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Why should I refinance? When does it pay to do so?

Refinance Calculator
     
Balance of your current mortgage:  
$ 
Current monthly mortgage payment:  
$ 
Current mortgage's  interest rate:  
 %
Interest rate you can refinance at:  
 %
Number of years you can refinance at:  
Closing costs:  
$ 
 
   
 

Your Results
New monthly payment if you refinance: $ 
Monthly Savings: $ 
Interest you will pay under current mortgage: $ 
Interest you will pay under refinanced mortgage: $ 
You will save this much interest if you refinance: $ 
Net Refinancing Savings: $ 
 

Refinancing Your Home

There are many reasons why you may be looking into refinancing your home. Perhaps the monthly repayments are becoming a little too much for you to handle? Or maybe you want to free up the equity in your home? Whatever your reasons, it is always a good idea to do your research beforehand in order to get a good idea of how it could potentially benefit you.

Our free loan refinance calculator will help you to figure out whether refinancing is the best option for you. By typing in just a few quick details you will be able to find out whether your repayments would be lower and whether the length of the loan would be shorter if you chose to refinance.

Often refinancing your mortgage can help to shorten the length of your loan. Nobody wants to be in debt longer than they have to, so if refinancing helps you to be in debt for a shorter period of time then it can only be a good thing. However, refinancing is not always an easy option as you will need to undergo credit checks, fill out various forms and pay inspection fees. So you should be absolutely certain that refinancing is the right option for you before you apply.

In order for refinancing to be beneficial to you, ideally the new interest rate should be at least 2% lower than what you are currently paying. It also depends upon the length of time you plan to stay in the home after you have refinanced. Are you thinking of moving shortly afterwards? If so there really would be no point in refinancing. So you need to take into consideration a number of factors before you decide that refinancing your mortgage is for you.

Our loan refinance calculator will help you to see exactly how much you could save each month and whether it will shorten your loan repayment term. You simply need to fill in your details such as how much you currently owe on your mortgage, how much you pay each month, the refinanced interest rate and how many years it will take to pay off the refinanced loan.

Overall refinancing is a big decision. It could benefit you but you need to be 100% sure that it is the right option to suit your needs. So by using our free loan refinance calculator, you will easily be able to see whether refinancing is right for you.