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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Dec, 2021 Nov, 2051
Loan Closing Loan Payoff

Compare Virginia Refinance Rates

740-850 FICO UP TO 2.0 POINTS

DEC 08, 2021

 
2.620%
APR
$988
per month
30 Year
Fixed
Rate: 2.500%
Fees: $3,988
Points: 1.277
Lock: 45 days
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3.564%
APR
$1,106
per month
30 Year
Fixed
Rate: 3.375%
Fees: $5,938
Points: 1.875
Lock: 30 days
View Details
2.740%
APR
$1,005
per month
30 Year
Fixed
Rate: 2.625%
Fees: $3,782
Points: 1.513
Lock: 30 days
View Details
2.740%
APR
$1,005
per month
30 Year
Fixed
Rate: 2.625%
Fees: $3,782
Points: 1.513
Lock: 30 days
View Details
2.875%
APR
$1,021
per month
30 Year
Fixed
Rate: 2.750%
Fees: $4,062
Points: 1.625
Lock: 30 days
View Details
3.251%
APR
$1,071
per month
30 Year
Fixed
Rate: 3.125%
Fees: $4,025
Points: 1.610
Lock: 30 days
View Details
2.761%
APR
$1,005
per month
30 Year
Fixed
Rate: 2.625%
Fees: $4,478
Points: 1.791
Lock: 45 days
View Details
2.620%
APR
$988
per month
30 Year
Fixed
Rate: 2.500%
Fees: $3,988
Points: 1.277
Lock: 45 days
View Details
3.103%
APR
$1,048
per month
30 Year
Fixed
Rate: 2.950%
Fees: $4,930
Points: 1.972
Lock: 60 days
View Details
2.771%
APR
$1,005
per month
30 Year
Fixed
Rate: 2.625%
Fees: $4,808
Points: 1.923
Lock: 30 days
View Details
3.417%
APR
$1,089
per month
30 Year
Fixed
Rate: 3.250%
Fees: $5,312
Points: 1.625
Lock: 30 days
View Details
3.146%
APR
$1,055
per month
30 Year
Fixed
Rate: 3.000%
Fees: $4,678
Points: 1.531
Lock: 45 days
View Details
2.748%
APR
$1,005
per month
30 Year
Fixed
Rate: 2.625%
Fees: $4,052
Points: 1.543
Lock: 30 days
View Details
2.648%
APR
$988
per month
30 Year
Fixed
Rate: 2.500%
Fees: $4,915
Points: 1.966
Lock: 45 days
View Details
2.991%
APR
$1,038
per month
30 Year
Fixed
Rate: 2.875%
Fees: $3,765
Points: 1.506
Lock: 45 days
View Details
3.128%
APR
$1,053
per month
30 Year
Fixed
Rate: 2.990%
Fees: $4,430
Points: 1.772
Lock: 45 days
View Details
3.564%
APR
$1,106
per month
30 Year
Fixed
Rate: 3.375%
Fees: $5,938
Points: 1.875
Lock: 30 days
View Details
3.067%
APR
$1,038
per month
30 Year
Fixed
Rate: 2.875%
Fees: $6,242
Points: 1.845
Lock: 30 days
View Details
2.777%
APR
$1,005
per month
30 Year
Fixed
Rate: 2.625%
Fees: $5,001
Points: 2.000
Lock: 30 days
View Details
2.865%
APR
$1,021
per month
30 Year
Fixed
Rate: 2.750%
Fees: $3,750
Points: 1.500
Lock: 30 days
View Details
  • Pay Off Higher Interest Rates Credit Cards, Pay College Tuition
  • Cash Out, Debt Consolidation Options Available
  • Offers Flexible Terms from 8 to 30 Years
  • Over 170k Positive Reviews, A+ Rating With BBB
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  • Certified Pre-Approval Process
  • Customized Rate Quotes, no SSN or Hard Credit Pull
  • 24 x 7 Online Customer Portal Access
