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A refinance can lower your payment, shorten your loan term, remove mortgage insurance, or help you access home equity. But refinancing is not always the right move. This calculator helps you compare the numbers before you make a decision.
Compare your current payment to a new refinance estimate.
See how long it may take to recover your closing costs.
Find out whether you are truly saving money or just lowering the payment.
Compare lower payment, same payoff date, cash-out, FHA-to-conventional, VA refinance, and more.
Compare your current mortgage payment against a new refinance estimate so you can see how much your payment may change each month.
Closing costs matter. The calculator estimates how many months it may take for your monthly savings to recover the cost of refinancing.
A refinance can lower your payment while increasing your total interest if you restart the loan over a longer term. This calculator helps you see the difference.
This isn't your grandpa's bank calculator. We designed this as an all-around real refinance tool using years of our experience and with conversations we have with homeowners every day — not just basic payment math.
Add your remaining mortgage balance, current interest rate, years remaining, current loan type, and estimated home value.
Adjust the new rate, loan term, closing costs, and refinance goal to compare different options.
See your estimated new payment, monthly savings, break-even period, lifetime interest difference, and refinance verdict.
If the numbers look promising, Andes Mortgage can show you refinance options and interest rates and help you decide whether refinancing is actually worth it.
People refinance for different reasons. The “best” refinance depends on your goal, your current loan, your home equity, and how long you plan to keep the property.
A rate-and-term refinance may help reduce your monthly mortgage payment if your new rate, loan term, or mortgage insurance costs are lower than your current loan.
This can be useful if you want more breathing room in your monthly budget.
A cash-out refinance lets you replace your current mortgage with a larger new loan and receive part of your home equity as cash.
Homeowners may use this for debt consolidation, home improvements, investing, reserves, or other financial goals.
If you have high-interest credit cards, personal loans, or other monthly debts, a refinance may help consolidate those payments into one mortgage payment.
The goal is not just to lower the rate — it is to improve the full monthly cash flow picture.
Refinancing into a shorter loan term, such as a 15-year or 20-year mortgage, may help you build equity faster and reduce lifetime interest.
Your payment may increase, but the long-term savings can be significant.
If your home value has increased or your loan balance has dropped, you may be able to refinance out of mortgage insurance.
This is especially important for some FHA borrowers who want to move into a conventional loan and remove monthly FHA mortgage insurance.
Some homeowners refinance to move from FHA to Conventional, from an adjustable-rate mortgage to a fixed-rate mortgage, from Non-QM into traditional financing, or from a higher-cost loan into a better long-term structure.
The right program can matter just as much as the rate.
A refinance may lower your payment, shorten your term, remove mortgage insurance, or help you access equity — but the right move depends on your full situation.
Mortgage Match helps you compare your goals, loan type, home equity, and possible refinance options before you move forward.
Want help choosing the right refinance path?
A refinance may look good because the new payment is lower, but there are four things you should keep in mind:
How much lower is the new payment compared to your current payment?
How long will it take for those monthly savings to recover the closing costs?
Will the refinance save you money over time, or are you simply restarting the loan and stretching the balance over more years?
Ask the question: Is refinancing really going to put me in a better financial situation than the one I’m currently in.
A cash-out refinance may be a smart way to use your home equity, but it depends on your current mortgage rate, loan balance, credit profile, and how you plan to use the cash.
If you currently have a very low interest rate and you don’t want to lose it by refinancing, consider a second mortgage option.
Compare two home equity options that don’t cancel your rate
Your refinance savings depend on more than just the interest rate. Lenders look at your current loan, home value, credit, equity, loan program, closing costs, and the full structure of the new mortgage.
Your remaining loan balance helps determine the size of your new loan, your estimated payment, and your loan-to-value ratio.
If you have a larger loan balance, you may see higher savings than with a smaller balance depending on rates and other factors.
Your current interest rate is one of the biggest factors in whether refinancing may make sense.
If your new rate is meaningfully lower, you may be able to reduce your monthly payment or pay off your loan faster. But the rate difference alone does not tell the full story because closing costs, loan term, and mortgage insurance also matter.
The number of years left on your current mortgage can dramatically change the refinance math.
