Mortgage Refinance Calculator

Use our mortgage refinance calculator to learn if refinancing makes sense for you. Whether you want to lower your monthly payment or shorten your mortgage term, this refinance calculator can help you understand how much refinancing your mortgage may help. See what you might save by refinancing to today's refinance mortgage rates.

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Important information about using this calculator

This is not an offer to extend credit or lock in a specific rate or otherwise enter into an agreement. Information is based on terms that you provide and we may not offer loan programs on those terms. The rates and estimated APRs disclosed may change before loan approval or may not be available at the time we make a loan commitment to you as an applicant, or at closing, based on market conditions. Applicants must meet additional underwriting standards, including income and employment history, assets, and other requirements. We may change our loan rate structure and the assumptions on which our rates are based from time to time without notice.

Your Information

Tell Us About Your Current Loan

Current Loan Balance $
Current Loan Annual Interest Rate This represents the interest rate on your existing mortgage. close %
Remaining Term of Loan Help me calculate
Remaining Term of Loan
1. Years Remaining Please enter a number from 0-30.
2. Months Remaining Please enter a number from 0-11.
3. Remaining Term of Loan (in Months) 0
4. Complete Cancel
months

Tell Us About Your Refinancing Loan

Loan Product For Adjustable Rate products, the rate is fixed for the number of years indicated for the product selected (3, 5, 7 or 10). close
New Loan Annual Interest Rate This represents the interest rate on the new loan resulting from a refinance. close %
Closing Fees/Discount Points Closing fees can vary from state to state. On average, fees will be 2-3% of your loan amount. Discount point(s) are optional fees that may be paid to the lender to reduce the loan's interest rate. One discount point is equal to 1% of the loan amount. closeHelp me calculate
Closing Fees/Discount Points

Closing fees can vary from state to state. On average, fees will be 2-3% of your loan amount. Discount point(s) are optional fees that may be paid to the lender to reduce the loan's interest rate. One discount point is equal to 1% of the loan amount.
1. Loan Amount $ Numbers only please (commas and periods ok), greater than zero and less than $100,000,000.
2. Closing Fees (as percent of Loan Amount) % $0 Number between 0 and 10 please.
3. Discount Points (as percent of Loan Amount) % $0 Number between 0 and 10 please.
4. Total Closing Fees and Discount Points $0
5. Complete Cancel
$
Years You Expect to Stay In Home This field is used to help calculate the net benefit of remaining in your home or rental unit during the time period selected. close years
Calculate Reset

Your Results

Current Loan vs. Refinancing
Monthly Payments

Current Loan

$0
0 Annual Rate
0

Refinancing

$0
0 Annual Rate
0

Monthly Reduction in Payment From Refinancing $0,000

Number of Months to Recoup Closing Costs

N/A

Edit your information

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What do these results 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.

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

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.

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Learn the many reasons why you should refinance. From lowering your monthly payments to getting cash out of your home for large expenses, we explore the many benefits of mortgage refinancing.

Refinance Loan Application Checklist

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Should you refinance? After using the mortgage refinance calculator, visit our blog to learn the three main reasons to take the next step.

Mortgage Refinance Calculator

Your Information

Tell Us About Your Current Loan

Remaining Term of Loan

Tell Us About Your Refinancing Loan

Closing Fees/Discount Points

Your Results

Current Loan vs. RefinancingMonthly Payments

Current Loan

Refinancing

What do these results mean for me?

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Helpful Articles for Refinancing Your Mortgage

Basics of Refinancing Your Mortgage

Should I Refinance

Refinance Loan Application Checklist

Key Reasons You Should Refinance

Current Loan vs. Refinancing
Monthly Payments