Mortgage Refinance Calculator

Enter your details into our mortgage refinance and home equity loan calculator to explore home financing options that fit in your budget.

All fields are required

Current Monthly Mortgage Payment

Current Loan Balance

Current Loan Annual Interest Rate

Number less than 40% please!

Remaining Term of Loan

Advanced options

Loan Product

New Loan Annual Interest Rate

Number less than 40% please!

Closing Fees / Discount Points

Value should be less than $100,000!

Advanced options

Years You Expect To Stay In Home

Number between 0 and 100 please!

Information Icon How we calculate your results

Main: A mortgage refinance allows you to obtain a new mortgage loan replacing your current mortgage. At times when mortgage rates are lower than your current mortgage interest rate, you may want to consider a refinance so that you might pay less money in interest charges over the life of your mortgage. You can also choose to extend or shorten your current loan term with your new loan depending upon your personal goals. You may also be able to take cash out of your equity when you refinance to use for a variety of purposes including home improvement, debt consolidation, or paying for major expenses or purchases.

Main: A cash out refinance is when you take a portion of your home's equity out as cash while refinancing your current mortgage. A conventional refinance loan will only be for the amount that you owe on your existing mortgage, but a cash out refinance loan will increase the amount of the loan. This allows you to both replace your existing mortgage and take a lump-sum payment in cash for the additional amount of the loan.

Mortgage Products

What is a cash out refinance?
Mortgage Products

Cash out refinance requirements

You may be able to save an estimated $ annually.

You may lose an estimated $ annually.

$1,700

Current monthly 

mortagage payment

Current Loan

$20,000;

% APR

6 months remaining

$243

Refinance 

monthly payment

Refinancing

$20,000.0

8.00% APR

120 months remaining

Savings per month

Monthly Increase in Payment From Refinancing

Number of months to recoup closing costs

What does this possibly mean for me? 

Based on the information you provided, the amount above can give you an idea of the estimated monthly reduction in your payment you could achieve by refinancing your existing mortgage at the terms you selected. It's important to consider upfront closing costs on your new loan, and the time it will take to recoup those costs. Note that some of the reduction in payments may reflect extending the due date on your loan rather than a lower interest rate. If your refinance is at a lower rate than the previous loan, you may save money if you continue making the same or higher payments. If you lower your payments too, however, you may pay higher total interest even though your rate is lower, because the debt is extended over a longer period.

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Interactive calculators and information are intended as self-help tools for your independent use and are for educational purposes only. Results are estimates, and we cannot guarantee their accuracy or applicability to your specific circumstances.

Discover Home Loans Restrictions and Details

We do not lend in IA or MD. You are not guaranteed approval. Once you apply and submit your credit and property information, we will confirm your eligibility. We don’t lend on cooperatives, condotels, investment properties, log homes, manufactured homes, mobile homes, or secondary homes. We will only originate one 1st lien mortgage per property per 12-month period. The maximum loan amount you qualify for will depend on additional factors, including type of loan, lien position, loan-to-value and your credit history. We may change rates, program terms, and conditions without notice. Discover Card accounts may not be paid off with this home loan. All loan programs are offered by Discover Bank, 2500 Lake Cook Road, Riverwoods, IL 60015. NMLS ID 684042.