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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Jan, 2022 Dec, 2051
Loan Closing Loan Payoff

Compare Virginia Refinance Rates

740-850 FICO UP TO 2.0 POINTS

JAN 17, 2022

 
3.252%
APR
$1,071
per month
30 Year
Fixed
Rate: 3.125%
Fees: $4,062
Points: 1.625
Lock: 30 days
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3.055%
APR
$1,038
per month
30 Year
Fixed
Rate: 2.875%
Fees: $5,820
Points: 1.930
Lock: 30 days
View Details
3.517%
APR
$1,106
per month
30 Year
Fixed
Rate: 3.375%
Fees: $4,472
Points: 1.449
Lock: 45 days
View Details
3.528%
APR
$1,106
per month
30 Year
Fixed
Rate: 3.375%
Fees: $4,818
Points: 1.927
Lock: 60 days
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3.453%
APR
$1,089
per month
30 Year
Fixed
Rate: 3.250%
Fees: $6,452
Points: 1.929
Lock: 30 days
View Details
3.055%
APR
$1,038
per month
30 Year
Fixed
Rate: 2.875%
Fees: $5,820
Points: 1.930
Lock: 30 days
View Details
3.499%
APR
$1,106
per month
30 Year
Fixed
Rate: 3.375%
Fees: $3,892
Points: 1.557
Lock: 45 days
View Details
3.826%
APR
$1,141
per month
30 Year
Fixed
Rate: 3.625%
Fees: $6,250
Points: 2.000
Lock: 30 days
View Details
3.502%
APR
$1,106
per month
30 Year
Fixed
Rate: 3.375%
Fees: $3,985
Points: 1.594
Lock: 45 days
View Details
3.517%
APR
$1,106
per month
30 Year
Fixed
Rate: 3.375%
Fees: $4,472
Points: 1.449
Lock: 45 days
View Details
3.953%
APR
$1,158
per month
30 Year
Fixed
Rate: 3.750%
Fees: $6,250
Points: 2.000
Lock: 30 days
View Details
3.033%
APR
$1,038
per month
30 Year
Fixed
Rate: 2.875%
Fees: $5,120
Points: 1.970
Lock: 30 days
View Details
3.252%
APR
$1,071
per month
30 Year
Fixed
Rate: 3.125%
Fees: $4,062
Points: 1.625
Lock: 30 days
View Details
3.777%
APR
$1,141
per month
30 Year
Fixed
Rate: 3.625%
Fees: $4,718
Points: 1.569
Lock: 45 days
View Details
3.120%
APR
$1,053
per month
30 Year
Fixed
Rate: 2.990%
Fees: $4,170
Points: 1.668
Lock: 45 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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  • Refi from your sofa. 100% online - no paperwork
  • The surprisingly simple refi. Apply easily in 15 minutes
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  • Refinance your home
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  • See if you could save on your loan with a lower interest rate
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Amortization Schedule

Date Interest Principal Balance
Jan, 2022 $729 $393 $249,607
Feb, 2022 $728 $395 $249,212
Mar, 2022 $727 $396 $248,816
Apr, 2022 $726 $397 $248,419
May, 2022 $725 $398 $248,021
Jun, 2022 $723 $399 $247,622
Jul, 2022 $722 $400 $247,222
Aug, 2022 $721 $402 $246,820
Sep, 2022 $720 $403 $246,417
Oct, 2022 $719 $404 $246,014
