Mortgage Refinancing Calculator

See if refinancing your home makes financial sense before you apply. Our Refinance Cost Calculator helps you estimate your total refinance costs, potential monthly savings, and break-even point. Adjust your loan amount, interest rate, and term to instantly compare your current payment with a new one. Built for Birmingham and Alabama homeowners, this tool gives you a clear picture of your refinancing options so you can make confident, informed decisions.

Mortgage Refinancing Calculator

Current Loan Details

The remaining principal balance on your current mortgage.
$
Please enter your current loan balance.
%
Please enter your current interest rate.
Please enter years remaining.
$
Please enter your current monthly payment.

New Loan Terms

%
Please enter the new interest rate.
Typical closing costs range from 2-5% of loan amount. Leave blank for automatic estimate.
$
Additional cash you want to take out from your home's equity.
$

Refinancing Analysis

Monthly Savings

$0

Break-Even Time

0 months

Total Interest Savings

$0

Current Loan

Monthly Payment: $0
Interest Rate: 0%
Remaining Balance: $0
Years Remaining: 0
Total Interest Remaining: $0

New Loan

Monthly Payment: $0
Interest Rate: 0%
Loan Amount: $0
Loan Term: 0 years
Total Interest: $0

Recommendation

Cost Breakdown

One-Time Costs

Closing Costs: $0
Cash Out: $0

Net Benefit Analysis

Total Interest Savings: $0
Less: Closing Costs: -$0
Net Benefit: $0

The answers to all of your mortgage questions

Frequently Asked Questions

Committed to giving you all the support and guidance you need to find the right mortgage options for you and your family.

What types of home loans are available?

There are several loan options, including conventional loans, FHA loans, VA loans, USDA loans, and jumbo loans. Each has different eligibility criteria, down payment requirements, and benefits depending on the borrower’s financial situation.

How much do I need for a down payment?

The amount varies depending on the loan type and lender. For example:

Conventional loans typically require 3–20% down.

FHA loans may require as little as 3.5%.

VA and USDA loans can offer 0% down payment options for qualified borrowers.

What’s the difference between a fixed-rate and adjustable-rate mortgage?

A fixed-rate mortgage keeps the same interest rate and payment for the life of the loan.

An adjustable-rate mortgage (ARM) starts with a lower initial rate that can change after a set period, depending on market rates.

How do I know how much I can afford?

Lenders consider your income, credit score, debt-to-income (DTI) ratio, and down payment to determine affordability. A general rule of thumb is to keep your total housing costs under 28–30% of your gross monthly income.

What factors affect my mortgage interest rate?

Your rate is influenced by:

Credit score

Loan type and term

Down payment amount

Market conditions

Debt-to-income ratio

What is PMI (Private Mortgage Insurance), and do I need it?

PMI is required for most conventional loans with less than a 20% down payment. It protects the lender in case of default. Once your equity reaches 20%, PMI can typically be removed.

How long does it take to get approved for a home loan?

The process usually takes 30–45 days, depending on factors such as document submission, appraisal scheduling, and lender workload. Getting pre-approved can speed up the process when you’re ready to make an offer.

Apply Now and discover the

lowest rates.

Whether you are a potential homebuyer, refinancing homeowner, real estate professional, or investor, I’d love to talk and see how I can help.

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