Refinance Calculator
Estimate Your New Payment with Ease
Use our mortgage refinance calculator to see what a new loan would cost each month. Then use the three-question test below to see whether refinancing makes sense for you.
Estimate Your New Payment
Mortgage Refinance Calculator
See what refinancing your mortgage could save with Communication Federal Credit Union’s refinance calculator. Compare your current payment against today’s conventional, FHA, and VA refinance rates, estimate lifetime interest savings, and find your break-even point — including cash-out refinancing.
The Refinance Break-Even Test
A lower payment isn’t automatically a win, since the savings from refinancing has to offset the costs. Three factors decide it.
One: Estimate the new payment.
Use the calculator above with your remaining balance, today’s rate, and the term you’d choose. The gap between that and your current payment is your monthly savings.
Two: Divide costs by savings.
Closing costs on the new loan divided by monthly savings equals your break-even month. Stay in the home past it and every month after is money kept; move before it and waiting was the better deal. Your loan officer runs your exact numbers — this page is an estimate, not an offer.
Three: Pick the right path.
Lowering your payment or term? That’s a rate & term refinance. Taking cash out? Cash-out refinance. Love your current rate? A home equity loan leaves it untouched.
Refinance Calculator Questions
Quick answers about estimating a refinance.
How do I estimate my refinance savings?
Enter your remaining balance and the term you’d refinance into. Compare the estimated payment with your current one, and that gap is your monthly savings.
What does refinancing cost?
Closing costs on the new loan, which can include appraisal, title, origination, recording, and other items.
When does refinancing make sense?
When you’ll stay in the home past your break-even month. Sometimes the honest answer is “not yet” and we’ll tell you.
Is this an offer or approval?
No. The calculator provides estimates for illustrative purposes. Actual rates, payments, and approvals are determined at application, and your loan officer confirms your real numbers.
Does using the calculator affect my credit?
Not at all. Calculators are anonymous. No personal information, no credit check.
What rate does the calculator use?
We use today’s as-low-as rates, which are refreshed automatically throughout the day. Your actual rate depends on your credit, term, and down payment.
What's the next step after estimating?
Pre-approval. The online application takes about 20 minutes and can turn your estimate into a real budget you can work with.
Ready to Find Your Spot?
Start online in minutes, or talk to a local loan officer today.