Mortgage Refinance Calculator
Enter your details into our mortgage refinance and home equity loan calculator to explore home financing options that fit in your budget.
All fields are required
You may be able to save an estimated $ annually.
You may lose an estimated $ annually.
$1,700
Current monthly
mortagage payment
Current Loan
$20,000;
% APR
6 months remaining
$243
Refinance
monthly payment
Refinancing
$20,000.0
8.00% APR
120 months remaining
Savings per month
Monthly Increase in Payment From Refinancing
Number of months to recoup closing costs
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.
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Interactive calculators and information are intended as self-help tools for your independent use and are for educational purposes only. Results are estimates, and we cannot guarantee their accuracy or applicability to your specific circumstances.
Discover Home Loans Restrictions and Details
We do not lend in IA or MD. You are not guaranteed approval. Once you apply and submit your credit and property information, we will confirm your eligibility. We don’t lend on cooperatives, condotels, investment properties, log homes, manufactured homes, mobile homes, or secondary homes. We will only originate one 1st lien mortgage per property per 12-month period. The maximum loan amount you qualify for will depend on additional factors, including type of loan, lien position, loan-to-value and your credit history. We may change rates, program terms, and conditions without notice. Discover Card accounts and other Capital One accounts (with the exception of Discover home and personal loans) may not be paid off with this home loan. All loan programs are offered by Capital One, N.A., 2500 Lake Cook Road, Riverwoods, IL 60015. NMLS ID 453156.
Loan Payment Example Disclosure
For example, if you borrowed $60,000 for a 20 year term at 8.86% APR, your fixed monthly payments would be $534.45.
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