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Refinancing your mortgage can be a smart financial move, but how do you know if it’s the right decision for you? The Mortgage Refinance Calculator is here to help. This easy-to-use tool provides clear insights into how refinancing can impact your monthly payments, total interest costs, and loan term. Whether you’re seeking to free up cash flow, lock in a lower interest rate, or pay off your mortgage sooner, refinancing offers a path toward better financial health.
Refinancing isn’t just about saving money—it’s about creating flexibility and making your home loan work for you. Use this calculator to explore your options and take the guesswork out of the process.
After you crunch your numbers and are ready for the next step, give us a call and we can help answer any questions you may have. Or you can start an application below!
Refinancing can benefit homeowners in a variety of ways, depending on their financial goals. Here are a few common reasons why refinancing could make sense for you:
Refinancing your home loan can lead to a variety of financial and lifestyle benefits:
A refinance calculator helps you estimate the potential savings from refinancing your mortgage. It compares your current loan with a new one by factoring in loan details such as the interest rate, term, and fees.
The break-even point is the time it takes for the money you save through refinancing to equal the cost of refinancing. This is a key metric to determine if refinancing is financially beneficial.
Refinancing costs may include loan origination fees, appraisal fees, title insurance, and closing costs. These fees vary by lender, so it’s important to factor them into your decision.
Refinancing may make sense if interest rates have dropped, your credit score has improved, or you need to adjust your loan terms to fit your financial goals. It’s also a good option if you’re looking to consolidate debt or access home equity.
Refinancing involves a hard credit inquiry, which may temporarily lower your credit score by a few points. However, the long-term benefits of refinancing—like reducing debt and improving your financial stability—often outweigh this short-term impact.
In some cases, the interest paid on your refinanced mortgage may still be tax-deductible. However, the IRS has specific rules, so consult a tax professional for advice.
A refinance calculator helps you estimate the potential savings from refinancing your mortgage. It compares your current loan with a new one by factoring in loan details such as the interest rate, term, and fees.
Once you’ve used the Home Refinance Calculator to explore your options, the next step is talk to a UCCU Mortgage Loan Officer or Start your refinance today. Refinancing is a big decision, but with the right strategy, it can be a game-changer for your finances
(801) 223-8188
Mon – Fri: 8:00 am – 6:00 pm
Sat: 9:00 am – 2:00 pm
or send us a message from inside online banking.