asked Questions

When to refinance a mortgage?

Generally speaking, you should refinance your mortgage whenever it makes financial sense to do so. Homeowners tend to refinance for two reasons: to get cash out and to lower their mortgage costs.
A cash-out refinance permits people to take equity out of their home by getting a new mortgage for a higher value than the previous one. This new mortgage pays off the old one, and the bank gives the excess funds to you in cash. It often makes financial sense to do this when you're looking to pay off higher-interest debt like credit cards or personal loans.
The other reason to refinance is when interest rates are low. Given that rates are near record lows, many people will find it advantageous to refinance since they'll pay less interest on the loan.
In either event, you can see how much you'll pay with our refinance calculator!

How to refinance a mortgage?

Refinancing a mortgage has essentially the same steps as getting a new mortgage. The mortgage that you'll obtain will pay off your old loan, and the bank will send you any extra money (if you're doing a cash-out refinance). You'll need to apply with a bank, submit all the necessary documentation, and meet the same criteria as anyone else applying for a mortgage, including the minimum credit score and debt-to-income requirements. Refinancing typically also takes the same time to close, with 30-45 day timelines being standard.
It is worth noting that you can refinance all types of mortgages, including FHA, VA, and USDA loans. Therefore, no matter what kind of mortgage you have, you might be able to save money with today's refinance rates!

How much does it cost to refinance a mortgage?

The amount you pay to refinance your loan depends mostly on the terms of the new mortgage. When refinancing a mortgage, there are typically three sources of costs: closing fees, points, and appraisals.
Closing fees are fees that your bank and county charge to process the mortgage. For example, your county may charge a fee to process the change of lienholder. Or your lender may charge you for a title search. These fees often cost about 2-5% of the loan, depending on your lender and where you live.
Points are optional but, depending on your circumstances, they can be advantageous. One point equals 1% of your mortgage value. It is a form of prepaid interest that reduces your interest rate by 0.25%. Most of the time, you'll see an ad for a mortgage that reads something like "3.5% with one point." This ad means that to get the 3.5% rate, you'll need to pay 1% of your loan's balance at closing. If you accept a refinance offer with points, you'll add these.
Finally, since a refinanced mortgage is a new loan, you'll typically have to pay for an appraisal. Usually, this is only a few hundred, but it might be more depending on the property's size and location.

How soon can you refinance your mortgage?

The short answer is that you can refinance whenever you want! The longer answer depends on whether or not you're refinancing with a different lender. Your current bank will always accept full payment on the loan. If you refinance with a new lender, you can always refinance right away. However, if you use the same lender, they may have a waiting period before you can adjust the terms of your loan. This waiting period tends to be at least six months, but every financial institution is different. With that said, you should only refinance your mortgage, though, when a refinance calculator shows that it makes fiscal sense to do so!

Definitions

Property Value

You likely won't have done an appraisal of your property, so make this a best-guess effort. Take a look at some other homes in your area that have recently sold and find ones that are comparable to yours. Once you look at a few of those homes, you should start to get a broad sense of what your home is worth. Put what you think your home is worth in this field.

Mortgage Balance

Enter your current mortgage balance. This number should be the amount that will pay off your loan. You can frequently get the dollar value to enter here by looking for your mortgage payoff statement. Most banks will let you get it online. However, some banks will require you to call in to get a copy of this statement. If you don't have this number handy, you can always estimate it using the current balance as of your last mortgage statement. An approximation is typically good enough to understand if refinancing will save you money or not.

Cash Out

If you're doing a cash out refinance, enter the amount of money you'd like to receive in this field on our refinance calculator. A cash-out mortgage lets you take some of your home equity as cash, in addition to paying off your loan. For example, let's say you owe $250,000 on a $500,000 home. You could refinance that $250,000 and take an extra $50,000 cash to make your new mortgage $300,000 total. Taking money out frequently helps with consolidating debt.

Monthly Payment

Our refinance calculator will use the information you have provided to calculate your monthly payment. This amount represents the total you will pay every month - including interest and principal. When you refinance, you can also opt to have the bank pay your property taxes and homeowners' insurance as part of escrow. If you elect to do that, your monthly payment will include these components as well.

Loan Closing Date

The loan closing date reflects the month in which your loan will finalize, and the bank will transfer the money to escrow for purchasing the property. In particular, the loan closing date is the first day where your loan begins to accrue interest. As such, all interest calculations, principal calculations, and monthly payments start as of this day.

Loan Payoff Date

Your loan payoff date is the month in which you will reduce your mortgage balance down to zero. The refinance calculator will give you this date assuming that you make each monthly payment. If you can, though, you may wish to pay a little bit more each month (even if it's just $10, it can make a difference over the life of the loan). If you do so, you'll pay your refinanced mortgage off faster!

Total Interest Paid

The bank will charge interest on the loan balance. The "Total Interest Paid" field of the refinance calculator reflects the total amount of interest you'll pay in addition to the principal. This money is "lost" in the sense that it does not go towards building equity. The interest amount plus the principal is the total amount you'll pay over the life of the loan. As a quick example, suppose you have a loan for $200,000. The calculator determines that you'll pay $50,000 in interest. The total sum of all your payments will be $250,000 - the amount needed to pay off the principal in full and the accrued interest.
This refinance calculator should only be used to estimate your repayments since it doesn't include taxes or insurance.