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.
Now

Mortgage Options

30 Years Fixed
eLEND (71)
APR
3.758%
Interest Rate
3.250%
Mo. Payment
$1,063
(855) 982-3216 Contact
eLEND
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 $980
Estimated Mortgage Insurance Payments $83
Total Monthly Mortgage Payment $1,063
Lender Fees $3,152
Lender Credit $0
Total Closing Fees* $3,152
*Other 3rd party fees may apply
eLEND
Email Lender

About the Lender

eLEND provides residential mortgage financing directly to potential home buyers and existing homeowners through a robust online platform built to simplify the lending process. Our mortgage technology solutions help thousands of families every year achieve their home financing goals. We offer Conventional, FHA, VA, USDA, Jumbo, and Renovation financing programs with exceptional rates and service. A division of American Financial Resources, Inc., eLEND is backed by over 18 years of industry success. Our expert Mortgage Loan Originators will help connect you with the ideal financing solution to achieve your specific goals. Contact us today for a free rate quote or e-Approval.

Lender Reviews

Wade

After giving them papers directly from the IRS , after having to show divorce papers from 14yrs. Ago, having to get an itemized list of whom was filled on my bankruptcy, let's see what else phone numbers of ex employer from two years ago not the same year, personal reference?????please tell me how showing papers off an old divorce is when relevant? What about a bankruptcy that is 8yrs. Old, is it going to end it's been since December 3, 2015

By: Keri (Gibsonton, FL)

very rude

Stephen Pullen contacted us and he was extremely rude. He kept interrupting me and talking over me. Completely uninterested in what our needs were. We tried back in October to use them and no call backs. Very poor customer service

By: karen (Hinesville, GA)

good

Yes, I recommend this lender

Good

By: Arlen (Mukilteo, WA)
See All Reviews
Consumer Direct Mortgage, a division of FirstBank (17)
APR
3.844%
Interest Rate
3.375%
Mo. Payment
$1,078
(855) 997-1825 Contact
Consumer Direct Mortgage, a division of FirstBank
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 $83
Total Monthly Mortgage Payment $1,078
Lender Fees $2,102
Lender Credit $0
Total Closing Fees* $2,102
*Other 3rd party fees may apply
Consumer Direct Mortgage, a division of FirstBank
Email Lender

About the Lender

At Consumer Direct Mortgage, we know that each customer has specific needs, so we strive to meet those specific needs with a wide array of products, investment tools, mortgages and best of all quality service and individual attention.You are our priority and we know that superior service, delivering what was offered, coupled with the lowest overall cost is the way to keep you as a customer for life. In a lending environment where everyone is offering the same core products and programs, we know that we have to separate ourselves with an unwavering commitment to services and delivering the lowest overall total cost to close every day. Our sales and operations team is comprised of veteran Mortgage Professionals that are committed to this philosophy and understand what it takes to get the job done on time and at the agreed upon terms and conditions presented.
Consumer Direct Mortgage, a division of FirstBank
Email Lender

Lender Reviews

Great First Home Buying Experience!

Yes, I recommend this lender

They were extremely quick to respond after initial inquiry online. I received a phone call and email within an hour after submitting a request for information. They were very knowledgeable every step of the way and helped us meet our early deadline for closing! The website was easy to use to upload all our documents, and the closing company was impressed with the ease of communication and coordination. Great experience for first time home buying!

By: Melissa (Beaver, PA)

Great Experience

Yes, I recommend this lender

I have refinanced many times over the years and Consumer Direct Mortgage stands out above all of the mortgage companies that I have worked with. Everyone that I dealt with was friendly, efficient, and knowledgeable.

By: Dan (Harvard, MA)

Great Company to Use

Yes, I recommend this lender

I just completed two Cash out refinances with ConsumerDirect. I have to say, using ConsumerDirect was a great experience. I've done over a dozen Refinances and home purchases mortgages over the years, using Mortgage Brokers, Big Banks, Small Local Banks and Mortgage companies. ConsumerDirect was the easiest Refi I've done. Their rates beat all my prior connections and their fee's were the lowest. I don't see me using anyone else again. The process was easy, I scanned my documents, loaded them up to a secure website then we communicated via email and phone for the follow-ups. Their response time was usually within the hour, in fact I felt guilty if I didn't get back to them within a few hours. From start to finish it took 4 weeks (and that was doing 2 cash out refi's at the same time). I would highly recommend them to anyone looking for a loan. This online process is so much better than the way getting mortgages used to be. Use them, you won't be disappointed!