View Details

Amortization Schedule

Date Interest Principal Balance
Dec, 2021 $729 $393 $249,607
2021 $729 $393 $249,607
Jan, 2022 $728 $395 $249,212
Feb, 2022 $727 $396 $248,816
Mar, 2022 $726 $397 $248,419
Apr, 2022 $725 $398 $248,021
May, 2022 $723 $399 $247,622
Jun, 2022 $722 $400 $247,222
Jul, 2022 $721 $402 $246,820
Aug, 2022 $720 $403 $246,417
Sep, 2022 $719 $404 $246,014
Oct, 2022 $718 $405 $245,608
Nov, 2022 $716 $406 $245,202
Dec, 2022 $715 $407 $244,795
2022 $8,660 $4,812 $244,795
Jan, 2023 $714 $409 $244,386
Feb, 2023 $713 $410 $243,976
Mar, 2023 $712 $411 $243,565
Apr, 2023 $710 $412 $243,153
May, 2023 $709 $413 $242,740
Jun, 2023 $708 $415 $242,325
Jul, 2023 $707 $416 $241,909
Aug, 2023 $706 $417 $241,492
Sep, 2023 $704 $418 $241,074
Oct, 2023 $703 $419 $240,654
Nov, 2023 $702 $421 $240,234
Dec, 2023 $701 $422 $239,812
2023 $8,488 $4,983 $239,812
Jan, 2024 $699 $423 $239,389
Feb, 2024 $698 $424 $238,964
Mar, 2024 $697 $426 $238,539
Apr, 2024 $696 $427 $238,112
May, 2024 $694 $428 $237,684
Jun, 2024 $693 $429 $237,254
Jul, 2024 $692 $431 $236,824
Aug, 2024 $691 $432 $236,392
Sep, 2024 $689 $433 $235,959
Oct, 2024 $688 $434 $235,524
Nov, 2024 $687 $436 $235,089
Dec, 2024 $686 $437 $234,652
2024 $8,311 $5,160 $234,652
Jan, 2025 $684 $438 $234,213
Feb, 2025 $683 $439 $233,774
Mar, 2025 $682 $441 $233,333
Apr, 2025 $681 $442 $232,891
May, 2025 $679 $443 $232,448
Jun, 2025 $678 $445 $232,003
Jul, 2025 $677 $446 $231,557
Aug, 2025 $675 $447 $231,110
Sep, 2025 $674 $449 $230,661
Oct, 2025 $673 $450 $230,212
Nov, 2025 $671 $451 $229,760
Dec, 2025 $670 $452 $229,308
2025 $8,128 $5,344 $229,308
Jan, 2026 $669 $454 $228,854
Feb, 2026 $667 $455 $228,399
Mar, 2026 $666 $456 $227,943
Apr, 2026 $665 $458 $227,485
May, 2026 $663 $459 $227,026
Jun, 2026 $662 $460 $226,565
Jul, 2026 $661 $462 $226,103
Aug, 2026 $659 $463 $225,640
Sep, 2026 $658 $464 $225,176
Oct, 2026 $657 $466 $224,710
Nov, 2026 $655 $467 $224,243
Dec, 2026 $654 $469 $223,774
2026 $7,938 $5,534 $223,774
Jan, 2027 $653 $470 $223,304
Feb, 2027 $651 $471 $222,833
Mar, 2027 $650 $473 $222,360
Apr, 2027 $649 $474 $221,886
May, 2027 $647 $475 $221,411
Jun, 2027 $646 $477 $220,934
Jul, 2027 $644 $478 $220,456
Aug, 2027 $643 $480 $219,976
Sep, 2027 $642 $481 $219,495
Oct, 2027 $640 $482 $219,013
Nov, 2027 $639 $484 $218,529
Dec, 2027 $637 $485 $218,044
2027 $7,741 $5,731 $218,044
Jan, 2028 $636 $487 $217,557
Feb, 2028 $635 $488 $217,069
Mar, 2028 $633 $489 $216,579
Apr, 2028 $632 $491 $216,088
May, 2028 $630 $492 $215,596
Jun, 2028 $629 $494 $215,102
Jul, 2028 $627 $495 $214,607
Aug, 2028 $626 $497 $214,110
Sep, 2028 $624 $498 $213,612
Oct, 2028 $623 $500 $213,113
Nov, 2028 $622 $501 $212,612
Dec, 2028 $620 $502 $212,109
2028 $7,537 $5,934 $212,109
Jan, 2029 $619 $504 $211,605
Feb, 2029 $617 $505 $211,100
Mar, 2029 $616 $507 $210,593
