Refinance
Review your options before you refinance.
Refinancing changes your loan terms — and possibly your total cost of borrowing. I'll walk through the tradeoffs so you can make an informed decision.
Common reasons people refinance.
Change your rate or payment
A different interest rate or term can change your monthly payment and long-term interest costs.
Shorten or extend your loan
Move from a longer to a shorter term (or vice-versa) based on your goals and budget.
Change loan type
Some borrowers move between fixed-rate and adjustable-rate loans, or into or out of government programs.
Access home equity
Cash-out refinancing may allow qualified borrowers to convert a portion of home equity into cash.
Debt consolidation
Combining higher-interest debts into your mortgage may lower your overall monthly payment and simplify what you owe.
Your home
Refinancing should make the home you already love work better for you.
Refinance calculator
Refinance comparison
Compare an existing loan payment with a new loan payment.
Monthly change
-$255
Current: $2,139/mo
New: $1,884/mo
Break-even: 24 months
Estimated APR on the new loan
6.290%
Interest rate: 6.250%
Prepaid finance charges: $1,295.00
Amount financed: $304,705.00
The Annual Percentage Rate (APR) shown is an illustrative estimate for educational purposes only. It is calculated from the figures you enter and assumes the loan is held to full term with no changes. It is not a quote, offer, commitment to lend, or an advertisement of specific credit terms. Actual APR depends on the final loan amount, interest rate, term, and the finance charges that apply to your transaction, and will be disclosed on your Loan Estimate and Closing Disclosure. Third-party costs that are not finance charges (such as appraisal, title services you shop for, recording fees, taxes, and homeowners insurance) are excluded from APR. Rates, fees, and terms are subject to change and to credit approval; not all applicants will qualify.