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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$
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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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May, 2021 Apr, 2051
Loan Closing Loan Payoff

Compare Virginia Refinance Rates

740-850 FICO UP TO 2.0 POINTS

MAY 10, 2021

 
2.705%
APR
$1,005
per month
30 Year
Fixed
Rate: 2.625%
Fees: $2,622
Points: 1.049
Lock: 45 days
View Details
2.665%
APR
$988
per month
30 Year
Fixed
Rate: 2.500%
Fees: $5,458
Points: 1.983
Lock: 45 days
View Details
2.635%
APR
$988
per month
30 Year
Fixed
Rate: 2.500%
Fees: $4,472
Points: 1.789
Lock: 30 days
View Details
2.665%
APR
$988
per month
30 Year
Fixed
Rate: 2.500%
Fees: $5,458
Points: 1.983
Lock: 45 days
View Details
3.022%
APR
$1,038
per month
30 Year
Fixed
Rate: 2.875%
Fees: $4,772
Points: 1.569
Lock: 45 days
View Details
2.705%
APR
$1,005
per month
30 Year
Fixed
Rate: 2.625%
Fees: $2,622
Points: 1.049
Lock: 45 days
View Details
3.184%
APR
$1,053
per month
30 Year
Fixed
Rate: 2.990%
Fees: $6,250
Points: 2.000
Lock: 45 days
View Details
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Amortization Schedule

Date Interest Principal Balance
May, 2021 $729 $393 $249,607
Jun, 2021 $728 $395 $249,212
Jul, 2021 $727 $396 $248,816
Aug, 2021 $726 $397 $248,419
Sep, 2021 $725 $398 $248,021
Oct, 2021 $723 $399 $247,622
Nov, 2021 $722 $400 $247,222
Dec, 2021 $721 $402 $246,820
2021 $5,801 $3,180 $246,820
Jan, 2022 $720 $403 $246,417
Feb, 2022 $719 $404 $246,014
Mar, 2022 $718 $405 $245,608
Apr, 2022 $716 $406 $245,202
May, 2022 $715 $407 $244,795
Jun, 2022 $714 $409 $244,386
Jul, 2022 $713 $410 $243,976
Aug, 2022 $712 $411 $243,565
Sep, 2022 $710 $412 $243,153
Oct, 2022 $709 $413 $242,740
Nov, 2022 $708 $415 $242,325
Dec, 2022 $707 $416 $241,909
2022 $8,560 $4,911 $241,909
Jan, 2023 $706 $417 $241,492
Feb, 2023 $704 $418 $241,074
Mar, 2023 $703 $419 $240,654
Apr, 2023 $702 $421 $240,234
May, 2023 $701 $422 $239,812
Jun, 2023 $699 $423 $239,389
Jul, 2023 $698 $424 $238,964
Aug, 2023 $697 $426 $238,539
Sep, 2023 $696 $427 $238,112
Oct, 2023 $694 $428 $237,684
Nov, 2023 $693 $429 $237,254
Dec, 2023 $692 $431 $236,824
2023 $8,386 $5,086 $236,824
Jan, 2024 $691 $432 $236,392
Feb, 2024 $689 $433 $235,959
Mar, 2024 $688 $434 $235,524
Apr, 2024 $687 $436 $235,089
May, 2024 $686 $437 $234,652
Jun, 2024 $684 $438 $234,213
Jul, 2024 $683 $439 $233,774
Aug, 2024 $682 $441 $233,333
