Refinance
Explore whether a different mortgage structure fits your goals.
Homeowners consider refinancing for different reasons, and whether it makes sense depends on your circumstances, the terms available, closing costs, and how long you expect to keep the loan. We'll help you look at the comparison honestly.
Why homeowners consider refinancing
These are common starting points. None of them are guaranteed outcomes — each one is something to evaluate against your own numbers.
Monthly payment
Explore how another rate and term scenario could affect monthly principal and interest.
Loan term
Compare what changing the remaining repayment period would look like.
Home equity
Evaluate whether available equity may support a cash-out scenario.
Loan structure
Explore whether a different mortgage structure may better match your current goals.
Run the comparison
Compare your current loan to a new scenario.
Our refinance calculator lets you enter your own assumptions and see the comparison laid out. Nothing you enter is sent to us.
Use Refinance Calculator- Current versus new monthly principal and interest
- The potential monthly difference between the two
- An estimated break-even based on closing costs you enter
- A lifetime interest comparison across both scenarios
Understanding home equity
Home equity generally represents the difference between the estimated value of your property and the outstanding balance of your mortgage and any other liens against it.
Borrowers may consider available equity for different financial goals. How much equity can actually be used is subject to underwriting and the requirements of the loan being considered, and is not the same as your total equity.
Estimate where you stand
Enter your estimated value and current balance to see equity and loan-to-value at an assumption you choose.
Estimate Home EquityCash-out refinancing
A cash-out refinance generally replaces an existing mortgage with a new mortgage for a larger principal amount, with some of the proceeds potentially available to the borrower after applicable balances and costs are paid.
Because it increases the amount borrowed against your property, it's worth reviewing carefully. A few things to keep in mind:
- Eligibility varies by borrower and by loan program.
- Available equity varies and is not the same as total equity.
- Loan-to-value limitations may apply.
- Closing costs may apply.
- Refinancing changes your mortgage obligation, including balance and term.
This information is educational and is not tax, legal, or financial advice. Consider speaking with a qualified tax or financial professional about your own circumstances.
What to compare
A refinance decision usually comes down to how these factors line up together, not any single one of them on its own.
Compare a Scenario- Current mortgage rate
- Proposed new rate
- Remaining loan balance
- Remaining term
- New loan term
- Closing costs
- Expected time in the property
- Monthly payment difference
- Potential interest over time
The refinance process
- Step 1
Discuss your goals
Talk through what you'd like a refinance to accomplish for your situation.
- Step 2
Review your current mortgage
Look at your existing rate, balance, term, and how long you plan to stay.
- Step 3
Explore refinance scenarios
Compare alternative rate and term structures against what you have today.
- Step 4
Complete an application
Provide your application and the supporting information a lender requests.
- Step 5
Processing and underwriting
Your file is reviewed against the requirements of the loan you're pursuing.
- Step 6
Closing
Review your final documents and complete the new loan.
Want to explore a refinance scenario?
Share your current mortgage details and what you're hoping to change, and we'll walk through the comparison with you.