MORTGAGE REFINANCE CALCULATOR

See how much less you might pay each month by refinancing.

See if refinancing makes sense for you. Whether you want to lower your monthly payment or shorten your mortgage term, see how much refinancing to today's rates can help you better manage your mortgage or meet your goals.

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Step one Tell us about your current loan

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Step two Tell us about your refinancing loan

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    Question answer section

    Question

    Why should I refinance my home loan?

    Answer
    There are several reasons that refinancing might be a good idea for you. You may be tired of making two payments: one for your first mortgage and another for your second. Perhaps it's time to reduce your current interest rate to a lower fixed or adjustable rate. You may also want to switch to a shorter term mortgage in order to pay off your mortgage sooner. Maybe you have an adjustable-rate that you want to convert into a fixed-rate mortgage. You may want to cash out some of your equity, or lower your overall mortgage payment.

    You may be able to save an estimated annually.

    Current monthly payment

    Current loan

    Refinance monthly payment

    Refinancing

    Savings per month$56

    Number of months to recoup closing costs10

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    What does this possibly mean for me?

    Based on the information you provided, the amount above can give you an idea of the estimated monthly reduction in your payment you could achieve by refinancing your existing mortgage at the terms you selected. It's important to consider upfront closing costs on your new loan, and the time it will take to recoup those costs. Note that some of the reduction in payments may reflect extending the due date on your loan rather than a lower interest rate. If your refinance is at a lower rate than the previous loan, you may save money if you continue making the same or higher payments. If you lower your payments too, however, you may pay higher total interest even though your rate is lower, because the debt is extended over a longer period.

    You selected an adjustable rate mortgage or ARM. The amount above can give you an idea of the estimated monthly reduction in your mortgage payment you could achieve during the initial, fixed rate portion of your loan period* by refinancing your existing mortgage at the terms you selected. It's important to consider upfront closing costs on your new loan, and the time it will take to recoup those costs. In addition, you may want to discuss with a Discover mortgage banker any potential effects of changing from extending the term of your loan(s). Note that some of the reduction in payments may reflect extending the due date on your loan rather than a lower interest rate.

    Call our helpful mortgage bankers at 1-888-866-1212 to start the conversation about whether refinancing is right for you.

    * For example, for a 5/1 ARM, the fixed rate period is 5 years, or 60 months. After the fixed rate period, your payment may change based on the change in the index used to calculate your interest rate.

    Questions? Give us a call at 1-855-361-3435.

    We're here Monday through Friday 8am–10pm ET. Or you can share a little about yourself and we'll get back to you with a no-obligation quote.