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Mortgage Refinance Calculator

How It Works

When interest rates drop or market values rise, it’s a good time to think about refinancing.

First, enter the loan balance, payment, and interest rate for your current loan. Then, select a focus: do you want to reduce your term length or monthly payments? Adjust the term length, interest rate, cash out amounts, and closing costs for the new loan. See how these factors influence your total costs, how much you can save, and when you’ll break-even on monthly savings vs. refinancing costs.

Other Resources

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Refinance your mortgage to lower your monthly payment or interest rate.

Your finances, payment preferences, and the market can change drastically over the years after purchasing a home. Refinancing your mortgage gives you the flexibility to do any of those, plus more.
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Mortgage Estimation Calculator

Looking for a new mortgage? Start with what will impact you most daily. See what your best case mortgage scenario might look like.
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Mortgage Affordability Calculator

It's important to know if monthly mortgage payments will fit your budget. This calculator helps you do just that.

Common FAQs

  • When does it make sense to refinance a mortgage?

    Refinancing your home loan can be a great option to secure a better loan for your current circumstances and future goals. It makes sense to refinance your mortgage if one of these benefits will be helpful for you: securing a lower interest rate, reducing your mortgage term, switching from an adjustable-rate mortgage to a fixed-rate mortgage or vice versa, or borrowing against the equity in your home.

     

  • Is it better to refinance with a credit union?

    In many situations, yes. Refinancing with a credit union can allow you to secure lower interest rates, flexible qualifications, and credit counseling to support you in being financially prepared to qualify and successfully maintain your mortgage.

  • Is a credit union better for mortgages?

    Securing a mortgage through a credit union is preferable for many seeking to purchase a new home or refinance. Credit unions often offer more competitive mortgage rates in Alabama and are more flexible with their terms and conditions.

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