Compare mortgage payments, explore cash-out refinancing, or evaluate debt consolidation with our interactive refinance calculator.
Choose your refinancing goal below. The calculator will display the information relevant to your selection.
Actual cash-out limits depend on loan program, occupancy, credit, property value, and lender requirements.
Include only debts you intend to pay off through refinancing. Monthly debt payments should reflect those same obligations. Consolidating debts into a mortgage may increase total interest and puts your home at risk if payments are not made.
Interest rates and financing assumptions are hypothetical and do not represent current iLoan rates or an offer of credit. Closing costs are estimated and may vary.
Review estimated payments, refinancing costs, and results for your selected goal.
A lower monthly payment does not necessarily mean lower total borrowing costs. Closing costs, loan terms, interest, and home equity should be considered.
Results will appear once the calculation engine is activated.
IMPORTANT CALCULATOR DISCLOSURE: This calculator is provided for educational and illustrative purposes only. Interest rates shown or entered are hypothetical and do not represent current iLoan rates, advertised financing terms, or an offer of credit. Results assume fixed interest rates, level scheduled principal-and-interest payments, and the entered loan terms. Actual rates, APR, monthly payments, closing costs, loan eligibility, and financing terms may vary. Current mortgage payment estimates are calculated from the entered outstanding balance, interest rate, and remaining term. They may differ from actual servicer payments. Estimated break-even periods are simplified calculations based on monthly principal-and-interest payment differences and applicable upfront costs. They do not account for every long-term borrowing cost or the time value of money. Cash-out proceeds and loan-to-value estimates are subject to property valuation, program restrictions, underwriting, and closing costs. Debt consolidation may extend the repayment period and increase total interest costs. Converting unsecured debts into mortgage debt secures those obligations against your home, which may be subject to foreclosure if loan obligations are not met. Results are not a Loan Estimate, loan approval, or commitment to lend.
Refinancing can help homeowners explore different mortgage terms, access available equity, or consolidate eligible debts. Understanding the costs and trade-offs can help you compare your options.
A rate-and-term refinance replaces your existing mortgage with a new loan, generally without substantial cash proceeds. Homeowners may refinance to seek a different interest rate, repayment term, or loan structure. Compare monthly payments, closing costs, remaining loan terms, and total interest before deciding.
A cash-out refinance replaces an existing mortgage with a larger loan that may provide additional funds at closing. Available proceeds depend on property value, existing liens, loan-to-value limits, and lender requirements. Cash-out refinancing increases mortgage debt and generally reduces available home equity.
Debt consolidation refinancing may allow eligible debts to be paid through mortgage proceeds. This may reduce combined monthly payments, but extending repayment can increase total interest. Converting unsecured debts into mortgage debt also places the home at risk if required payments are not made.
A simplified refinance break-even calculation divides upfront refinancing costs by the monthly principal-and-interest payment reduction. For example, if a refinance has $5,000 in upfront costs and reduces the monthly payment by $200, the simplified payment-based break-even period is 25 months. However, this does not necessarily mean the refinance produces $200 in true monthly economic savings. A longer loan term can reduce payments while increasing total interest.
Helpful Tip: When comparing refinancing options, review more than the monthly payment. Consider the new loan term, remaining mortgage balance, closing costs, total interest, home equity, and how long you expect to keep the property.
All examples are hypothetical and provided for educational purposes. Actual refinancing terms, interest rates, APR, loan costs, cash-out proceeds, and eligibility depend on lender and program requirements. The break-even example is a simplified payment-based comparison, not a comprehensive financial savings analysis. Refinancing may increase total borrowing costs or extend the repayment period. This content is not an offer of credit, loan approval, or commitment to lend.
Find answers to common questions about refinancing, home equity, closing costs, debt consolidation, and mortgage savings.
A rate-and-term refinance replaces an existing mortgage with a new loan, generally without substantial cash proceeds to the homeowner.
Homeowners may refinance to change their interest rate, repayment term, or mortgage structure. Compare closing costs, payments, remaining loan terms, and total borrowing costs.
Potential savings depend on your existing mortgage balance, interest rate, remaining term, proposed loan terms, and refinancing costs.
A lower monthly payment does not always mean lower total interest. Extending your repayment period can reduce monthly payments while increasing overall borrowing costs.
A cash-out refinance replaces your existing mortgage with a larger loan and may provide additional funds from available home equity.
Actual proceeds depend on the appraised property value, outstanding liens, loan-to-value restrictions, program requirements, and closing costs.
Depending on your qualifications and available equity, a cash-out refinance may allow you to pay eligible credit card balances or other debts.
Consolidation may lower combined monthly payments, but it may extend repayment and increase total interest. Moving unsecured debts into a mortgage also puts your home at risk if you cannot make the required payments.
A simplified payment-based break-even calculation divides upfront refinance costs by the monthly payment reduction.
For example, $5,000 in upfront costs divided by a $200 monthly payment reduction equals 25 months.
This is not a complete measure of economic savings, particularly when refinancing extends the loan term. Interest costs, remaining balances, and the expected time in the home should also be evaluated.
Refinancing costs may include lender charges, appraisal fees, title services, recording costs, prepaid interest, and other applicable transaction expenses.
Costs depend on the loan program, property, lender, and financing structure. Some costs may be financed when permitted, which increases the loan balance.
Not always. Some refinance transactions may qualify for appraisal waivers or alternative valuation methods, depending on the loan program and lender.
Other refinances require a new appraisal or property valuation. The lender determines applicable requirements during underwriting.
No. Using this calculator does not require a credit application or credit inquiry.
If you decide to apply for refinancing, a lender may obtain your credit report as part of the application and underwriting process.
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