Apr, 2029 $614 $508 $210,084
May, 2029 $613 $510 $209,575
Jun, 2029 $611 $511 $209,063
Jul, 2029 $610 $513 $208,550
Aug, 2029 $608 $514 $208,036
Sep, 2029 $607 $516 $207,520
Oct, 2029 $605 $517 $207,003
Nov, 2029 $604 $519 $206,484
Dec, 2029 $602 $520 $205,964
2029 $7,326 $6,145 $205,964
Jan, 2030 $601 $522 $205,442
Feb, 2030 $599 $523 $204,918
Mar, 2030 $598 $525 $204,393
Apr, 2030 $596 $526 $203,867
May, 2030 $595 $528 $203,339
Jun, 2030 $593 $530 $202,809
Jul, 2030 $592 $531 $202,278
Aug, 2030 $590 $533 $201,746
Sep, 2030 $588 $534 $201,211
Oct, 2030 $587 $536 $200,676
Nov, 2030 $585 $537 $200,138
Dec, 2030 $584 $539 $199,600
2030 $7,107 $6,364 $199,600
Jan, 2031 $582 $540 $199,059
Feb, 2031 $581 $542 $198,517
Mar, 2031 $579 $544 $197,973
Apr, 2031 $577 $545 $197,428
May, 2031 $576 $547 $196,882
Jun, 2031 $574 $548 $196,333
Jul, 2031 $573 $550 $195,783
Aug, 2031 $571 $552 $195,232
Sep, 2031 $569 $553 $194,678
Oct, 2031 $568 $555 $194,124
Nov, 2031 $566 $556 $193,567
Dec, 2031 $565 $558 $193,009
2031 $6,881 $6,590 $193,009
Jan, 2032 $563 $560 $192,449
Feb, 2032 $561 $561 $191,888
Mar, 2032 $560 $563 $191,325
Apr, 2032 $558 $565 $190,761
May, 2032 $556 $566 $190,194
Jun, 2032 $555 $568 $189,627
Jul, 2032 $553 $570 $189,057
Aug, 2032 $551 $571 $188,486
Sep, 2032 $550 $573 $187,913
Oct, 2032 $548 $575 $187,338
Nov, 2032 $546 $576 $186,762
Dec, 2032 $545 $578 $186,184
2032 $6,647 $6,825 $186,184
Jan, 2033 $543 $580 $185,605
Feb, 2033 $541 $581 $185,023
Mar, 2033 $540 $583 $184,441
Apr, 2033 $538 $585 $183,856
May, 2033 $536 $586 $183,270
Jun, 2033 $535 $588 $182,681
Jul, 2033 $533 $590 $182,092
Aug, 2033 $531 $592 $181,500
Sep, 2033 $529 $593 $180,907
Oct, 2033 $528 $595 $180,312
Nov, 2033 $526 $597 $179,715
Dec, 2033 $524 $598 $179,117
2033 $6,404 $7,068 $179,117
Jan, 2034 $522 $600 $178,517
Feb, 2034 $521 $602 $177,915
Mar, 2034 $519 $604 $177,311
Apr, 2034 $517 $605 $176,706
May, 2034 $515 $607 $176,098
Jun, 2034 $514 $609 $175,489
Jul, 2034 $512 $611 $174,879
Aug, 2034 $510 $613 $174,266
Sep, 2034 $508 $614 $173,652
Oct, 2034 $506 $616 $173,036
Nov, 2034 $505 $618 $172,418
Dec, 2034 $503 $620 $171,798
2034 $6,152 $7,319 $171,798
Jan, 2035 $501 $622 $171,176
Feb, 2035 $499 $623 $170,553
Mar, 2035 $497 $625 $169,928
Apr, 2035 $496 $627 $169,301
May, 2035 $494 $629 $168,672
Jun, 2035 $492 $631 $168,041
Jul, 2035 $490 $632 $167,409
Aug, 2035 $488 $634 $166,775
Sep, 2035 $486 $636 $166,138
Oct, 2035 $485 $638 $165,500
Nov, 2035 $483 $640 $164,860
Dec, 2035 $481 $642 $164,219
2035 $5,892 $7,579 $164,219
Jan, 2036 $479 $644 $163,575
Feb, 2036 $477 $646 $162,929
Mar, 2036 $475 $647 $162,282
Apr, 2036 $473 $649 $161,633
May, 2036 $471 $651 $160,982
Jun, 2036 $470 $653 $160,329
Jul, 2036 $468 $655 $159,674
Aug, 2036 $466 $657 $159,017
Sep, 2036 $464 $659 $158,358
Oct, 2036 $462 $661 $157,697
