Refinance Calculator

Will you save money by refinancing your current loan?

A mortgage refinance can mean big savings, but it may come at a price in the short term. The decision to refinance generally comes down to whether you'll be in your home long enough for your monthly savings to outweigh the upfront refinancing costs. Our Refinance Calculator can help you determine the amount of time you'll need to stay in your home after refinancing your mortgage to breakeven and cover your costs.

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Basic Refinance Analysis Results

  • Refinancing your monthly payments by .
  • Refinancing your costs during the time you expect to own your home by .
  • Refinancing your costs over the life of your mortgage by .
  • Refinancing your mortgage repayment period by years.

Breakeven Analysis

Monthly Payment ? There are several ways to calculate your refinance breakeven. The "quick and dirty" method involves dividing the difference in your monthly payment by the refinancing costs. That isn't necessarily the most accurate method, and the longer you've been paying your current loan, the less accurate that breakeven calculation is. In addition, this method won't help you if your refinancing from a 30-year mortgage to a 15-year loan.
Interest Expense ? The next method is based on the difference in interest expense between your current loan and a refinance mortgage. Your breakeven is that point in which the total interest savings equals the cost of refinancing. This method allows you to compare loans with different terms.
Mortgage Tax Deduction ? If you itemize your deductions when you file your taxes, it affects your breakeven point. Higher interest rates mean higher mortgage deductions. Refinancing to a lower rate decreases your mortgage interest deduction.
Pay Down Existing Mortgage ? You can choose to refinance or leave your mortgage alone, but you have another option -- use your cash to pay down your mortgage balance instead of spending it on refinancing. You can reamortize your loan to reduce your payment or accelerate your repayment. This breakeven method measures how long it would take for your refinance payment less the reamortized payment on your current mortgage to cover the costs of refinancing.
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Mortgage Options

30 Years Fixed
Sebonic Financial (528)
APR
3.907%
Interest Rate
3.375%
Mo. Payment
$1,072
(866) 544-4064 Contact
Sebonic Financial
Email Lender

Offer Details

Home Value $250,000
Requested Loan Amount $225,000
Lock Period 30 Days
Down Payment $25,000
Principal and Interest Payments $995
Estimated Mortgage Insurance Payments $77
Total Monthly Mortgage Payment $1,072
Lender Fees $4,534
Lender Credit $0
Total Closing Fees* $4,534
*Other 3rd party fees may apply
Sebonic Financial
Email Lender

About the Lender

Sebonic Financial is a division of Cardinal Financial Company, a full service mortgage banking firm in operation since 1987.  The company is an approved seller/servicer for Fannie Mae, Freddie Mac and Ginnie Mae. Cardinal is also an approved lending institution for the Department of Housing and Urban Development/Federal Housing Administration and the Department of Veteran Affairs/Veterans Administration with FHAs Direct Endorsement and VA Automatic Lender Authority.  Cardinal is an authorized lender for the USDA/Rural Housing Program, the Pennsylvania Housing Finance Agency and the New Jersey Mortgage Housing Finance Agency.

 

Cardinal is licensed by the Departments of Banking in many states, mainly in the eastern and southeastern United States.  Its retail and wholesale divisions originate first mortgage loans for qualified borrowers.

Lender Reviews

I recommend Renato Paz

Yes, I recommend this lender

excellent

By: albertina (Leesburg, VA)

My experience with Sebonic Financial

Yes, I recommend this lender

Although it took a while to get the loan approved, Sebonic Financial did a great job in helping to secure my loan.

By: George (Fernandina Beach, FL)

Very Impressed

Yes, I recommend this lender

Requesting a loan with Sebonic was a very satisfying experience. I was contacted promptly and professionally, and the loan originator, Scott Galbraith, was very professional and friendly. Although I decided to not complete the loan, Sebonic did offer the best rates I saw out there, and provided a very professional service. I would recommend Sebonic for anyone seeking a mortgage.

By: Daniel (Boca Raton, FL)
See All Reviews
Capital One (2695)
APR
3.953%
Interest Rate
3.500%
Mo. Payment
$1,088
Capital One
Email Lender

Offer Details

Home Value $250,000
Requested Loan Amount $225,000
Lock Period 60 Days
Down Payment $25,000
Principal and Interest Payments $1,011
Estimated Mortgage Insurance Payments $77
Total Monthly Mortgage Payment $1,088
Lender Fees $2,413
Lender Credit $0
Total Closing Fees* $2,413
*Other 3rd party fees may apply
Capital One
Email Lender

About the Lender

You can expect better with Capital One. Whether you need help with refinancing, a new home purchase, debt consolidation, or financing home improvements, your idea of better likely starts with savings - we maximize your savings with competitive rates and lower than average closing costs. But savings is only the start. We also strive to provide a better loan process - one that’s totally clear right from the start, with no hidden fees or unexpected surprises along the way. You can expect better service too - you’ll have a responsive team of dedicated mortgage specialists assigned and available to you every day, each member trained to anticipate and able to take care of all your needs.

Lender Reviews

Eugena Carpio review

Yes, I recommend this lender

They were bery good as aloan company keep lower rates and I was very satisfied

By: EugeneCarpio (Las Vegas, NV)

Review

Yes, I recommend this lender

Experienced and knowledgeable staff.