By: Scott (Portland, OR)
See All Reviews
15 Years Fixed
eLEND (71)
APR
3.001%
Interest Rate
2.500%
Mo. Payment
$1,556
(855) 982-3216 Contact
eLEND
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 $55
Total Monthly Mortgage Payment $1,556
Lender Fees $3,321
Lender Credit $0
Total Closing Fees* $3,321
*Other 3rd party fees may apply
eLEND
Email Lender

About the Lender

eLEND provides residential mortgage financing directly to potential home buyers and existing homeowners through a robust online platform built to simplify the lending process. Our mortgage technology solutions help thousands of families every year achieve their home financing goals. We offer Conventional, FHA, VA, USDA, Jumbo, and Renovation financing programs with exceptional rates and service. A division of American Financial Resources, Inc., eLEND is backed by over 18 years of industry success. Our expert Mortgage Loan Originators will help connect you with the ideal financing solution to achieve your specific goals. Contact us today for a free rate quote or e-Approval.

Lender Reviews

Wade

After giving them papers directly from the IRS , after having to show divorce papers from 14yrs. Ago, having to get an itemized list of whom was filled on my bankruptcy, let's see what else phone numbers of ex employer from two years ago not the same year, personal reference?????please tell me how showing papers off an old divorce is when relevant? What about a bankruptcy that is 8yrs. Old, is it going to end it's been since December 3, 2015

By: Keri (Gibsonton, FL)

very rude

Stephen Pullen contacted us and he was extremely rude. He kept interrupting me and talking over me. Completely uninterested in what our needs were. We tried back in October to use them and no call backs. Very poor customer service

By: karen (Hinesville, GA)

good

Yes, I recommend this lender

Good

By: Arlen (Mukilteo, WA)
See All Reviews
Consumer Direct Mortgage, a division of FirstBank (17)
APR
3.100%
Interest Rate
2.625%
Mo. Payment
$1,569
(855) 997-1825 Contact
Consumer Direct Mortgage, a division of FirstBank
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 $1,514
Estimated Mortgage Insurance Payments $55
Total Monthly Mortgage Payment $1,569
Lender Fees $2,923
Lender Credit $0
Total Closing Fees* $2,923
*Other 3rd party fees may apply
Consumer Direct Mortgage, a division of FirstBank
Email Lender

About the Lender

At Consumer Direct Mortgage, we know that each customer has specific needs, so we strive to meet those specific needs with a wide array of products, investment tools, mortgages and best of all quality service and individual attention.You are our priority and we know that superior service, delivering what was offered, coupled with the lowest overall cost is the way to keep you as a customer for life. In a lending environment where everyone is offering the same core products and programs, we know that we have to separate ourselves with an unwavering commitment to services and delivering the lowest overall total cost to close every day. Our sales and operations team is comprised of veteran Mortgage Professionals that are committed to this philosophy and understand what it takes to get the job done on time and at the agreed upon terms and conditions presented.
Consumer Direct Mortgage, a division of FirstBank
Email Lender

Lender Reviews

Great First Home Buying Experience!

Yes, I recommend this lender

They were extremely quick to respond after initial inquiry online. I received a phone call and email within an hour after submitting a request for information. They were very knowledgeable every step of the way and helped us meet our early deadline for closing! The website was easy to use to upload all our documents, and the closing company was impressed with the ease of communication and coordination. Great experience for first time home buying!

By: Melissa (Beaver, PA)

Great Experience

Yes, I recommend this lender

I have refinanced many times over the years and Consumer Direct Mortgage stands out above all of the mortgage companies that I have worked with. Everyone that I dealt with was friendly, efficient, and knowledgeable.

By: Dan (Harvard, MA)

Great Company to Use

Yes, I recommend this lender

I just completed two Cash out refinances with ConsumerDirect. I have to say, using ConsumerDirect was a great experience. I've done over a dozen Refinances and home purchases mortgages over the years, using Mortgage Brokers, Big Banks, Small Local Banks and Mortgage companies. ConsumerDirect was the easiest Refi I've done. Their rates beat all my prior connections and their fee's were the lowest. I don't see me using anyone else again. The process was easy, I scanned my documents, loaded them up to a secure website then we communicated via email and phone for the follow-ups. Their response time was usually within the hour, in fact I felt guilty if I didn't get back to them within a few hours. From start to finish it took 4 weeks (and that was doing 2 cash out refi's at the same time). I would highly recommend them to anyone looking for a loan. This online process is so much better than the way getting mortgages used to be. Use them, you won't be disappointed!

By: Scott (Portland, OR)
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.