Refinance Calculator
Calculate refinancing benefits and compare loan terms to make informed decisions
đ Current Loan Details
đ New Loan Details
đ Refinance Analysis
Refinance Analysis
| Current Loan | New Loan | |
|---|---|---|
| Monthly Payment | $0 | $0 |
| Interest Rate | 0.00% | 0.00% |
| Loan Term | 0 years | 0 years |
| Total Interest | $0 | $0 |
| Total Cost | $0 | $0 |
Refinance Costs
Understanding Refinancing
What is Loan Refinancing?
Loan refinancing involves taking out a new loan, usually with more favorable terms, to pay off an existing loan. This process can help you save money on interest, reduce monthly payments, or access cash from your home's equity.
Common Reasons to Refinance
đ° Save Money
Lower interest rates or improved credit score can qualify you for better terms, reducing your monthly payments and total interest paid.
đĩ Access Cash
Cash-out refinancing allows you to borrow against your home's equity for home improvements, debt consolidation, or other expenses.
đ Lower Payments
Extend your loan term to reduce monthly payments, though this may increase the total interest paid over the life of the loan.
⥠Shorten Term
Switch to a shorter loan term to pay off your mortgage faster and save significantly on total interest costs.
Refinance Costs to Consider
- âĸ Application Fee: Typically 1% of loan amount
- âĸ Home Appraisal: Usually $300-$500
- âĸ Origination Fee: 0-2% of loan amount
- âĸ Title Search & Insurance: $300-$800
- âĸ Recording Fees: $50-$300
- âĸ Inspection Fees: $200-$500