DELAWARE HOME LOAN RESOURCES
Mortgage Refinance Calculator
Compare your current monthly principal-and-interest payment with a potential refinance scenario.
Compare Monthly Payments Before You Refinance
Enter your current balance, interest rate, and remaining term, then try a new rate, term, and cash-out amount. This tool estimates the difference in monthly principal-and-interest payments. It does not calculate closing costs, total interest savings, taxes, insurance, or your break-even point.
A lower monthly payment can result from extending the loan term and may increase total interest. Cash-out refinancing increases your loan balance. Compare the full costs and repayment schedule with a loan officer.
Current Mortgage Rate Information
These displayed rates provide general market information, not a personalized quote. Rates available to you depend on the borrower, property, loan program, and market conditions.
What Each Input Means
- Current loan amount: your remaining mortgage balance.
- Current interest rate: the annual rate on your existing loan.
- Remaining loan term: the number of months left on the existing loan.
- New interest rate: the rate assumption for the new loan.
- New loan term: the number of months for repayment of the new loan.
- Cash-out amount: additional money borrowed against your equity, if applicable.
Compare Your Payment Scenarios
Mortgage Refinance Calculator
Compare estimated monthly principal-and-interest payments under the assumptions you enter. Review total loan costs separately.
Monthly Payment Before Refinance: $-
Monthly Payment After Refinance: $-
Estimated Monthly Payment Difference: $-
Look Beyond the Monthly Payment
Review closing costs, the new payoff date, total interest, mortgage insurance, and how long you expect to keep the loan. A simple break-even estimate divides refinance costs by monthly savings when there are positive savings, but loan-term changes and cash-out borrowing require a broader comparison.
Ask for a Loan Estimate to review the proposed payment and costs. A Loan Estimate does not mean the application has been approved.
Frequently Asked Questions
You’ll need your current loan balance, interest rate, remaining term, estimated new interest rate, new loan term, and any cash-out amount. Review closing costs separately; this calculator does not include them.
A refinance involves a credit check, which may have a minor, temporary effect on your score.
Costs depend on the lender, loan, property, and services required. Review the estimated closing costs in your Loan Estimate and discuss them with your loan officer.
Sources and Helpful References
Use these references to check general mortgage information. Loan availability, qualification requirements, rates, and terms depend on your lender and circumstances.
Ready to Discuss Your Next Step?
Tell us about your property and home financing goals. Our team can review the options available for your situation.