Home · Mortgage Refinance
Calculadora de Refinanciamiento de Hipoteca
Compare your existing mortgage with a new loan to estimate monthly savings, closing costs, break-even time, and total interest. Explore different rates and terms to determine whether refinancing supports your budget and long-term financial goals.
⚠️ For educational use only:
Rates, APR, PMI, insurance, and savings are estimates. Actual terms depend on lender, credit, LTV, DTI, and other factors. This is not an offer of credit.
What's your refinance goal?
Current mortgage
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New mortgage
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Cash-out (optional)
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🆚 Current vs new — side by side
| Metric | Current mortgage | New mortgage | Difference |
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🎯 Keep the original payoff date
⏰ Warning: term extension
🧭 Scenario comparison
| Scenario | Monthly payment | Cash at closing | Break-even | Total interest | 5-yr savings | 10-yr savings |
|---|
💠 Discount points analysis
🛡️ Análisis de PMI
💵 Cash-out and alternatives
📅 5-year outcomes
📅 10-year outcomes
📊 Cumulative savings over time
Line crosses the axis when monthly savings equal closing costs.
📉 Remaining balance — current vs new
🎓 Coach Futuro — personalized analysis
Cómo funciona esta calculadora Transparent
Compara amortización, payment y wealth break-even, extensión de plazo, escenarios, puntos, PMI y cash-out.
Also:
- Selector de meta.
- Fecha de pago original.
- Advertencia de extensión.
- Beneficios a 5 y 10 años.
- Gráficos interactivos.
- Coach Futuro.
Todo corre en tu navegador — nada se envía a servidores.
Supuestos y limitaciones Educational
- Amortización a tasa fija.
- Wealth break-even es más completo.
- Costos de cierre estimados.
- PMI asume 20% equity para eliminación.
- Rodar costos = pagas interés sobre costos.
- No es asesoría profesional.
Metodología y fuentes Cited
Amortización estándar + wealth break-even ajustado por saldos.
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Financial Resources
Explora los recursos financieros de Wells Fargo
When you're ready to take the next step, explore Wells Fargo's financial solutions — including banking, mortgages, credit, and retirement resources — to help support your financial goals.
Explore Wells Fargo Resources →Know When Refinancing Makes Financial Sense
Refinanciar puede bajar tu pago o acortar tu hipoteca — pero solo si los ahorros superan los costos de cierre dentro de tu horizonte de estancia y no solo si baja el pago mensual.
Frequently asked questions
1. What does refinancing a mortgage mean?
Refinancing replaces your current mortgage with a new loan. Homeowners refinance to lower their interest rate, reduce monthly payments, shorten the loan term, eliminate mortgage insurance, or access home equity through a cash-out refinance.
2. When is refinancing worth it?
Refinancing is generally worth considering when it reduces your overall borrowing costs or better aligns your mortgage with your financial goals. The best candidates typically have improved credit, lower available interest rates, sufficient home equity, and plan to stay in the home long enough to recover the closing costs.
3. How much can refinancing lower my monthly payment?
The savings depend on your remaining loan balance, interest rate, loan term, closing costs, and property taxes or insurance. Even a modest reduction in interest rates can produce meaningful monthly savings, especially on larger mortgage balances.
4. What is the refinance break-even point?
The break-even point is the number of months it takes for your monthly savings to equal the upfront refinancing costs. If you expect to sell or move before reaching that point, refinancing may not provide a financial benefit.
5. Does refinancing always save money?
No. While refinancing can reduce monthly payments, extending the loan term may increase the total interest paid over the life of the loan. Always compare both your monthly savings and your total lifetime borrowing costs before making a decision.
6. Should I refinance into a shorter loan term?
A shorter mortgage term, such as moving from a 30-year loan to a 15-year loan, typically comes with a lower interest rate and significantly reduces total interest paid. However, it also increases your monthly payment. The right choice depends on your cash flow and long-term financial goals.
7. What credit score do I need to refinance?
Requirements vary by lender and loan program, but borrowers with higher credit scores generally qualify for better interest rates and lower fees. Improving your credit before refinancing can increase your potential savings.
8. How much does it cost to refinance a mortgage?
Most refinances include closing costs such as lender fees, appraisal fees, title services, recording fees, and other expenses. These costs commonly range from about 2% to 5% of the loan amount, although the exact amount depends on the lender and location.
9. Can I refinance if home values have fallen?
Possibly. Your ability to refinance depends largely on your available home equity and the loan program. Some government-backed programs offer refinancing options for homeowners with limited equity, while conventional loans typically require a minimum amount of equity.
10. What happens if I roll closing costs into the new loan?
Financing the closing costs reduces your upfront cash requirement but increases your loan balance. As a result, you'll pay interest on those costs over time, which can increase your total borrowing expense.
