Use our refinance calculator to see if you should refinance your mortgage. Enter the details of your current home loan, along with details of a new loan, to estimate your savings and see if refinancing can help you meet your financial goals.
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Get pre-qualified by a local lender to see an even more accurate estimate of your monthly mortgage payment.
You’ll also be ready to act fast when you find the perfect home.
How much house can you afford? Use our affordability calculator to estimate what you can comfortably spend on your new home.
What will your new home cost? Estimate your monthly mortgage payment with our easy-to-use mortgage calculator.
Your debt-to-income ratio helps determine if you would qualify for a mortgage. Use our DTI calculator to see if you’re in the right range.
Estimate how much will be paid each month for principal and interest over the life of the loan with our amortization calculator.
“Should I refinance?” is a question many homeowners ask, especially when rates are low. Our mortgage refinance calculator can help you decide whether refinancing makes sense for your personal situation. Here’s the info you need to enter into the refinance calculator, plus some helpful information about your results:
Trying to decide if you should refinance? Here’s a look at some of the most common reasons why you might consider refinancing your mortgage.
Getting a lower interest rate is by far the most popular reason to refinance a mortgage. If rates are lower than when you got your original loan, refinancing can reduce your monthly mortgage payments. It can also help you save thousands of dollars in interest over the life of your loan.
When you refinance, you can select a different loan type than the one you currently have in order to reap the benefits of that loan type. For example, if you have an adjustable-rate mortgage (ARM) and the rate is about to increase, you can change to a more stable fixed-rate mortgage. Or if you have an FHA loan and you want to stop paying mortgage insurance, you may be able refinance to a conventional loan without mortgage insurance.
If you have enough equity in your home, you may be able to do a cash-out refinance. With cash-out refinancing, you refinance your current home loan for more than the amount you currently owe, and keep the extra money to spend on things like a kitchen remodel, new siding, or other home projects you’ve been dreaming about.
In most cases, shortening your loan term will allow you to pay off your principal faster. A shorter term often means you’ll have a higher monthly payment, but you’ll likely pay less interest over the life of your loan because you are making fewer payments, and because shorter loan term loans (i.e. 15-year fixed) typically have lower interest rates than those with longer term (i.e. 30 year fixed).
Let’s talk about your goals in the home buying or investing process and discuss the best path forward. Please give us a call at 801.449.0602 or send an email to connect@rootedandcompany.com to get in touch.
We provide the most accurate value of a home for sale. This is over 2x likely to be within 3% of the home’s selling price as other top online home-value estimators. This is not a formal appraisal or substitute for the in-person expertise of a real estate agent or professional appraiser.
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