Sep, 2024 $681 $442 $232,891
Oct, 2024 $679 $443 $232,448
Nov, 2024 $678 $445 $232,003
Dec, 2024 $677 $446 $231,557
2024 $8,205 $5,266 $231,557
Jan, 2025 $675 $447 $231,110
Feb, 2025 $674 $449 $230,661
Mar, 2025 $673 $450 $230,212
Apr, 2025 $671 $451 $229,760
May, 2025 $670 $452 $229,308
Jun, 2025 $669 $454 $228,854
Jul, 2025 $667 $455 $228,399
Aug, 2025 $666 $456 $227,943
Sep, 2025 $665 $458 $227,485
Oct, 2025 $663 $459 $227,026
Nov, 2025 $662 $460 $226,565
Dec, 2025 $661 $462 $226,103
2025 $8,018 $5,454 $226,103
Jan, 2026 $659 $463 $225,640
Feb, 2026 $658 $464 $225,176
Mar, 2026 $657 $466 $224,710
Apr, 2026 $655 $467 $224,243
May, 2026 $654 $469 $223,774
Jun, 2026 $653 $470 $223,304
Jul, 2026 $651 $471 $222,833
Aug, 2026 $650 $473 $222,360
Sep, 2026 $649 $474 $221,886
Oct, 2026 $647 $475 $221,411
Nov, 2026 $646 $477 $220,934
Dec, 2026 $644 $478 $220,456
2026 $7,824 $5,648 $220,456
Jan, 2027 $643 $480 $219,976
Feb, 2027 $642 $481 $219,495
Mar, 2027 $640 $482 $219,013
Apr, 2027 $639 $484 $218,529
May, 2027 $637 $485 $218,044
Jun, 2027 $636 $487 $217,557
Jul, 2027 $635 $488 $217,069
Aug, 2027 $633 $489 $216,579
Sep, 2027 $632 $491 $216,088
Oct, 2027 $630 $492 $215,596
Nov, 2027 $629 $494 $215,102
Dec, 2027 $627 $495 $214,607
2027 $7,623 $5,849 $214,607
Jan, 2028 $626 $497 $214,110
Feb, 2028 $624 $498 $213,612
Mar, 2028 $623 $500 $213,113
Apr, 2028 $622 $501 $212,612
May, 2028 $620 $502 $212,109
Jun, 2028 $619 $504 $211,605
Jul, 2028 $617 $505 $211,100
Aug, 2028 $616 $507 $210,593
Sep, 2028 $614 $508 $210,084
Oct, 2028 $613 $510 $209,575
Nov, 2028 $611 $511 $209,063
Dec, 2028 $610 $513 $208,550
2028 $7,415 $6,057 $208,550
Jan, 2029 $608 $514 $208,036
Feb, 2029 $607 $516 $207,520
Mar, 2029 $605 $517 $207,003
Apr, 2029 $604 $519 $206,484
May, 2029 $602 $520 $205,964
Jun, 2029 $601 $522 $205,442
Jul, 2029 $599 $523 $204,918
Aug, 2029 $598 $525 $204,393
Sep, 2029 $596 $526 $203,867
Oct, 2029 $595 $528 $203,339
Nov, 2029 $593 $530 $202,809
Dec, 2029 $592 $531 $202,278
2029 $7,199 $6,272 $202,278
Jan, 2030 $590 $533 $201,746
Feb, 2030 $588 $534 $201,211
Mar, 2030 $587 $536 $200,676
Apr, 2030 $585 $537 $200,138
May, 2030 $584 $539 $199,600
Jun, 2030 $582 $540 $199,059
Jul, 2030 $581 $542 $198,517
Aug, 2030 $579 $544 $197,973
Sep, 2030 $577 $545 $197,428
Oct, 2030 $576 $547 $196,882
Nov, 2030 $574 $548 $196,333
Dec, 2030 $573 $550 $195,783
2030 $6,976 $6,495 $195,783
Jan, 2031 $571 $552 $195,232
Feb, 2031 $569 $553 $194,678
Mar, 2031 $568 $555 $194,124
Apr, 2031 $566 $556 $193,567
