Mortgage Refinance Calculator - Should You Refinance? | thy.finance

Refinance Details

Required Inputs

Current Loan Balance

$

Current Interest Rate (%)

Years Remaining

New Interest Rate (%)

New Loan Term (Years)

Closing Costs

$

Typically 2-5% of loan amount

Optional Inputs

Cash-Out Amount (Optional)

$

Refinance Analysis

Monthly Savings

$0

Break-Even Point

0 months

Lifetime Savings

$0

New Monthly Payment

$0

Total Interest Saved

$0

Recommendation

-

Understanding Mortgage Refinancing

When to Refinance

Interest rates have dropped at least 0.5-1% below your current rate
Your credit score has improved significantly
You want to switch from an ARM to a fixed-rate mortgage
You need to access home equity for major expenses

Types of Refinancing

Rate-and-Term: Change interest rate or loan term
Cash-Out: Borrow more than you owe and get the difference in cash
Cash-In: Pay down principal to get better terms or eliminate PMI
Streamline: Simplified process for FHA/VA loans

Refinancing Costs to Consider

Application fee: $75-$300
Origination fee: 0.5-1% of loan amount
Appraisal: $300-$700
Title search and insurance: $700-$900
Total closing costs typically: 2-5% of loan amount