If you have 23 years left and you refinance into a new 30-year loan, your monthly payment may drop, but you may also extend the time it takes to pay off the home.
If you want to keep track of your payoff timeline, our calculator can show you how much you need to pay every month to stay on track.
Your new loan term affects both your payment and lifetime interest.
A 30-year refinance may create the lowest monthly payment, while a 20-year or 15-year refinance may save more interest over time. The right choice depends on whether your goal is cash flow, take equity or long-term payoff.
Your credit score can affect your refinance rate, pricing, mortgage insurance, and available loan programs.
A higher credit score may help you qualify for better pricing and rates. But depending on the loan type, there may still be refinance options even if your credit is not perfect.
Mortgage insurance can have a major impact on refinance savings.
If you currently have FHA mortgage insurance or conventional PMI, refinancing may help reduce or remove that cost if have enough equity position.
At Andes Mortgage, we have programs that can help you get rid of PMI even if you don’t have 20% equity position. Make sure you ask us about them!
Refinancing usually comes with closing costs or fees. These may include lender fees, title fees, recording fees, appraisal fees, discount points, prepaid interest, escrow setup, and other costs.
The lower your monthly savings, the more important your closing costs become.
On average, most of our clients are able to break-even on closing costs within 6 months to a year.
Your home value helps calculate your equity and loan-to-value ratio.
The higher your value is compared to your loan amount, the higher your equity position is. The more equity you have the better rates and pricing can get for your refinance scenario.
Having a lot of equity can also help you open the door for a cash-out refinance or a HELOC.
Your break-even point estimates how long it may take for your monthly savings to recover your refinance costs.
For example, if your refinance costs $6,000 and saves you $300 per month, your estimated break-even point is about 20 months.
If you plan to keep the home longer than your break-even period, the refinance may be more attractive.
Loan-to-value ratio, also called LTV, compares your mortgage balance to your home value.
A lower LTV usually gives you more refinance options. A higher LTV may limit the available programs or affect the rate and mortgage insurance.
If you are taking cash out, your new loan amount will be higher than your current balance.
This can increase your monthly payment, affect your LTV, and change the available rate. A cash-out refinance should be evaluated differently from a simple rate-and-term refinance.
A refinance that saves money over five years may not make sense if you plan to sell the home next year.
Your timeline matters because it determines whether you are likely to recover the closing costs before you move, sell, or refinance again.
The right refinance depends on what you are trying to accomplish. Learn more about the refinance options Andes Mortgage can help you compare.
See how a refinance may help reduce your monthly mortgage payment.
Use your home equity for debt consolidation, home improvements, reserves, or other goals.
Review VA refinance and VA IRRRL options for eligible veterans and service members.
Compare using home equity to consolidate higher-interest monthly debts.
Andes Mortage’s comprehensive refinance calculator estimates how a new mortgage may compare to your current loan. It can show your estimated new payment, monthly savings, closing costs, break-even point, and lifetime interest difference.
Refinancing may be worth it if the monthly savings, long-term savings, mortgage insurance reduction, cash-out benefit, or loan structure improvement outweigh the cost of refinancing.
We structured our calculator so that you can have complete transparency and understanding about refinance numbers and options.
The break-even point estimates how long it may take for your monthly savings to recover the closing costs.
For example, if your refinance saves $250 per month and costs $5,000, your estimated break-even point would be 20 months.
No. A refinance can lower your monthly payment but still increase your total interest if you restart the loan over a longer term.
That is why it is important to compare both monthly savings and lifetime interest.
A new 30-year loan may create the lowest monthly payment, but it can also extend your payoff timeline.
If your goal is long-term savings, it may be worth comparing a 20-year, 15-year, or same-payoff-date option.
Absolutely! This is one of the features we love about Andes Mortgage’s refinance calculator.
Make sure you select the remove PMI option and input your numbers. Everything is done automatically and you’ll be able to see if removing PMI is possible.
Of course! Our calculator includes cash-out inputs.
Use the home search tool to find your estimated home’s value. You may adjust this as well. The calculator will show you how much equity you have available and your maximum cash-out ability.
No. This calculator provides estimates for educational purposes only. A real refinance quote depends on your credit, income, property, loan amount, home value, loan program, occupancy, market pricing, and underwriting approval.
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