Who can use this calculator?

Anyone shopping for a home loan in Illinois, Indiana, Tennessee, or Alabama can use this calculator for free. There is no signup required.

Is the estimate the same as a preapproval?

No. This calculator gives a math-based estimate. A real preapproval requires Kim Dobyns to review your full credit, income, assets, and debts — schedule one by calling (630) 660-3539.

How is PMI / MIP calculated?

Conventional PMI uses tiered rates by credit score and LTV. FHA MIP is 1.75% upfront + roughly 0.55% annually on most loans. USDA charges a 1% upfront fee + roughly 0.35% annually. VA has no monthly mortgage insurance.

Refinance Mortgage Calculator | Estimate New Payment

Mortgage Refinance Calculator

Adjust inputs to explore different scenarios

Home Price

Down Payment ($)

Current Home Value ($)

Current Loan Balance ($)

Cash-Out Amount ($)

Loan Type

Loan Term

Interest Rate (%)

Credit Score

First-Time Buyer?

Annual Property Tax ($)

Annual Homeowner's Ins ($)

Total Payment

Principal & Interest

Taxes & Insurance

Mortgage Insurance

Estimates are for educational purposes only and do not represent a commitment to lend or a guaranteed rate. Kim Dobyns, NMLS #204859 · Union Home Mortgage Corp., NMLS #2229 · Equal Housing Lender.

Should You Refinance? Start With the Numbers

Refinancing replaces your current mortgage with a new loan — typically to get a lower interest rate, reduce your monthly payment, change your loan term, or access home equity through a cash-out refinance. Use the Refinance tab in the calculator above to estimate your new payment.

Rate & Term Refinance

A rate and term refinance replaces your current loan with a new one at a different rate, term, or both. The goal is usually to lower your monthly payment, pay off the loan faster, or both. Enter $0 in the cash-out field to model a rate and term refinance.

Cash-Out Refinance

A cash-out refinance lets you borrow against your home equity — taking out more than you owe and receiving the difference as cash. This increases your loan balance and may increase your payment. Enter the cash-out amount to see how it affects your new monthly payment.

Refinance Calculator — Common Questions

When does refinancing make sense?

Refinancing may make sense when current market rates are meaningfully lower than your existing rate, when your credit has improved since you got your original loan, when you want to change your loan term, when you need to access home equity, or when you want to remove FHA mortgage insurance by refinancing into a conventional loan. The break-even point — how long it takes for the savings to cover the closing costs — is a key consideration.

How much does it cost to refinance?

Refinancing typically involves closing costs similar to your original purchase — lender fees, title fees, appraisal, and other costs. These can sometimes be rolled into the new loan balance or offset with a lender credit. A full refinance review will show you the break-even timeline based on your specific costs and savings.

Can I refinance with less than 20% equity?

Yes, in many cases. Conventional loans can be refinanced with less than 20% equity, though PMI may apply. FHA loans have their own refinance options. VA loans offer an Interest Rate Reduction Refinance Loan (IRRRL) for eligible Veterans. The right option depends on your current loan type, equity, and goals.

How long does a refinance take?

A typical refinance takes 20-45 days from application to closing, depending on the lender, loan type, and how quickly documentation is provided. Some loan types or situations may close faster or slower. A strong lender with clear communication makes a significant difference in the timeline.

Is Refinancing Right for You?

The calculator shows you the payment estimate. A full refinance review shows you the real numbers — costs, savings, and break-even timeline — so you can make an informed decision.

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