Nov, 2022 $718 $405 $245,608
Dec, 2022 $716 $406 $245,202
2022 $8,674 $4,798 $245,202
Jan, 2023 $715 $407 $244,795
Feb, 2023 $714 $409 $244,386
Mar, 2023 $713 $410 $243,976
Apr, 2023 $712 $411 $243,565
May, 2023 $710 $412 $243,153
Jun, 2023 $709 $413 $242,740
Jul, 2023 $708 $415 $242,325
Aug, 2023 $707 $416 $241,909
Sep, 2023 $706 $417 $241,492
Oct, 2023 $704 $418 $241,074
Nov, 2023 $703 $419 $240,654
Dec, 2023 $702 $421 $240,234
2023 $8,503 $4,968 $240,234
Jan, 2024 $701 $422 $239,812
Feb, 2024 $699 $423 $239,389
Mar, 2024 $698 $424 $238,964
Apr, 2024 $697 $426 $238,539
May, 2024 $696 $427 $238,112
Jun, 2024 $694 $428 $237,684
Jul, 2024 $693 $429 $237,254
Aug, 2024 $692 $431 $236,824
Sep, 2024 $691 $432 $236,392
Oct, 2024 $689 $433 $235,959
Nov, 2024 $688 $434 $235,524
Dec, 2024 $687 $436 $235,089
2024 $8,326 $5,145 $235,089
Jan, 2025 $686 $437 $234,652
Feb, 2025 $684 $438 $234,213
Mar, 2025 $683 $439 $233,774
Apr, 2025 $682 $441 $233,333
May, 2025 $681 $442 $232,891
Jun, 2025 $679 $443 $232,448
Jul, 2025 $678 $445 $232,003
Aug, 2025 $677 $446 $231,557
Sep, 2025 $675 $447 $231,110
Oct, 2025 $674 $449 $230,661
Nov, 2025 $673 $450 $230,212
Dec, 2025 $671 $451 $229,760
2025 $8,143 $5,328 $229,760
Jan, 2026 $670 $452 $229,308
Feb, 2026 $669 $454 $228,854
Mar, 2026 $667 $455 $228,399
Apr, 2026 $666 $456 $227,943
May, 2026 $665 $458 $227,485
Jun, 2026 $663 $459 $227,026
Jul, 2026 $662 $460 $226,565
Aug, 2026 $661 $462 $226,103
Sep, 2026 $659 $463 $225,640
Oct, 2026 $658 $464 $225,176
Nov, 2026 $657 $466 $224,710
Dec, 2026 $655 $467 $224,243
2026 $7,954 $5,518 $224,243
Jan, 2027 $654 $469 $223,774
Feb, 2027 $653 $470 $223,304
Mar, 2027 $651 $471 $222,833
Apr, 2027 $650 $473 $222,360
May, 2027 $649 $474 $221,886
Jun, 2027 $647 $475 $221,411
Jul, 2027 $646 $477 $220,934
Aug, 2027 $644 $478 $220,456
Sep, 2027 $643 $480 $219,976
Oct, 2027 $642 $481 $219,495
Nov, 2027 $640 $482 $219,013
Dec, 2027 $639 $484 $218,529
2027 $7,757 $5,714 $218,529
Jan, 2028 $637 $485 $218,044
Feb, 2028 $636 $487 $217,557
Mar, 2028 $635 $488 $217,069
Apr, 2028 $633 $489 $216,579
May, 2028 $632 $491 $216,088
Jun, 2028 $630 $492 $215,596
Jul, 2028 $629 $494 $215,102
Aug, 2028 $627 $495 $214,607
Sep, 2028 $626 $497 $214,110
Oct, 2028 $624 $498 $213,612
Nov, 2028 $623 $500 $213,113
Dec, 2028 $622 $501 $212,612
2028 $7,554 $5,917 $212,612
Jan, 2029 $620 $502 $212,109
Feb, 2029 $619 $504 $211,605
Mar, 2029 $617 $505 $211,100
Apr, 2029 $616 $507 $210,593
May, 2029 $614 $508 $210,084
Jun, 2029 $613 $510 $209,575
Jul, 2029 $611 $511 $209,063
Aug, 2029 $610 $513 $208,550
Sep, 2029 $608 $514 $208,036
Oct, 2029 $607 $516 $207,520
Nov, 2029 $605 $517 $207,003
Dec, 2029 $604 $519 $206,484
2029 $7,344 $6,128 $206,484
Jan, 2030 $602 $520 $205,964
