Reduced monthly payments are one possibility

Some people refinance their mortgage to get a lower interest rate. Others switch to a shorter-term loan that helps them eliminate debt faster, or a longer loan that lowers their monthly payments. In any case, it pays to crunch the numbers to see if a new mortgage makes financial sense. This calculator will help you consider a range of factors, including interest rates, closing costs and loan lengths.

Information and calculators provided are tools for your use and are not intended to provide financial, investment, legal, tax or accounting advice. We cannot and do not guarantee their applicability or accuracy in regards to your individual circumstances. All examples are hypothetical and are for illustrative purposes. We encourage you to seek personalized advice from qualified professionals regarding all personal finance issues.