Nov, 2036 $460 $663 $157,034
Dec, 2036 $458 $665 $156,370
2036 $5,623 $7,849 $156,370
Jan, 2037 $456 $667 $155,703
Feb, 2037 $454 $668 $155,035
Mar, 2037 $452 $670 $154,364
Apr, 2037 $450 $672 $153,692
May, 2037 $448 $674 $153,018
Jun, 2037 $446 $676 $152,341
Jul, 2037 $444 $678 $151,663
Aug, 2037 $442 $680 $150,983
Sep, 2037 $440 $682 $150,301
Oct, 2037 $438 $684 $149,616
Nov, 2037 $436 $686 $148,930
Dec, 2037 $434 $688 $148,242
2037 $5,343 $8,128 $148,242
Jan, 2038 $432 $690 $147,552
Feb, 2038 $430 $692 $146,859
Mar, 2038 $428 $694 $146,165
Apr, 2038 $426 $696 $145,469
May, 2038 $424 $698 $144,770
Jun, 2038 $422 $700 $144,070
Jul, 2038 $420 $702 $143,368
Aug, 2038 $418 $704 $142,663
Sep, 2038 $416 $707 $141,957
Oct, 2038 $414 $709 $141,248
Nov, 2038 $412 $711 $140,538
Dec, 2038 $410 $713 $139,825
2038 $5,054 $8,417 $139,825
Jan, 2039 $408 $715 $139,110
Feb, 2039 $406 $717 $138,393
Mar, 2039 $404 $719 $137,674
Apr, 2039 $402 $721 $136,953
May, 2039 $399 $723 $136,230
Jun, 2039 $397 $725 $135,505
Jul, 2039 $395 $727 $134,777
Aug, 2039 $393 $730 $134,048
Sep, 2039 $391 $732 $133,316
Oct, 2039 $389 $734 $132,582
Nov, 2039 $387 $736 $131,846
Dec, 2039 $385 $738 $131,108
2039 $4,755 $8,716 $131,108
Jan, 2040 $382 $740 $130,368
Feb, 2040 $380 $742 $129,626
Mar, 2040 $378 $745 $128,881
Apr, 2040 $376 $747 $128,135
May, 2040 $374 $749 $127,386
Jun, 2040 $372 $751 $126,635
Jul, 2040 $369 $753 $125,881
Aug, 2040 $367 $755 $125,126
Sep, 2040 $365 $758 $124,368
Oct, 2040 $363 $760 $123,608
Nov, 2040 $361 $762 $122,846
Dec, 2040 $358 $764 $122,082
2040 $4,445 $9,026 $122,082
Jan, 2041 $356 $767 $121,315
Feb, 2041 $354 $769 $120,547
Mar, 2041 $352 $771 $119,776
Apr, 2041 $349 $773 $119,002
May, 2041 $347 $776 $118,227
Jun, 2041 $345 $778 $117,449
Jul, 2041 $343 $780 $116,669
Aug, 2041 $340 $782 $115,887
Sep, 2041 $338 $785 $115,102
Oct, 2041 $336 $787 $114,315
Nov, 2041 $333 $789 $113,526
Dec, 2041 $331 $791 $112,735
2041 $4,124 $9,347 $112,735
Jan, 2042 $329 $794 $111,941
Feb, 2042 $326 $796 $111,145
Mar, 2042 $324 $798 $110,346
Apr, 2042 $322 $801 $109,545
May, 2042 $320 $803 $108,742
Jun, 2042 $317 $805 $107,937
Jul, 2042 $315 $808 $107,129
Aug, 2042 $312 $810 $106,319
Sep, 2042 $310 $813 $105,506
Oct, 2042 $308 $815 $104,691
Nov, 2042 $305 $817 $103,874
Dec, 2042 $303 $820 $103,055
2042 $3,791 $9,680 $103,055
Jan, 2043 $301 $822 $102,233
Feb, 2043 $298 $824 $101,408
Mar, 2043 $296 $827 $100,581
Apr, 2043 $293 $829 $99,752
May, 2043 $291 $832 $98,920
Jun, 2043 $289 $834 $98,086
Jul, 2043 $286 $837 $97,250
Aug, 2043 $284 $839 $96,411
Sep, 2043 $281 $841 $95,569
Oct, 2043 $279 $844 $94,725
Nov, 2043 $276 $846 $93,879
Dec, 2043 $274 $849 $93,030
2043 $3,447 $10,024 $93,030
Jan, 2044 $271 $851 $92,179
Feb, 2044 $269 $854 $91,325
Mar, 2044 $266 $856 $90,469
Apr, 2044 $264 $859 $89,610