Feb, 2030 $601 $522 $205,442
Mar, 2030 $599 $523 $204,918
Apr, 2030 $598 $525 $204,393
May, 2030 $596 $526 $203,867
Jun, 2030 $595 $528 $203,339
Jul, 2030 $593 $530 $202,809
Aug, 2030 $592 $531 $202,278
Sep, 2030 $590 $533 $201,746
Oct, 2030 $588 $534 $201,211
Nov, 2030 $587 $536 $200,676
Dec, 2030 $585 $537 $200,138
2030 $7,126 $6,346 $200,138
Jan, 2031 $584 $539 $199,600
Feb, 2031 $582 $540 $199,059
Mar, 2031 $581 $542 $198,517
Apr, 2031 $579 $544 $197,973
May, 2031 $577 $545 $197,428
Jun, 2031 $576 $547 $196,882
Jul, 2031 $574 $548 $196,333
Aug, 2031 $573 $550 $195,783
Sep, 2031 $571 $552 $195,232
Oct, 2031 $569 $553 $194,678
Nov, 2031 $568 $555 $194,124
Dec, 2031 $566 $556 $193,567
2031 $6,900 $6,571 $193,567
Jan, 2032 $565 $558 $193,009
Feb, 2032 $563 $560 $192,449
Mar, 2032 $561 $561 $191,888
Apr, 2032 $560 $563 $191,325
May, 2032 $558 $565 $190,761
Jun, 2032 $556 $566 $190,194
Jul, 2032 $555 $568 $189,627
Aug, 2032 $553 $570 $189,057
Sep, 2032 $551 $571 $188,486
Oct, 2032 $550 $573 $187,913
Nov, 2032 $548 $575 $187,338
Dec, 2032 $546 $576 $186,762
2032 $6,666 $6,805 $186,762
Jan, 2033 $545 $578 $186,184
Feb, 2033 $543 $580 $185,605
Mar, 2033 $541 $581 $185,023
Apr, 2033 $540 $583 $184,441
May, 2033 $538 $585 $183,856
Jun, 2033 $536 $586 $183,270
Jul, 2033 $535 $588 $182,681
Aug, 2033 $533 $590 $182,092
Sep, 2033 $531 $592 $181,500
Oct, 2033 $529 $593 $180,907
Nov, 2033 $528 $595 $180,312
Dec, 2033 $526 $597 $179,715
2033 $6,424 $7,047 $179,715
Jan, 2034 $524 $598 $179,117
Feb, 2034 $522 $600 $178,517
Mar, 2034 $521 $602 $177,915
Apr, 2034 $519 $604 $177,311
May, 2034 $517 $605 $176,706
Jun, 2034 $515 $607 $176,098
Jul, 2034 $514 $609 $175,489
Aug, 2034 $512 $611 $174,879
Sep, 2034 $510 $613 $174,266
Oct, 2034 $508 $614 $173,652
Nov, 2034 $506 $616 $173,036
Dec, 2034 $505 $618 $172,418
2034 $6,174 $7,298 $172,418
Jan, 2035 $503 $620 $171,798
Feb, 2035 $501 $622 $171,176
Mar, 2035 $499 $623 $170,553
Apr, 2035 $497 $625 $169,928
May, 2035 $496 $627 $169,301
Jun, 2035 $494 $629 $168,672
Jul, 2035 $492 $631 $168,041
Aug, 2035 $490 $632 $167,409
Sep, 2035 $488 $634 $166,775
Oct, 2035 $486 $636 $166,138
Nov, 2035 $485 $638 $165,500
Dec, 2035 $483 $640 $164,860
2035 $5,914 $7,557 $164,860
Jan, 2036 $481 $642 $164,219
Feb, 2036 $479 $644 $163,575
Mar, 2036 $477 $646 $162,929
Apr, 2036 $475 $647 $162,282
May, 2036 $473 $649 $161,633
Jun, 2036 $471 $651 $160,982
Jul, 2036 $470 $653 $160,329
Aug, 2036 $468 $655 $159,674
Sep, 2036 $466 $657 $159,017
Oct, 2036 $464 $659 $158,358
Nov, 2036 $462 $661 $157,697
Dec, 2036 $460 $663 $157,034
2036 $5,645 $7,826 $157,034
Jan, 2037 $458 $665 $156,370
Feb, 2037 $456 $667 $155,703
Mar, 2037 $454 $668 $155,035
Apr, 2037 $452 $670 $154,364
