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 (529)
APR
3.542%
Interest Rate
3.250%
Mo. Payment
$1,056
(844) 284-9237 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 $980
Estimated Mortgage Insurance Payments $76
Total Monthly Mortgage Payment $1,056
Lender Fees $2,969
Lender Credit $0
Total Closing Fees* $2,969
*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)

I recommend Renato Paz

Yes, I recommend this lender

He explained the proses, and he speaks spanish, he's good and very helpful, I already recommend to my family

By: albertina (Leesburg, VA)
See All Reviews
15 Years Fixed
Sebonic Financial (529)
APR
2.763%
Interest Rate
2.500%
Mo. Payment
$1,540
(844) 284-9237 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 $39
Total Monthly Mortgage Payment $1,540
Lender Fees $3,025
Lender Credit $0
Total Closing Fees* $3,025
*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)

I recommend Renato Paz

Yes, I recommend this lender

He explained the proses, and he speaks spanish, he's good and very helpful, I already recommend to my family

By: albertina (Leesburg, VA)
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.

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