By: Cathleen (Santa Fe, NM)

Frustrating Loan Hub Experience

I tried using this lender in late 2015. It was a terrible experience. We struggled through this from August to October. I was told that the paperwork process would be easy as Capital One Home Loans uses online technology (Loan Hub) to communicate with the customer. I was told I could upload all of our required documents via a secure site. We tried on three different occasions to upload our documents, but only some of them appeared on the website. We were told that some documents were missing, even after we received confirmation that the documents were received. The online process was not being updated by the company, so we did not know at times where we were in the refi process. The initial customer rep took my preliminary info and then I was sent to another rep who rarely answered my emails or answered with no suggestions to help us. When I told him that the site would not let us upload documents or failed to show that our documents were uploaded, he told me to contact customer service. When I called the number he provided, the customer rep did not know what I was talking about and said he was not familiar with the new Capital One Home Loans website. I truly never had a more frustrating experience and I do not like to write negative reviews, but I must state my frustration with this company. We were made to feel as though once they had our business (we were submitting all required documents) that we were nothing to them. Because this company seemed to lack customer service and someone who could take the time to explain why the electronic document process was so tedious, I had to withdrawal my request for a refi.

By: Dave (Philadelphia, PA)
See All Reviews
15 Years Fixed
Capital One (2695)
APR
3.149%
Interest Rate
2.750%
Mo. Payment
$1,567
Capital One
Email Lender

Offer Details

Home Value $250,000
Requested Loan Amount $225,000
Lock Period 60 Days
Down Payment $25,000
Principal and Interest Payments $1,527
Estimated Mortgage Insurance Payments $40
Total Monthly Mortgage Payment $1,567
Lender Fees $2,975
Lender Credit $0
Total Closing Fees* $2,975
*Other 3rd party fees may apply
Capital One
Email Lender

About the Lender

You can expect better with Capital One. Whether you need help with refinancing, a new home purchase, debt consolidation, or financing home improvements, your idea of better likely starts with savings - we maximize your savings with competitive rates and lower than average closing costs. But savings is only the start. We also strive to provide a better loan process - one that’s totally clear right from the start, with no hidden fees or unexpected surprises along the way. You can expect better service too - you’ll have a responsive team of dedicated mortgage specialists assigned and available to you every day, each member trained to anticipate and able to take care of all your needs.

Lender Reviews

Eugena Carpio review

Yes, I recommend this lender

They were bery good as aloan company keep lower rates and I was very satisfied

By: EugeneCarpio (Las Vegas, NV)

Review

Yes, I recommend this lender

Experienced and knowledgeable staff.

By: Cathleen (Santa Fe, NM)

Frustrating Loan Hub Experience

I tried using this lender in late 2015. It was a terrible experience. We struggled through this from August to October. I was told that the paperwork process would be easy as Capital One Home Loans uses online technology (Loan Hub) to communicate with the customer. I was told I could upload all of our required documents via a secure site. We tried on three different occasions to upload our documents, but only some of them appeared on the website. We were told that some documents were missing, even after we received confirmation that the documents were received. The online process was not being updated by the company, so we did not know at times where we were in the refi process. The initial customer rep took my preliminary info and then I was sent to another rep who rarely answered my emails or answered with no suggestions to help us. When I told him that the site would not let us upload documents or failed to show that our documents were uploaded, he told me to contact customer service. When I called the number he provided, the customer rep did not know what I was talking about and said he was not familiar with the new Capital One Home Loans website. I truly never had a more frustrating experience and I do not like to write negative reviews, but I must state my frustration with this company. We were made to feel as though once they had our business (we were submitting all required documents) that we were nothing to them. Because this company seemed to lack customer service and someone who could take the time to explain why the electronic document process was so tedious, I had to withdrawal my request for a refi.

By: Dave (Philadelphia, PA)
See All Reviews
Sebonic Financial (528)
APR
3.186%
Interest Rate
2.750%
Mo. Payment
$1,567
(866) 544-4064 Contact
Sebonic Financial
Email Lender

Offer Details

Home Value $250,000
Requested Loan Amount $225,000
Lock Period 30 Days
Down Payment $25,000
Principal and Interest Payments $1,527
Estimated Mortgage Insurance Payments $40
Total Monthly Mortgage Payment $1,567
Lender Fees $3,535
Lender Credit $0
Total Closing Fees* $3,535
*Other 3rd party fees may apply
Sebonic Financial
Email Lender

About the Lender

Sebonic Financial is a division of Cardinal Financial Company, a full service mortgage banking firm in operation since 1987.  The company is an approved seller/servicer for Fannie Mae, Freddie Mac and Ginnie Mae. Cardinal is also an approved lending institution for the Department of Housing and Urban Development/Federal Housing Administration and the Department of Veteran Affairs/Veterans Administration with FHAs Direct Endorsement and VA Automatic Lender Authority.  Cardinal is an authorized lender for the USDA/Rural Housing Program, the Pennsylvania Housing Finance Agency and the New Jersey Mortgage Housing Finance Agency.

 

Cardinal is licensed by the Departments of Banking in many states, mainly in the eastern and southeastern United States.  Its retail and wholesale divisions originate first mortgage loans for qualified borrowers.

Lender Reviews

I recommend Renato Paz

Yes, I recommend this lender

excellent

By: albertina (Leesburg, VA)

My experience with Sebonic Financial

Yes, I recommend this lender

Although it took a while to get the loan approved, Sebonic Financial did a great job in helping to secure my loan.

By: George (Fernandina Beach, FL)

Very Impressed

Yes, I recommend this lender

Requesting a loan with Sebonic was a very satisfying experience. I was contacted promptly and professionally, and the loan originator, Scott Galbraith, was very professional and friendly. Although I decided to not complete the loan, Sebonic did offer the best rates I saw out there, and provided a very professional service. I would recommend Sebonic for anyone seeking a mortgage.

By: Daniel (Boca Raton, FL)
See All Reviews

Mortgage rate quotes displayed on LendingTree LoanExplorer℠, including loan pricing data, rates and fees, are provided by third party data providers including, but not limited to, Mortech®, a registered trademark of Zillow®, LoanXEngine, a product of Mortgage Builder Software, Inc., and LoanTek, Inc.