Refinance Calculator
Model a rate-and-term or cash-out refinance for conventional, FHA, or jumbo financing. Enter your home value and current balance, set an approximate new rate, and see the new payment, loan-to-value, and (for cash-out) the funds available. An educational estimate, never a quote.
Estimated Monthly Payment
Loan Summary
Illustrative national averages (≈ early 2026) for education only — not an offer or quote. Verify current rates with sources like the Freddie Mac PMMS.
Want a personalized read? Take the 5-question quiz to see which program categories fit your specific scenario.
We are an educational company, not a lender. We do not make loans, underwrite loans, or provide financial advice. All loan terms, rates, and approvals are determined solely by a licensed lender of your choice. This service is not a loan application. These figures are estimates provided for educational purposes only and are not a loan offer, quote, rate lock, or commitment to lend. Your actual payment will differ. Property taxes and homeowners insurance shown here are estimates and may be understated or excluded, and other costs — such as mortgage insurance, HOA dues, flood insurance, and closing costs — may not be reflected. For a detailed, personalized quote, consult a licensed lender or loan officer.
Rates shown are illustrative approximations — not actual available rates. Adjust the rate selector to any figure you are considering. Estimates only, using an illustrative interest rate and tax and insurance data for your selected state (county-level where county data is available). Not a quote, offer, or commitment to lend. Verify every figure with a licensed lender in your state before relying on it. For informational and educational purposes only.
30-Year Fixed Rate — Last 12 Months
Freddie Mac PMMS monthly average · as of July 2026Rate-and-term vs. cash-out refinancing
A rate-and-term refinance replaces your current loan with a new one to change the interest rate, the term, or both — the goal is a lower payment or a faster payoff, not cash in hand. Your new loan amount is essentially your remaining balance (plus any rolled-in closing costs), so your loan-to-value (LTV) stays close to where it was.
A cash-out refinance replaces your loan with a larger one and returns the difference to you at closing — for debt payoff, home improvement, or reserves. Because you are borrowing against more of your equity, the new balance and your LTV rise, and most conventional cash-out programs cap the new loan around 80% of the home's value (VA has its own rules; see the VA calculator). Lenders generally price cash-out loans a little higher than rate-and-term because the risk is greater.
Two numbers decide whether a refinance is worth it: your break-even point (closing costs divided by your monthly savings — how many months until the refinance pays for itself) and how long you plan to keep the home. This tool estimates the new payment and LTV so you can compare scenarios; every figure is educational, and a licensed lender confirms your real rate, costs, and program limits.
Frequently asked questions
What's the difference between rate-and-term and cash-out refinancing?
A rate-and-term refinance replaces your loan to change the rate or term without taking cash out, so your balance and loan-to-value stay about the same. A cash-out refinance replaces it with a larger loan and returns the difference to you at closing, which raises your balance and LTV. This calculator estimates both.
How much can I borrow on a cash-out refinance?
Most conventional cash-out programs cap the new loan around 80% of the home's value, so your available cash is roughly 80% of the value minus what you still owe and closing costs. VA has its own rules — see the VA calculator. This tool shows an educational estimate; a licensed lender confirms your program's exact limit.
Is this refinance estimate a quote?
No. It is an educational estimate using an illustrative interest rate — not a quote, pre-qualification, or commitment to lend. Only a licensed lender in your state can give you a real rate, closing costs, and payment based on your full application.