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Mortgage Refinance Calculator

Should I refinance my mortgage?

Other mortgage refinancing considerations:

  • The mortgage refinancing process can take time and is not a “fast cash” solution.
  • Be ready to provide financial statements, pay stubs, and other supporting documentation when you apply.
  • Cash-out refinancing is typically used to pay off debts, complete home improvements, or maximize retirement investments.

If you want to lower your monthly payment, take out cash for a home renovation project, or consolidate household debts, refinancing your mortgage might be a solution for you. There are different reasons for refinancing your mortgage. Some homeowners want to change their loan terms, so they make smaller payments on the loan over a longer period. Others are interested in a change to a shorter-term loan, which includes paying over less time and larger payments to own their home faster.

Whether you want to refinance for more manageable payments or get access to cash to pay off other debts, our Mortgage Refinance Calculator can help you see how your monthly payment and interest rate could change based on refinancing your loan. 

A smart approach to refinancing a mortgage

Before contacting your mortgage lender, look at your current financial situation. Have you been making timely payments on your existing mortgage and other debts? You are more likely to qualify for a lower interest rate if your credit score has increased due to on-time payments and having other credit accounts in good standing. 

It is also essential to look at the current interest rate since refinancing when mortgage rates are low can significantly impact your overall savings. If you are currently locked into a high-rate loan, then it might be worth exploring what you could be eligible for with a mortgage refinance.

Ready to see how much you could save by refinancing your mortgage?

Calculate your potential loan amount and monthly payment with the
Mortgage Refinancing calculator1.
Current Mortgage
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Like these estimated results?

No need to wait, you can apply to refinance today!

Mortgage Refinancing Calculator Key Terms

  • Origination and Discount Points: Origination points are fees some lenders may charge for evaluating and processing a mortgage. Discount points usually translate to a lower mortgage interest rate, and one point generally equals 1% of the mortgage.
  • Mortgage Type: The two main types of mortgages, ARM and Fixed-Rate, have some differences. Fixed-Rate mortgages have an interest rate that is fixed throughout the term of the loan. An ARM (Adjustable-Rate Mortgage) typically has an interest rate that periodically changes, usually on an annual basis.
Have questions about terms not covered? We have a glossary with more terms to help you.

1Our financial calculators are provided as a free service to our Members. The information these calculators supply is from various sources based on calculations we believe to be reliable (but are not guaranteed, explicit, or implied) regarding their accuracy or applicability to your specific circumstances. All examples are hypothetical and illustrative and do not intend to provide investment advice. TDECU does not accept any liability for loss or damage whatsoever, which may be attributable to the reliance on and use of the calculators. Use of any calculator constitutes acceptance of the terms of this agreement. TDECU recommends finding a qualified professional for advice about your personal finance issues.