May, 2031 $565 $558 $193,009
Jun, 2031 $563 $560 $192,449
Jul, 2031 $561 $561 $191,888
Aug, 2031 $560 $563 $191,325
Sep, 2031 $558 $565 $190,761
Oct, 2031 $556 $566 $190,194
Nov, 2031 $555 $568 $189,627
Dec, 2031 $553 $570 $189,057
2031 $6,745 $6,726 $189,057
Jan, 2032 $551 $571 $188,486
Feb, 2032 $550 $573 $187,913
Mar, 2032 $548 $575 $187,338
Apr, 2032 $546 $576 $186,762
May, 2032 $545 $578 $186,184
Jun, 2032 $543 $580 $185,605
Jul, 2032 $541 $581 $185,023
Aug, 2032 $540 $583 $184,441
Sep, 2032 $538 $585 $183,856
Oct, 2032 $536 $586 $183,270
Nov, 2032 $535 $588 $182,681
Dec, 2032 $533 $590 $182,092
2032 $6,506 $6,965 $182,092
Jan, 2033 $531 $592 $181,500
Feb, 2033 $529 $593 $180,907
Mar, 2033 $528 $595 $180,312
Apr, 2033 $526 $597 $179,715
May, 2033 $524 $598 $179,117
Jun, 2033 $522 $600 $178,517
Jul, 2033 $521 $602 $177,915
Aug, 2033 $519 $604 $177,311
Sep, 2033 $517 $605 $176,706
Oct, 2033 $515 $607 $176,098
Nov, 2033 $514 $609 $175,489
Dec, 2033 $512 $611 $174,879
2033 $6,258 $7,213 $174,879
Jan, 2034 $510 $613 $174,266
Feb, 2034 $508 $614 $173,652
Mar, 2034 $506 $616 $173,036
Apr, 2034 $505 $618 $172,418
May, 2034 $503 $620 $171,798
Jun, 2034 $501 $622 $171,176
Jul, 2034 $499 $623 $170,553
Aug, 2034 $497 $625 $169,928
Sep, 2034 $496 $627 $169,301
Oct, 2034 $494 $629 $168,672
Nov, 2034 $492 $631 $168,041
Dec, 2034 $490 $632 $167,409
2034 $6,002 $7,470 $167,409
Jan, 2035 $488 $634 $166,775
Feb, 2035 $486 $636 $166,138
Mar, 2035 $485 $638 $165,500
Apr, 2035 $483 $640 $164,860
May, 2035 $481 $642 $164,219
Jun, 2035 $479 $644 $163,575
Jul, 2035 $477 $646 $162,929
Aug, 2035 $475 $647 $162,282
Sep, 2035 $473 $649 $161,633
Oct, 2035 $471 $651 $160,982
Nov, 2035 $470 $653 $160,329
Dec, 2035 $468 $655 $159,674
2035 $5,736 $7,735 $159,674
Jan, 2036 $466 $657 $159,017
Feb, 2036 $464 $659 $158,358
Mar, 2036 $462 $661 $157,697
Apr, 2036 $460 $663 $157,034
May, 2036 $458 $665 $156,370
Jun, 2036 $456 $667 $155,703
Jul, 2036 $454 $668 $155,035
Aug, 2036 $452 $670 $154,364
Sep, 2036 $450 $672 $153,692
Oct, 2036 $448 $674 $153,018
Nov, 2036 $446 $676 $152,341
Dec, 2036 $444 $678 $151,663
2036 $5,461 $8,010 $151,663
Jan, 2037 $442 $680 $150,983
Feb, 2037 $440 $682 $150,301
Mar, 2037 $438 $684 $149,616
Apr, 2037 $436 $686 $148,930
May, 2037 $434 $688 $148,242
Jun, 2037 $432 $690 $147,552
Jul, 2037 $430 $692 $146,859
Aug, 2037 $428 $694 $146,165
Sep, 2037 $426 $696 $145,469
Oct, 2037 $424 $698 $144,770
Nov, 2037 $422 $700 $144,070
Dec, 2037 $420 $702 $143,368
