Department of Labor Federal Credit Union

Should I Refinance My Home?

Now is the time to lock in a low interest rate for the period of your home loan. Refinancing your home could result in lower monthly payments, or even paying off your loan sooner while still making the same monthly payment. Use this calculator to determine if refinancing your home makes sense for you.

Current Mortgage

Original Loan Amount:
Current Mortgage Type:
Mortgage Term (Years):
Current Interest Rate:

New Mortgage

New Loan Amount:
New Mortgage Type:
New Mortgage Term (Years):
New Interest Rate:
Discount Points:
Origination Points:
Closing Costs:
(not including points)
Years to sell or refinance:

Property Information

Appraised Value:
Yearly Property Taxes:
Yearly Property Insurance:

Original Loan Amount

Enter the current loan amount of your current mortgage.

Current Interest Rate

Enter the current interest rate on your mortgage.

Current Mortgage Term

Enter the current term of your mortgage in years.

New Mortgage Term

Enter the new term of your mortgage in years.

New Loan Amount

Enter the loan amount of new mortgage. Including any cash back you want to take out. Do not add closing costs here. We will calculate them for you.

New Interest Rate

Enter the interest rate on your new mortgage.

Discount Points

Discount points are a form of pre-paid interest that you can pay as a means of obtaining a lower mortgage interest rate. One point equals 1% of the loan amount. Enter the discount points on your new mortgage.

Originination Points

Origination points are a fee that a lender charges for originating the mortgage. The average origination fee equals one percent of the loan amount. You don't necessarily have to pay origination points, but if you don't pay this upfront fee, you can expect to get a higher interest rate on your mortgage. Enter the origination points on your new mortgage.

Closing Costs

Enter any closing costs including apprasials, settlement fees, etc. Do not include origination or discount points.

Years to Sell or Refinance

Enter the number of years you plan to hold this mortgage before you either sell the property, refi or pay it off.

Yearly Property Taxes

Enter your estimated yearly property taxes for your new mortgage. Property taxes are usually calculated as a percentage of your home's assessed value. For example, if you pay 0.5% in property taxes of the assessed value, a home assessed at $270,000 would have a yearly property tax bill of $1,350.

Yearly Property Insurance

Enter your estimated property insurance for your new mortgage. Lenders require that you carry home owners insurance on the property to protect their investment should a catastrophic accident occur.

Appraised Property Value

Enter the appraised value of your property. This value is used to determine if you need to pay mortgage insurance. Lenders require mortgage insurance if your loan to value ratio is less than 20%.


Department of Labor Federal Credit Union

Serving employees and contractors who work for the Department of Labor, their families and associated organizations. See website for details.

200 Constitution Ave
Rm S-3220
Washington, DC 20210-0001
(202) 789-2901

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