Mortgage Refinance Savings Calculator

Please turn on JavaScript in your browser

It appears your web browser is not using JavaScript. Without it, some pages won't work properly. Please adjust the settings in your browser to make sure JavaScript is turned on.

Refinance savings calculator

Learn about refinancing

A refinance replaces your current loan with a new one. Generally, people refinance with the goal of saving money. Read the FAQs below to learn when it makes sense to refinance, and when you should avoid it.

Calculate savings

Enter info for your current mortgage and new refinance loan into the calculator to see an estimate of how much you could save each month. We’ll also show you a potential payment schedule with the new refinanced loan.

Start your journey

After comparing loans and seeing if refinancing is predicted to lower your monthly payment and save you money on interest, start preapproval online to get started.

Start onlineGo to prequalification

Understanding your results

After comparing your current mortgage with your calculated refinanced loan, you'll see how much you could save each month. You'll also see the total interest you can save over the life of the loan.

If refinancing is predicted to save you money, the bar graph showing your current loan will be taller than the bar showing the new refinanced loan. Hovering your cursor over the bars is an easy way to see the exact estimated amounts.

Refinancing FAQs

Refinancing means you get a new loan for your current home. This new mortgage pays off your current loan, and you become subject to the terms of the new loan.

To refinance your home, talk to your mortgage provider about the refinancing options you qualify for. If you've improved your credit over time, there’s a good chance you may qualify for a mortgage with more favorable terms. The qualifications for refinancing a mortgage are similar to the requirements of obtaining your first mortgage. Your lender considers your credit history and score, income history and current and past employment and other debt obligations you have. Information about your current loan is also considered, including the payment history on your current loan, the home's current loan, and the equity in the home.

Generally, the goal is to save money, either immediately or in the future. Here are the most common reasons homeowners decide to refinance:

Lower monthly payments. If your credit has improved or interest rates have changed, a similar loan term could provide lower monthly payments. Lengthening the term of your loan is also an option if you're having difficulty making ends meet.
More favorable mortgage terms. With improved credit, you may be able to change from an adjustable interest rate to a fixed interest rate. If economic changes make your situation more favorable, you could get a lower interest rate overall.
Shorten the life of your loan. Aside from changing your interest rate, refinancing your mortgage can allow you to change the term of your loan. You could trade in a 30-year mortgage for a 15-year mortgage.
Take advantage of home equity. To access your home's equity, you can see if you qualify for a cash-out refinance. This option allows you to refinance your home for a larger sum and receive the difference in cash.

Generally speaking, one or more of the following conditions needs to be present before you should consider refinancing your mortgage:

Mortgage interest rates are falling
Your home has significantly appreciated in market value
You've been making payments on your original 30-year mortgage for less than ten years

Refinancing may not be ideal if the following situations apply to you.

Your financial situation has worsened. If your credit score is lower than it was when you obtained your original mortgage, it's unlikely that a refinance loan will provide improved terms. A poor credit rating often leads to higher interest rates and payments.
You can't afford closing costs. Generally, refinancing only saves you money if the savings from lowering your monthly payments outweigh the closing costs of refinancing. If you're paying out more in closing costs, you won't actually benefit from refinancing. Find out how much it will cost you to refinance with our Refinancing Costs Calculator: What would my refinancing costs be?
You're planning to move soon. Refinancing means taking out a new mortgage loan. This provides you with little to no benefits if you plan to sell your home before you have time to recoup the costs from refinancing.
Your existing mortgage includes a prepayment penalty. If you have to pay off a fee when you pay off your mortgage, your breakeven period will take significantly longer. Since a prepayment penalty needs to be paid off immediately, you may not even be able to afford to refinance. This option allows you to refinance your home for a larger sum and receive the difference in cash.

Yes, if you qualify. Chase offers a variety of options that allow you to tap into your home's equity and take cash out. Consult your Mortgage Banker for the best cash-out refinancing option for you.

Cash-out refinancing can help homeowners who want to consolidate high-interest debt. Because your mortgage interest rate is likely to be lower than rates on credit cards or other types of bank loans, consolidating debt may reduce your overall monthly debt payments.

Yes, in most cases. However, depending on the circumstances, an appraisal may not be required.

Understand your break-even point

Refinancing requires a new loan, and you'll want to be sure you "break even" by covering the closing costs and fees when you refinance. Since the terms and conditions of every mortgage loan are different, there's no set break-even period that applies to every mortgage refinance.

To calculate this, add up the refinancing costs that can include bank fees, title search and insurance costs, appraisal, attorney fees and credit check costs. Divide this total by your estimated monthly savings to determine how many months it will take to break even.

Total costs to refinance / Total monthly savings = # months it will take you to break even

What to consider before refinancing

While refinancing can improve loan terms for some homeowners, every situation is different. Here are some things to consider before refinancing.

Closing costs. If your closing costs outweigh your monthly savings, you may want to reconsider refinancing.
Prepayment penalties on your current loan. Ask your current lender if your mortgage has a prepayment penalty fee and how much you’ll have to pay. Depending on the amount, this cost could outweigh the potential savings of refinancing.
How long you plan to stay in your current home. Refinancing requires some closing costs; there’s a period of time between your refinance and when your savings really kick in. If you move before this "break-even" period, you may not want to refinance.
Refinancing could temporarily affect your credit. "Shopping around" and applying for a mortgage loan, including a refinance, can result in hard inquiries on your credit. Closing your current loan or discontinuing payments on it until your refinanced loan starts can also affect your credit score.

Today’s refinance rates

One of the most important factors in refinancing is comparing current interest rates to the interest rates of your original (current) mortgage loan. If today's interest rates are lower, you could save money over the course of your loan. Check out today's refinance rates to compare them to your current mortgage rate.

Take the first step of preapproval

Ready to apply?

Start online

Come in

Find a Home Lending Advisor

Be prepared with these essential resources

See and print our helpful guides and checklists.

When can you refinance a mortgage?

There are a number of reasons why refinancing may be a good idea, although there are a few things you should consider when deciding if refinancing is right for you.

Continue to learn about when to refinance

Different types of refinances

Most loans fall into one of two categories — fixed-rate and adjustable-rate. We’ll help you choose the right one for your needs.

Continue to learn about types of refinancing

How to refinance your home

You successfully made it through the prequalifying and qualification challenges of getting a mortgage and buying a home. Fast forward several years and you may now be considering refinancing for various reasons.

Continue to learn about how to refinance

Beginner’s guide to cash-out refinance

This lets you use the equity in your home to get the cash you need for things like home improvements, medical bills, paying for college and other large expenses.

Continue to learn about cash out refinancing

Please update your browser.

Mortgage Refinance Savings Calculator

Chase Home Lending

Buying a House

Refinance

Affordability

Home Lending Customer Service

About Chase

Chase Survey

You're now leaving Chase