Loan Refinance Calculator

You might refinance to lower your interest rate, reduce monthly payments, switch from a variable to a fixed-rate loan, or shorten/extend the term of the loan. People often refinance to save money, gain payment stability, or free up cash flow for other needs.

You’ll need your:

• Current loan balance

• Current interest rate

• Remaining loan term
  Then you’ll need your proposed:

• New interest rate

• New loan term
  The calculator will instantly show your new monthly payment and monthly savings compared to your existing loan.

The refinance calculator provides close estimates based on the numbers you input. However, real-world results can vary depending on lender fees, closing costs, creditworthiness, and taxes. Always consult with a lender for official quotes.

Not necessarily. While lower interest rates often lead to savings, refinancing costs (like closing fees) can sometimes offset those benefits. Also, extending your loan term might lower payments but increase total interest paid. Always weigh short-term and long-term costs.

Costs may include loan origination fees, application fees, appraisal fees, title insurance, and administrative charges. Some lenders offer no-closing-cost refinance options, but those might come with higher interest rates.

Applying for refinancing may cause a small temporary dip in your credit score because lenders perform a hard credit inquiry. However, making on-time payments after refinancing can strengthen your credit score over time.

For mortgages, many lenders require you to wait at least six months before refinancing. For auto loans and personal loans, you might refinance much sooner. Check with your lender for any restrictions.

It’s possible but more challenging. A lower credit score could mean a higher interest rate when refinancing, reducing the financial benefit. However, if market rates have fallen significantly, you might still save money even with a weaker credit profile.

It depends on your goals. Shortening your term (like moving from 30 years to 15 years) saves you a lot of interest and builds equity faster, but increases monthly payments. Extending your term lowers monthly costs but may result in more interest paid over the life of the loan.

Yes, refinancing typically resets your loan with a new start date and term (e.g., 15 or 30 years for mortgages). It’s important to understand that starting over can extend the amount of time you’re paying interest unless you opt for a shorter term.