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Homeowners refinance for a number of reasons, including debt consolidation, to lower loan payments, or make home improvements.
Happy where you’re living, but wondering if refinancing your mortgage could be a smart financial decision? This mortgage refinance calculator will guide you in determining whether or not you may want to change up your existing mortgage.
It’s not uncommon for homeowners to start to think about refinancing when the current interest rate begins to look pretty favorable. It stands to reason that if you refinance your mortgage to a lower interest rate, you’re probably going to save some money. Our refinance calculator, though, can help you figure out if that’s true for your unique situation.
For some homeowners, a favorable interest rate isn’t the deciding factor when looking into mortgage refinancing. For example, a cash-out refinance is available for individuals who need cash in-hand and only have the equity in their homes to pull from. Some people consider a cash-out refinance to make repairs or renovations in their home, while others need that extra cash for a family emergency, college tuition, or even just vacation.
Regardless of the reason you’re considering a refinance loan, this calculator can help you get a better picture of how it will affect you financially. You can input your current mortgage information and then experiment with your proposed loan information. Trying out different numbers and scenarios will give you a greater understanding of how a refinance could impact you.
This mortgage refinance calculator may help you analyze your financial needs, but the calculations do not infer any fiduciary duties. The Embrace Home Loans mortgage calculator is just meant to be a helpful tool and calculations should not be construed as financial, legal, or tax advice. We cannot guarantee its accuracy and rates may change.