2037 $5,176 $8,295 $143,368
Jan, 2038 $418 $704 $142,663
Feb, 2038 $416 $707 $141,957
Mar, 2038 $414 $709 $141,248
Apr, 2038 $412 $711 $140,538
May, 2038 $410 $713 $139,825
Jun, 2038 $408 $715 $139,110
Jul, 2038 $406 $717 $138,393
Aug, 2038 $404 $719 $137,674
Sep, 2038 $402 $721 $136,953
Oct, 2038 $399 $723 $136,230
Nov, 2038 $397 $725 $135,505
Dec, 2038 $395 $727 $134,777
2038 $4,881 $8,590 $134,777
Jan, 2039 $393 $730 $134,048
Feb, 2039 $391 $732 $133,316
Mar, 2039 $389 $734 $132,582
Apr, 2039 $387 $736 $131,846
May, 2039 $385 $738 $131,108
Jun, 2039 $382 $740 $130,368
Jul, 2039 $380 $742 $129,626
Aug, 2039 $378 $745 $128,881
Sep, 2039 $376 $747 $128,135
Oct, 2039 $374 $749 $127,386
Nov, 2039 $372 $751 $126,635
Dec, 2039 $369 $753 $125,881
2039 $4,575 $8,896 $125,881
Jan, 2040 $367 $755 $125,126
Feb, 2040 $365 $758 $124,368
Mar, 2040 $363 $760 $123,608
Apr, 2040 $361 $762 $122,846
May, 2040 $358 $764 $122,082
Jun, 2040 $356 $767 $121,315
Jul, 2040 $354 $769 $120,547
Aug, 2040 $352 $771 $119,776
Sep, 2040 $349 $773 $119,002
Oct, 2040 $347 $776 $118,227
Nov, 2040 $345 $778 $117,449
Dec, 2040 $343 $780 $116,669
2040 $4,259 $9,212 $116,669
Jan, 2041 $340 $782 $115,887
Feb, 2041 $338 $785 $115,102
Mar, 2041 $336 $787 $114,315
Apr, 2041 $333 $789 $113,526
May, 2041 $331 $791 $112,735
Jun, 2041 $329 $794 $111,941
Jul, 2041 $326 $796 $111,145
Aug, 2041 $324 $798 $110,346
Sep, 2041 $322 $801 $109,545
Oct, 2041 $320 $803 $108,742
Nov, 2041 $317 $805 $107,937
Dec, 2041 $315 $808 $107,129
2041 $3,931 $9,540 $107,129
Jan, 2042 $312 $810 $106,319
Feb, 2042 $310 $813 $105,506
Mar, 2042 $308 $815 $104,691
Apr, 2042 $305 $817 $103,874
May, 2042 $303 $820 $103,055
Jun, 2042 $301 $822 $102,233
Jul, 2042 $298 $824 $101,408
Aug, 2042 $296 $827 $100,581
Sep, 2042 $293 $829 $99,752
Oct, 2042 $291 $832 $98,920
Nov, 2042 $289 $834 $98,086
Dec, 2042 $286 $837 $97,250
2042 $3,592 $9,879 $97,250
Jan, 2043 $284 $839 $96,411
Feb, 2043 $281 $841 $95,569
Mar, 2043 $279 $844 $94,725
Apr, 2043 $276 $846 $93,879
May, 2043 $274 $849 $93,030
Jun, 2043 $271 $851 $92,179
Jul, 2043 $269 $854 $91,325
Aug, 2043 $266 $856 $90,469
Sep, 2043 $264 $859 $89,610
Oct, 2043 $261 $861 $88,749
Nov, 2043 $259 $864 $87,885
Dec, 2043 $256 $866 $87,019
2043 $3,241 $10,231 $87,019
Jan, 2044 $254 $869 $86,150
Feb, 2044 $251 $871 $85,279
Mar, 2044 $249 $874 $84,405
Apr, 2044 $246 $876 $83,529
May, 2044 $244 $879 $82,650
Jun, 2044 $241 $882 $81,768
Jul, 2044 $238 $884 $80,884
Aug, 2044 $236 $887 $79,997
Sep, 2044 $233 $889 $79,108