May, 2044 $261 $861 $88,749
Jun, 2044 $259 $864 $87,885
Jul, 2044 $256 $866 $87,019
Aug, 2044 $254 $869 $86,150
Sep, 2044 $251 $871 $85,279
Oct, 2044 $249 $874 $84,405
Nov, 2044 $246 $876 $83,529
Dec, 2044 $244 $879 $82,650
2044 $3,091 $10,381 $82,650
Jan, 2045 $241 $882 $81,768
Feb, 2045 $238 $884 $80,884
Mar, 2045 $236 $887 $79,997
Apr, 2045 $233 $889 $79,108
May, 2045 $231 $892 $78,216
Jun, 2045 $228 $894 $77,322
Jul, 2045 $226 $897 $76,424
Aug, 2045 $223 $900 $75,525
Sep, 2045 $220 $902 $74,622
Oct, 2045 $218 $905 $73,717
Nov, 2045 $215 $908 $72,810
Dec, 2045 $212 $910 $71,900
2045 $2,721 $10,750 $71,900
Jan, 2046 $210 $913 $70,987
Feb, 2046 $207 $916 $70,071
Mar, 2046 $204 $918 $69,153
Apr, 2046 $202 $921 $68,232
May, 2046 $199 $924 $67,308
Jun, 2046 $196 $926 $66,382
Jul, 2046 $194 $929 $65,453
Aug, 2046 $191 $932 $64,521
Sep, 2046 $188 $934 $63,587
Oct, 2046 $185 $937 $62,650
Nov, 2046 $183 $940 $61,710
Dec, 2046 $180 $943 $60,767
2046 $2,339 $11,132 $60,767
Jan, 2047 $177 $945 $59,822
Feb, 2047 $174 $948 $58,874
Mar, 2047 $172 $951 $57,923
Apr, 2047 $169 $954 $56,969
May, 2047 $166 $956 $56,013
Jun, 2047 $163 $959 $55,054
Jul, 2047 $161 $962 $54,092
Aug, 2047 $158 $965 $53,127
Sep, 2047 $155 $968 $52,159
Oct, 2047 $152 $970 $51,189
Nov, 2047 $149 $973 $50,215
Dec, 2047 $146 $976 $49,239
2047 $1,943 $11,528 $49,239
Jan, 2048 $144 $979 $48,260
Feb, 2048 $141 $982 $47,278
Mar, 2048 $138 $985 $46,294
Apr, 2048 $135 $988 $45,306
May, 2048 $132 $990 $44,315
Jun, 2048 $129 $993 $43,322
Jul, 2048 $126 $996 $42,326
Aug, 2048 $123 $999 $41,327
Sep, 2048 $121 $1,002 $40,325
Oct, 2048 $118 $1,005 $39,320
Nov, 2048 $115 $1,008 $38,312
Dec, 2048 $112 $1,011 $37,301
2048 $1,533 $11,938 $37,301
Jan, 2049 $109 $1,014 $36,287
Feb, 2049 $106 $1,017 $35,270
Mar, 2049 $103 $1,020 $34,250
Apr, 2049 $100 $1,023 $33,228
May, 2049 $97 $1,026 $32,202
Jun, 2049 $94 $1,029 $31,173
Jul, 2049 $91 $1,032 $30,142
Aug, 2049 $88 $1,035 $29,107
Sep, 2049 $85 $1,038 $28,069
Oct, 2049 $82 $1,041 $27,029
Nov, 2049 $79 $1,044 $25,985
Dec, 2049 $76 $1,047 $24,938
2049 $1,108 $12,363 $24,938
Jan, 2050 $73 $1,050 $23,888
Feb, 2050 $70 $1,053 $22,835
Mar, 2050 $67 $1,056 $21,779
Apr, 2050 $64 $1,059 $20,720
May, 2050 $60 $1,062 $19,658
Jun, 2050 $57 $1,065 $18,593
Jul, 2050 $54 $1,068 $17,524
Aug, 2050 $51 $1,071 $16,453
Sep, 2050 $48 $1,075 $15,378
Oct, 2050 $45 $1,078 $14,300
Nov, 2050 $42 $1,081 $13,219
Dec, 2050 $39 $1,084 $12,135
2050 $669 $12,803 $12,135
Jan, 2051 $35 $1,087 $11,048
Feb, 2051 $32 $1,090 $9,958
Mar, 2051 $29 $1,094 $8,864
Apr, 2051 $26 $1,097 $7,767
May, 2051 $23 $1,100 $6,667
Jun, 2051 $19 $1,103 $5,564
Jul, 2051 $16 $1,106 $4,458
Aug, 2051 $13 $1,110 $3,348
Sep, 2051 $10 $1,113 $2,235
Oct, 2051 $7 $1,116 $1,119
Nov, 2051 $3 $1,119 $0
2051 $213 $12,135 $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.