May, 2037 $450 $672 $153,692
Jun, 2037 $448 $674 $153,018
Jul, 2037 $446 $676 $152,341
Aug, 2037 $444 $678 $151,663
Sep, 2037 $442 $680 $150,983
Oct, 2037 $440 $682 $150,301
Nov, 2037 $438 $684 $149,616
Dec, 2037 $436 $686 $148,930
2037 $5,367 $8,104 $148,930
Jan, 2038 $434 $688 $148,242
Feb, 2038 $432 $690 $147,552
Mar, 2038 $430 $692 $146,859
Apr, 2038 $428 $694 $146,165
May, 2038 $426 $696 $145,469
Jun, 2038 $424 $698 $144,770
Jul, 2038 $422 $700 $144,070
Aug, 2038 $420 $702 $143,368
Sep, 2038 $418 $704 $142,663
Oct, 2038 $416 $707 $141,957
Nov, 2038 $414 $709 $141,248
Dec, 2038 $412 $711 $140,538
2038 $5,079 $8,393 $140,538
Jan, 2039 $410 $713 $139,825
Feb, 2039 $408 $715 $139,110
Mar, 2039 $406 $717 $138,393
Apr, 2039 $404 $719 $137,674
May, 2039 $402 $721 $136,953
Jun, 2039 $399 $723 $136,230
Jul, 2039 $397 $725 $135,505
Aug, 2039 $395 $727 $134,777
Sep, 2039 $393 $730 $134,048
Oct, 2039 $391 $732 $133,316
Nov, 2039 $389 $734 $132,582
Dec, 2039 $387 $736 $131,846
2039 $4,780 $8,691 $131,846
Jan, 2040 $385 $738 $131,108
Feb, 2040 $382 $740 $130,368
Mar, 2040 $380 $742 $129,626
Apr, 2040 $378 $745 $128,881
May, 2040 $376 $747 $128,135
Jun, 2040 $374 $749 $127,386
Jul, 2040 $372 $751 $126,635
Aug, 2040 $369 $753 $125,881
Sep, 2040 $367 $755 $125,126
Oct, 2040 $365 $758 $124,368
Nov, 2040 $363 $760 $123,608
Dec, 2040 $361 $762 $122,846
2040 $4,471 $9,000 $122,846
Jan, 2041 $358 $764 $122,082
Feb, 2041 $356 $767 $121,315
Mar, 2041 $354 $769 $120,547
Apr, 2041 $352 $771 $119,776
May, 2041 $349 $773 $119,002
Jun, 2041 $347 $776 $118,227
Jul, 2041 $345 $778 $117,449
Aug, 2041 $343 $780 $116,669
Sep, 2041 $340 $782 $115,887
Oct, 2041 $338 $785 $115,102
Nov, 2041 $336 $787 $114,315
Dec, 2041 $333 $789 $113,526
2041 $4,151 $9,320 $113,526
Jan, 2042 $331 $791 $112,735
Feb, 2042 $329 $794 $111,941
Mar, 2042 $326 $796 $111,145
Apr, 2042 $324 $798 $110,346
May, 2042 $322 $801 $109,545
Jun, 2042 $320 $803 $108,742
Jul, 2042 $317 $805 $107,937
Aug, 2042 $315 $808 $107,129
Sep, 2042 $312 $810 $106,319
Oct, 2042 $310 $813 $105,506
Nov, 2042 $308 $815 $104,691
Dec, 2042 $305 $817 $103,874
2042 $3,820 $9,652 $103,874
Jan, 2043 $303 $820 $103,055
Feb, 2043 $301 $822 $102,233
Mar, 2043 $298 $824 $101,408
Apr, 2043 $296 $827 $100,581
May, 2043 $293 $829 $99,752
Jun, 2043 $291 $832 $98,920
Jul, 2043 $289 $834 $98,086
Aug, 2043 $286 $837 $97,250
Sep, 2043 $284 $839 $96,411
Oct, 2043 $281 $841 $95,569
Nov, 2043 $279 $844 $94,725
Dec, 2043 $276 $846 $93,879
2043 $3,476 $9,995 $93,879
Jan, 2044 $274 $849 $93,030
Feb, 2044 $271 $851 $92,179
Mar, 2044 $269 $854 $91,325
Apr, 2044 $266 $856 $90,469
May, 2044 $264 $859 $89,610
Jun, 2044 $261 $861 $88,749
Jul, 2044 $259 $864 $87,885
Aug, 2044 $256 $866 $87,019
Sep, 2044 $254 $869 $86,150
