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
3.652%
Interest Rate
3.125%
Mo. Payment
$1,041
(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 $964
Estimated Mortgage Insurance Payments $77
Total Monthly Mortgage Payment $1,041
Lender Fees $4,379
Lender Credit $0
Total Closing Fees* $4,379
*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

Thomas Denton

Yes, I recommend this lender

Tom did a great job helping us with our refinance. He walked us through each step of the process. We closed on time, with even a better rate than we expected.

By: Jamie (Thomasville, NC)

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)
See All Reviews
Capital One (2697)
APR
3.735%
Interest Rate
3.250%
Mo. Payment
$1,057
(844) 326-5399 Contact
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 $980
Estimated Mortgage Insurance Payments $77
Total Monthly Mortgage Payment $1,057
Lender Fees $3,240
Lender Credit $0
Total Closing Fees* $3,240
*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

HORRIBLE to work with

Loan pre approval was easy. The loan originator was knowledgable, then I was transfered to a loan specialist and loan hub. The Specialist was, very unconcerned and did not seam to listen to my needs. Her response time was very slow to my emails and called messages and she never had a answer to my questions when we did correspond. LOAN HUB was horrible. It would freeze up and give me a response of "Oops, something went wrong". Try again later. This happened many times. Documents that were uploaded and received were then lost or deleted by the Loan Specialist and we're requested again by Loan Hub, but you would only know if YOU looked at your loan status in Loan Hub. No one would email, text or call. When I brought this to the Loan Specialist attention she said that she did not look at Loan Hub and did not know how it worked. Imagine That. In the end the loan was never closed, because the Appraiser, hired by Capital One, did not turn in the Appraisal in time for closing. They then wanted to start the Loan Process all over with another "LOAN SPECIALIST.

By: Tim (Oak Grove, LA)

I like payment

Yes, I recommend this lender

I like Capital

By: DuongHien (Mountain View, CA)

Worst customer service

My experience with capital one has been absolutely horrible. I have tried to give them the benefit of the doubt. The only positive experience was the loan pre-approval process. It was all automated and very fast, but I think this might be what led to the worst experience I've had in getting a loan. Once you accept their terms, they give you access to loanhub for uploading all your documents and communicating with your loan team. I have excellent credit that is between 760-800 depending on which bureau report you pull. I am putting 20% down and have proof of income for a very secure position. The problems start when you have no one to talk to. They list a bunch of documents you need, you provide them, and you don't hear back on whether they are acceptable to underwriting. They continue to ask for the same documents over and over again until you are finally able to explain it to someone if you are lucky enough to get someone on the phone. I have called numerous times and have been on hold for 20 minutes each time or left a voicemail that is not returned. I've emailed questions and I don't get a response. If I do get a response it is usually another form or question they need answered with zero answers to my questions. I've asked repeatedly if we will still close on time and if there are any other issues I need to close out. Nothing. It is the worst. I thought I was saving money because of points and interest rate and now I wish I never used them. Unfortunately, I am too far along in the process and can't switch, although I still doubt the loan will ever close anyway. Please, unless you are saving a significant amount of money, do not use them. It's very surprising because I have always loved their credit card products and have been a customer for years. I just can't believe this is how they treat customers. I really have no idea how lending tree has them rated at 4.4 of 5.

By: Fred (Hoboken, NJ)
See All Reviews
15 Years Fixed
Sebonic Financial (528)
APR
2.968%
Interest Rate
2.500%
Mo. Payment
$1,541
(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 $1,501
Estimated Mortgage Insurance Payments $40
Total Monthly Mortgage Payment $1,541
Lender Fees $4,044
Lender Credit $0
Total Closing Fees* $4,044
*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

Thomas Denton

Yes, I recommend this lender

Tom did a great job helping us with our refinance. He walked us through each step of the process. We closed on time, with even a better rate than we expected.

By: Jamie (Thomasville, NC)

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)
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.