Mortgage refinance calculator
Refinancing your mortgage entails replacing your current home loan with a new loan which may have more favorable loan terms. You can also apply for a cash-out-refinance, allowing you to take out equity in your home. Mountain America Credit Union offers a free mortgage refinance calculator to help you make an informed decision.
Should I refinance?
If you plan on staying in your current home for several years, a mortgage refinance is worth looking into. There are four main reasons why one would consider refinancing a mortgage.
- Lower rate
- Avoid PMI (private mortgage insurance)
- Lower monthly payment
- Shorter loan term
Refinance Rates
Is your mortgage interest rate high? A lower rate may help you decide whether a mortgage refinance makes sense in your situation. As a rule of thumb, going through the refinance process may save you some money if you can lower the rate by more than 1%.
Ready to refinance?
Get started by estimating how much you will save using our mortgage refinance calculator. Input your current home value and the refinance amount to view the loan term and today’s rate. If you have questions you can call our mortgage refinance specialists at 1-800-277-7703 or schedule an appointment today.
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*Loans on approved credit. Actual APR based on creditworthiness. Information and interactive calculators are made available as self-help tools for independent use and are not intended to provide investment advice. We cannot and do not guarantee their applicability or accuracy in regard to individual circumstances. All examples are hypothetical and are for illustrative purposes. Seek personalized advice from qualified professionals regarding all personal finance issues. Actual rate, payment and costs could be higher. The payment amount does not include homeowner's insurance or property taxes which must be paid in addition to your loan payment. Get an official loan estimate before choosing a loan. Some limitations on loan amounts may apply based on county limits and/or loan product. FHA county loan limits apply for FHA loans.
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