For Buyers / Refinance
Mortgage Refinance Guide & Calculator
Refinancing replaces your current loan with a new one, to lower the rate, change the term, or pull cash out. Here is when it pays off and how to estimate the new payment.
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Types of refinance
- Rate-and-term: lower your rate or change the length.
- Cash-out: borrow against equity for other goals.
- Streamline: VA IRRRL and FHA streamline reduce paperwork for existing government loans.
When refinancing makes sense
Compare your current payment to the new one and weigh the closing costs against the monthly savings to find your break-even point. If you keep the loan past break-even, you come out ahead.
Run your numbers. The calculator matches loan types to your situation and shows the cost of each.
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Frequently asked questions
When is refinancing worth it?
When the monthly savings recover the closing costs within a time you plan to keep the loan, or when you need to change the term or pull cash out.
What is a cash-out refinance?
A refinance for more than you owe, giving you the difference in cash, secured by your home equity.
What is a VA IRRRL?
A VA streamline refinance that lowers a rate on an existing VA loan with reduced paperwork and a small funding fee.
Does refinancing reset my loan?
It starts a new term, so a fresh 30-year loan restarts the clock. A shorter term can save interest.
Important disclosures. LoanFitCalc is a free educational tool that provides estimates only. It is not a loan, a loan approval, a commitment to lend, a rate lock, or an offer to make a loan, and it does not provide financial, legal, or tax advice or recommend a specific loan for you. Mortgage insurance rates, funding and guarantee fees, loan limits, taxes, and insurance figures are typical published values used for estimation and are subject to change. Program eligibility rules are summarized and simplified. Actual terms depend on your full application, credit, property, and lender underwriting. Consult a licensed mortgage loan originator before making any decision. LoanFitCalc is an independent educational website and is not a lender. ⌂ Equal Housing Opportunity