11. Does refinancing hurt my credit score?
Refinancing usually causes a small, temporary decrease in your credit score because of the credit inquiry and the opening of a new loan. For most borrowers, the impact is minimal and often recovers within a few months if payments continue to be made on time.
12. Can I refinance with the same lender?
Yes. Many homeowners refinance with their current lender because the process may be simpler. However, it's still wise to compare offers from multiple lenders to ensure you're getting the most competitive interest rate and closing costs.
13. How long does the refinancing process take?
Most mortgage refinances take between 30 and 45 days, although the timeline depends on the lender, appraisal requirements, underwriting, and how quickly you provide the requested documentation.
14. Should I refinance if interest rates drop?
Not automatically. A lower interest rate is helpful, but you should also consider closing costs, your remaining loan balance, how long you plan to stay in the home, and whether the refinance improves your long-term financial position.
15. Can I refinance to remove Private Mortgage Insurance (PMI)?
Yes. If your home has appreciated or you've paid down enough of your mortgage to reach at least 20% equity, refinancing into a conventional loan may allow you to eliminate PMI and reduce your monthly payment.
16. What is a cash-out refinance?
A cash-out refinance replaces your existing mortgage with a larger loan and allows you to receive the difference in cash. Homeowners commonly use the funds for home improvements, debt consolidation, education expenses, or other major financial needs.
17. Is a cash-out refinance a good way to pay off debt?
It can be beneficial if you're replacing high-interest debt with a lower mortgage interest rate. However, you're converting unsecured debt into debt secured by your home, so the decision should be made carefully and only if you have a disciplined repayment plan.
18. Should I refinance from a 30-year mortgage into another 30-year mortgage?
It depends. Resetting to another 30-year term may lower your monthly payment, but it can increase the total interest you pay over time. If possible, compare 20-year, 15-year, or shorter-term refinance options as well.
19. Can refinancing help me pay off my mortgage sooner?
Yes. Choosing a shorter loan term or continuing to make your previous monthly payment after refinancing can significantly reduce your payoff timeline and save tens of thousands of dollars in interest.
20. Can I refinance an FHA, VA, or USDA loan?
Yes. Each government-backed mortgage program offers refinance options designed for eligible borrowers. Some programs even provide streamlined refinancing with reduced documentation requirements, making the process faster and easier.
21. Can I refinance if I recently purchased my home?
Yes. There is no universal waiting period for refinancing, although some loan programs require you to own the home for a minimum amount of time. The decision should be based on whether the savings outweigh the refinancing costs.
22. Will refinancing change my monthly escrow payment?
Possibly. Your escrow payment for property taxes and homeowners insurance may change if taxes, insurance premiums, or lender escrow requirements have changed since your original mortgage.
23. Should I pay points to lower my interest rate?
Mortgage discount points allow you to pay upfront to receive a lower interest rate. Paying points may be worthwhile if you expect to keep the mortgage long enough to recover the upfront cost through lower monthly payments.
24. Can refinancing lower my total interest even if my monthly payment stays similar?
Yes. Refinancing into a shorter loan term or obtaining a significantly lower interest rate can reduce your total interest expense while keeping your monthly payment close to your current amount.
25. Is refinancing tax deductible?
Some refinancing-related costs may have tax implications, particularly mortgage interest and certain points paid. Tax rules vary based on your individual situation, so consult a qualified tax professional before making decisions based on tax savings.
26. Should I refinance if I plan to move soon?
Generally, refinancing is less beneficial if you expect to sell your home before reaching the break-even point. If you won't recover the closing costs through monthly savings, keeping your current mortgage may be the better choice.
27. Can I refinance an investment property or second home?
Yes. Many lenders offer refinance options for rental properties and vacation homes. However, these loans often have stricter qualification requirements, higher interest rates, and larger equity requirements than primary residences.
28. What documents are required to refinance?
Most lenders request proof of income, recent pay stubs, W-2s or tax returns, bank statements, homeowners insurance information, current mortgage statement, and government-issued identification. Self-employed borrowers may need to provide additional business documentation.
29. What is the biggest mistake homeowners make when refinancing?
Many borrowers focus only on lowering their monthly payment while overlooking total interest costs, loan term extensions, closing costs, and how long they plan to stay in the home. A refinance should improve your overall financial picture—not just provide a lower payment today.
30. How can this refinance calculator help me make a better decision?
This calculator estimates your new monthly payment, compares your current and proposed mortgage, calculates your break-even point, estimates lifetime interest savings, and helps you determine whether refinancing is likely to improve your long-term financial outcome. It's designed to help you make an informed decision before speaking with a lender.