How much can you save by refinancing

A refinance can save you thousands of dollars.

You might be surprised as to just how much you can save by refinancing with a minor reduction in your interest rate. You might have heard that you have to improve your rate by at least 2 percentage points to make a refinance make sense. The fact is that most homeowners can save enough with a reduction of as little as .250 percentage point to make a refinance worthwhile, provided they choose a rate option with low costs.

We’ve created some tables that show just how much can be saved on the most common refinance scenarios. These are scenarios that have financing with zero or nominal closing costs (less than $500).

Select a scenario that is the closest to your situation to get a rough estimate of how much can be saved by refinancing. Then, if it looks promising, complete this Rate Reduction Analysis Request and we’ll send you a customized report that shows you exactly what the costs would be for you to refinance, how much you can save, and if there are closing costs, how soon you would recover those costs with the lower payment resulting from a lower interest rate.

How long have you had the existing loan?

Select how long ago you obtained your existing mortgage. Select the best option from the available periods. Refinancing after just 6 months Tab About 1 year Tab About 1-5 yrs Tab About 2 years Tab About 2-5 yrs Tab About 3 years Tab About 3-5 yrs Tab About 4 years Tab About 4-5 yrs Tab About 5 years Tab About 5-5 yrs Tab About 6 years Tab About 6-5 yrs Tab About 7 years
Select the tab for your current interest rate.
Select an amount from the drop down menu that is closest to the outstanding balance on your existing loan.
/ Select an amount from the drop down menu that is closest to the outstanding balance on your existing loan.
Select an amount from the drop down menu that is closest to the outstanding balance on your existing loan.
Select an amount from the drop down menu that is closest to the outstanding balance on your existing loan.
Select an amount from the drop down menu that is closest to the outstanding balance on your existing loan.
Select an amount from the drop down menu that is closest to the outstanding balance on your existing loan.
Select an amount from the drop down menu that is closest to the outstanding balance on your existing loan.
Select an amount from the drop down menu that is closest to the outstanding balance on your existing loan.