Tools

Refinance Calculator

Use the refinance calculator to see if you can benefit by refinancing your mortgage.

Have an FHA or VA Loan?

You may qualify for a Streamline Refinance—often with no appraisal, minimal documentation, and a faster closing.

Learn About Streamline Refinances

Your Current Loan

Current Interest Rate (%)

Current P&I Payment

Do NOT include taxes and insurance

Outstanding Balance

Your Proposed Refinance

Refinance Loan Type

Current Home Value

Cash Out Amount (Optional)

Enter 0 if not taking cash out

Mortgage Term

Proposed Loan Amount

Outstanding Balance + Cash Out:$300,000

Max Allowed (80% LTV):$240,000

⚠️ Proposed amount exceeds maximum allowed. Loan amount capped at max.

New Interest Rate (%)

Closing Costs (Optional)

Your Results

New Loan Amount

$240,000

New P&I Payment

$1,216

Est. Closing Cost

$6,000

Payment Difference

-$784/mo

"Break-Even" Point

8 months

Time to recover closing costs through monthly savings

Est. Lifetime Savings

$276,224

How does the refinance calculator work?

To calculate your refinancing results, we use information about your current home loan and details of the new loan to estimate potential savings. That way you can decide if refinancing will help you meet your financial goals.

Understanding the Metrics:

Break-Even Point: How long it'll take for the amount you will save to outweigh the closing costs. If you plan to sell your home before this time, refinancing may not make sense.
Payment Difference: The monthly savings (or increase) in your principal and interest payment after refinancing.
Lifetime Savings: The estimated total amount you'll save on interest over the life of your new loan, minus closing costs.

Disclaimer: This calculator is offered for illustrative and educational purposes only and is not intended to replace a professional estimate. Calculator results do not reflect all loan types and are subject to individual program loan limits. All calculations and costs are estimates and therefore, ReNew Lending does not make any guarantee or warranty (express or implied) that all possible costs have been included. The assumptions made here and the output of the calculator do not constitute a loan offer or solicitation, or financial or legal advice. Please connect with a ReNew Lending loan professional for a formal estimate. Every effort is made to maintain accurate calculations; however, ReNew Lending assumes no liability to any third parties that rely on this information and is not responsible for the accuracy of rates, APRs or any other loan information factored in the calculations.