Oct, 2044 $231 $892 $78,216
Nov, 2044 $228 $894 $77,322
Dec, 2044 $226 $897 $76,424
2044 $2,877 $10,595 $76,424
Jan, 2045 $223 $900 $75,525
Feb, 2045 $220 $902 $74,622
Mar, 2045 $218 $905 $73,717
Apr, 2045 $215 $908 $72,810
May, 2045 $212 $910 $71,900
Jun, 2045 $210 $913 $70,987
Jul, 2045 $207 $916 $70,071
Aug, 2045 $204 $918 $69,153
Sep, 2045 $202 $921 $68,232
Oct, 2045 $199 $924 $67,308
Nov, 2045 $196 $926 $66,382
Dec, 2045 $194 $929 $65,453
2045 $2,500 $10,971 $65,453
Jan, 2046 $191 $932 $64,521
Feb, 2046 $188 $934 $63,587
Mar, 2046 $185 $937 $62,650
Apr, 2046 $183 $940 $61,710
May, 2046 $180 $943 $60,767
Jun, 2046 $177 $945 $59,822
Jul, 2046 $174 $948 $58,874
Aug, 2046 $172 $951 $57,923
Sep, 2046 $169 $954 $56,969
Oct, 2046 $166 $956 $56,013
Nov, 2046 $163 $959 $55,054
Dec, 2046 $161 $962 $54,092
2046 $2,110 $11,362 $54,092
Jan, 2047 $158 $965 $53,127
Feb, 2047 $155 $968 $52,159
Mar, 2047 $152 $970 $51,189
Apr, 2047 $149 $973 $50,215
May, 2047 $146 $976 $49,239
Jun, 2047 $144 $979 $48,260
Jul, 2047 $141 $982 $47,278
Aug, 2047 $138 $985 $46,294
Sep, 2047 $135 $988 $45,306
Oct, 2047 $132 $990 $44,315
Nov, 2047 $129 $993 $43,322
Dec, 2047 $126 $996 $42,326
2047 $1,706 $11,766 $42,326
Jan, 2048 $123 $999 $41,327
Feb, 2048 $121 $1,002 $40,325
Mar, 2048 $118 $1,005 $39,320
Apr, 2048 $115 $1,008 $38,312
May, 2048 $112 $1,011 $37,301
Jun, 2048 $109 $1,014 $36,287
Jul, 2048 $106 $1,017 $35,270
Aug, 2048 $103 $1,020 $34,250
Sep, 2048 $100 $1,023 $33,228
Oct, 2048 $97 $1,026 $32,202
Nov, 2048 $94 $1,029 $31,173
Dec, 2048 $91 $1,032 $30,142
2048 $1,287 $12,184 $30,142
Jan, 2049 $88 $1,035 $29,107
Feb, 2049 $85 $1,038 $28,069
Mar, 2049 $82 $1,041 $27,029
Apr, 2049 $79 $1,044 $25,985
May, 2049 $76 $1,047 $24,938
Jun, 2049 $73 $1,050 $23,888
Jul, 2049 $70 $1,053 $22,835
Aug, 2049 $67 $1,056 $21,779
Sep, 2049 $64 $1,059 $20,720
Oct, 2049 $60 $1,062 $19,658
Nov, 2049 $57 $1,065 $18,593
Dec, 2049 $54 $1,068 $17,524
2049 $854 $12,618 $17,524
Jan, 2050 $51 $1,071 $16,453
Feb, 2050 $48 $1,075 $15,378
Mar, 2050 $45 $1,078 $14,300
Apr, 2050 $42 $1,081 $13,219
May, 2050 $39 $1,084 $12,135
Jun, 2050 $35 $1,087 $11,048
Jul, 2050 $32 $1,090 $9,958
Aug, 2050 $29 $1,094 $8,864
Sep, 2050 $26 $1,097 $7,767
Oct, 2050 $23 $1,100 $6,667
Nov, 2050 $19 $1,103 $5,564
Dec, 2050 $16 $1,106 $4,458
2050 $405 $13,066 $4,458
Jan, 2051 $13 $1,110 $3,348
Feb, 2051 $10 $1,113 $2,235
Mar, 2051 $7 $1,116 $1,119
Apr, 2051 $3 $1,119 $0
2051 $33 $4,458 $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.