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Save Money and Simplify Your Mortgage with the Home Refinance Calculator

Unlock the Potential Savings of Refinancing Your Mortgage

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.

You have questions? We have answers.

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!


How to Use the Home Refinance Calculator

  1. Enter Your Current Loan Details: Input your remaining loan balance, current interest rate, and monthly payment to establish a baseline.
  2. Input New Loan Information: Add details for your potential new loan, such as the interest rate, loan term, and any refinancing fees.
  3. View Your Results: The calculator will display your new monthly payment, how much you’ll save in total interest, and your break-even point for refinancing.
  4. Analyze Your Savings: Use the data to determine if refinancing aligns with your financial goals.
  5. Take Action: Once you’ve identified a savings opportunity, speak with a lender to take the next steps.

Why Refinance Your Mortgage?

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:

  • Lower Your Monthly Payments: Reduce your interest rate or extend your loan term to free up cash flow for other expenses.
  • Pay Off Your Loan Faster: Refinance to a shorter term, like a 15-year loan, and save on interest while becoming debt-free sooner.
  • Secure a Better Interest Rate: Lock in a lower rate to reduce the overall cost of your mortgage.
  • Consolidate Debt: Use cash-out refinancing to pay off high-interest debt, such as credit cards or personal loans, at a lower interest rate.
  • Switch Loan Types: Transition from an adjustable-rate mortgage (ARM) to a fixed-rate mortgage for more stability.
  • Tap Into Your Home’s Equity: Access the equity in your home for major expenses like home improvements, college tuition, or medical bills.

Key Benefits of Refinancing

Refinancing your home loan can lead to a variety of financial and lifestyle benefits:

  • Save Money on Interest: A lower interest rate can significantly reduce how much you pay over the life of your loan.
  • Achieve Financial Freedom Faster: Shorter loan terms allow you to pay off your mortgage sooner and eliminate debt faster.
  • Improve Cash Flow: Lowering monthly payments gives you more flexibility to invest, save, or cover everyday expenses.
  • Gain Peace of Mind: Switching to a fixed-rate mortgage provides stability and protection from fluctuating interest rates.

Frequently Asked Questions

What is a refinance calculator, and how does it work?

 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.

What is the break-even point, and why is it important?

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.

What are typical costs associated with refinancing?

 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.

When should I consider refinancing my home loan?

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.

Can refinancing hurt my credit score?

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.

How does refinancing affect my taxes?

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.


How to Get Started with Refinancing

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

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