Should I Refinance My Home?
Calculator

Original Loan Amount

Enter the current loan amount of your current mortgage.

Current Interest Rate

Enter the current interest rate on your mortgage.

Years Paid

Enter the total number of years you have been paying your mortgage.

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.

Loan Term

Enter the new loan term. The shorter the loan term the larger your payment is going to be, but you can pay off your loan faster.

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%.