When you refinance your mortgage, you open the door to all sorts of potential benefits. Depending on your financial situation, you may want to lower the interest rate on your home loan or decrease your monthly payment amount. Perhaps you want to cash out the equity in your home to make another purchase or consolidate debt.
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.
