Refinance Mortgage Calculator & Helpful Tools

Interest rates and home values fluctuate frequently. That can make it a challenge to decide whether to refinance your mortgage. Let us help you remove some of the guesswork. Enter the specifics about your current mortgage and home value. Then add in numbers for the new loan term, interest rate and closing costs. You can determine how much refinancing can save you and the number of months it might take to break even on closing costs with a reduced monthly payment.

Below, you will find our easy-to-use refinance mortgage calculator. This calculator can give you an estimate for mortgage rates and home loans, and it can show you readjusted total interest over the life of your loan.

Using the calculator is easy. Simply enter the details of your current mortgage and home value. Then, add in numbers for the new loan term, interest rate, and closing costs. You can determine how much refinancing can save you and the number of months it might take to break even on closing costs with a reduced monthly payment.

To get the most accurate refinancing numbers, please ensure that you have your appraised value of your home, your property taxes, the original loan amount, insurance costs, and the number of payments you have made on your current mortgage.

Information and interactive calculators are made available to you as self-help tools for your independent use and are not intended to provide investment advice. We cannot and do not guarantee their applicability or accuracy in regards to your individual circumstances. All examples are hypothetical and are for illustrative purposes. We encourage you to seek personalized advice from qualified professionals regarding all personal finance issues.

Why Refinance Your Mortgage?

One of the most common reasons homeowners choose to refinance is to lower their interest rate. By refinancing, you could receive a lower fixed interest rate that significantly reduces your payments quoted in the original rate. Your new interest rate may include a shortened loan term, which also lowers the total interest paid.

If you are eligible to refinance your mortgage, the original terms of your loan will be adjusted into your new loan terms. This could mean an improvement for your interest, your mortgage balance, and your monthly private mortgage insurance rates. In some cases, you may potentially be eligible to eliminate your mortgage insurance entirely. 

Other common reasons to refinance may include:
 
  • The value of your home has gone up since the original loan was obtained
  • Your credit score has significantly improved
  • Converting adjustable-rate mortgages to fixed-rate mortgages
  • Consolidating debt through refinancing

If you are looking for an affordable and competitive home mortgage or refinanced loan, consider working with a loan officer from Arbor Financial CU.

How To Refinance

If you are already a homeowner, refinancing will feel like deja-vu. The refinance process is very similar to applying for your first purchase mortgage. When you apply, you will still need to qualify for your specific type of mortgage, secure an interest rate, and cover closing costs as necessary. 

Using our mortgage refinance calculator, you can get a fairly accurate idea of what a refinanced loan may look like for you. If you have decided that refinancing is the right option, there are some simple steps to ensure that you get the most from your refinanced mortgage.

When applying to refinance your mortgage, make sure that you consider the following:
 
  1. Determining your financial goals 
  2. Shopping around for the right type of mortgage
  3. Talking to a mortgage lender for the best interest rates
  4. Securing your interest rate 
  5. Agreeing upon loan terms and finalizing your loan

Unlock Possibilities With Our Refinance Mortgage Calculator 

Your needs for refinancing your mortgage will vary, but an experienced loan professional from Arbor Financial CU can guide you in getting the most out of your refinanced home loan. We can discuss all of the benefits of refinancing and discover new monthly payments and rates fit for your goals.

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