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Mortgage Refinance Calculator

Does refinancing make sense for you? Calculate how much you could save by refinancing and see what your new monthly payments would be. These results are provided for illustrative purposes and may vary from your actual loan.

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Your existing mortgage

$
%

Your refinanced mortgage

$
%
$

Refinancing closing costs are typically 1 to 4% of the new loan amount.

Your results

(These results assume a fixed interest rate on your refinanced mortgage.)

Refinancing could reduce your monthly payment by this amount per month:

$374.03

Current monthly payment

$926.23

New monthly payment

$552.20

Refinancing over the life of your new loan, including closing costs, could cost you this amount:

$23,643.20

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Mortgage Refinance FAQs

Using the information you provide, the calculator combines how much you'd pay for the interest, closing costs and fees on a new loan. It then compares it to the total interest for your current loan and shows you the difference.

It also calculates how long it would take to recover the costs and fees of refinancing. Once you recoup that amount, you'll start to come out ahead with any savings.
When you refinance your mortgage, you replace your current home loan with a new one. You take out a new loan and your lender uses your new mortgage to pay off the old one.

Many people refinance for a lower interest rate. You might also refinance to change the term of your mortgage (for example, from 30 to 15 years). You can also opt for a cash-out refinance, which allows you to borrow more than you currently owe on your mortgage and receive the difference as a lump sum.

As with your initial mortgage, applying to refinance involves a lender checking on your creditworthiness, current income, assets, debt and other financial factors. It can also involve a home appraisal.
You might refinance for a number of reasons, including to:

• Secure a lower interest rate, which can lower your monthly payment and help you save money
• Change your loan term
• Get a cash-out refinance to pay off debts, finance home repairs or cover other large expenses
Refinancing can save you money over time, but, like your initial mortgage, it can come with closing costs. These can include things like attorney fees, loan origination fees, title search fees and credit report fees.

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See the cost of refinancing

Refinance closing costs can vary based on factors such as your loan amount and location.

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Check out our refinancing guide

Looking for some flexibility in your finances? A mortgage refinance might be your answer.

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Learn about your refinance options

We'll help you understand your refinance options and their key benefits.

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Find the refinance option that's right for you.  

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1-800-248-4638

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Mon-Fri: 8 AM to 10 PM ET

Sat: 9 AM to 7 PM ET

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Disclosure:

This article is for educational purposes about banking products. It is not intended to provide legal, investment, tax, or financial advice and is not a substitute for professional advice. It does not indicate the availability of any Citi product or service. For advice about your specific circumstances, you should refer to the disclosures financial institutions provide for various products and consult a qualified professional.