Oct, 2044 $251 $871 $85,279
Nov, 2044 $249 $874 $84,405
Dec, 2044 $246 $876 $83,529
2044 $3,121 $10,351 $83,529
Jan, 2045 $244 $879 $82,650
Feb, 2045 $241 $882 $81,768
Mar, 2045 $238 $884 $80,884
Apr, 2045 $236 $887 $79,997
May, 2045 $233 $889 $79,108
Jun, 2045 $231 $892 $78,216
Jul, 2045 $228 $894 $77,322
Aug, 2045 $226 $897 $76,424
Sep, 2045 $223 $900 $75,525
Oct, 2045 $220 $902 $74,622
Nov, 2045 $218 $905 $73,717
Dec, 2045 $215 $908 $72,810
2045 $2,753 $10,719 $72,810
Jan, 2046 $212 $910 $71,900
Feb, 2046 $210 $913 $70,987
Mar, 2046 $207 $916 $70,071
Apr, 2046 $204 $918 $69,153
May, 2046 $202 $921 $68,232
Jun, 2046 $199 $924 $67,308
Jul, 2046 $196 $926 $66,382
Aug, 2046 $194 $929 $65,453
Sep, 2046 $191 $932 $64,521
Oct, 2046 $188 $934 $63,587
Nov, 2046 $185 $937 $62,650
Dec, 2046 $183 $940 $61,710
2046 $2,371 $11,100 $61,710
Jan, 2047 $180 $943 $60,767
Feb, 2047 $177 $945 $59,822
Mar, 2047 $174 $948 $58,874
Apr, 2047 $172 $951 $57,923
May, 2047 $169 $954 $56,969
Jun, 2047 $166 $956 $56,013
Jul, 2047 $163 $959 $55,054
Aug, 2047 $161 $962 $54,092
Sep, 2047 $158 $965 $53,127
Oct, 2047 $155 $968 $52,159
Nov, 2047 $152 $970 $51,189
Dec, 2047 $149 $973 $50,215
2047 $1,977 $11,495 $50,215
Jan, 2048 $146 $976 $49,239
Feb, 2048 $144 $979 $48,260
Mar, 2048 $141 $982 $47,278
Apr, 2048 $138 $985 $46,294
May, 2048 $135 $988 $45,306
Jun, 2048 $132 $990 $44,315
Jul, 2048 $129 $993 $43,322
Aug, 2048 $126 $996 $42,326
Sep, 2048 $123 $999 $41,327
Oct, 2048 $121 $1,002 $40,325
Nov, 2048 $118 $1,005 $39,320
Dec, 2048 $115 $1,008 $38,312
2048 $1,568 $11,904 $38,312
Jan, 2049 $112 $1,011 $37,301
Feb, 2049 $109 $1,014 $36,287
Mar, 2049 $106 $1,017 $35,270
Apr, 2049 $103 $1,020 $34,250
May, 2049 $100 $1,023 $33,228
Jun, 2049 $97 $1,026 $32,202
Jul, 2049 $94 $1,029 $31,173
Aug, 2049 $91 $1,032 $30,142
Sep, 2049 $88 $1,035 $29,107
Oct, 2049 $85 $1,038 $28,069
Nov, 2049 $82 $1,041 $27,029
Dec, 2049 $79 $1,044 $25,985
2049 $1,144 $12,327 $25,985
Jan, 2050 $76 $1,047 $24,938
Feb, 2050 $73 $1,050 $23,888
Mar, 2050 $70 $1,053 $22,835
Apr, 2050 $67 $1,056 $21,779
May, 2050 $64 $1,059 $20,720
Jun, 2050 $60 $1,062 $19,658
Jul, 2050 $57 $1,065 $18,593
Aug, 2050 $54 $1,068 $17,524
Sep, 2050 $51 $1,071 $16,453
Oct, 2050 $48 $1,075 $15,378
Nov, 2050 $45 $1,078 $14,300
Dec, 2050 $42 $1,081 $13,219
2050 $706 $12,765 $13,219
Jan, 2051 $39 $1,084 $12,135
Feb, 2051 $35 $1,087 $11,048
Mar, 2051 $32 $1,090 $9,958
Apr, 2051 $29 $1,094 $8,864
May, 2051 $26 $1,097 $7,767
Jun, 2051 $23 $1,100 $6,667
Jul, 2051 $19 $1,103 $5,564
Aug, 2051 $16 $1,106 $4,458
Sep, 2051 $13 $1,110 $3,348
Oct, 2051 $10 $1,113 $2,235
Nov, 2051 $7 $1,116 $1,119
Dec, 2051 $3 $1,119 $0
2051 $252 $13,219 $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.