How to Use a Refinance Calculator

Why should you use a refinance calculator?
A refinance calculator estimates your monthly mortgage payment to help you determine if refinancing would be beneficial to you.
How do I use a refinance calculator?
Fill in the information in the calculator about your current loan and information for your refinanced loan. Click on the “calculate” button to see how the numbers you put into the calculator determine your monthly payment.

Understanding Refinances

What is a refinance?
A refinance is replacing your current mortgage with a new one. The new mortgage will have a different rate and term.
Why would I refinance?
Refinancing is beneficial if you would like to shorten your loan term, lock in lower interest rate, change your loan type or lower your monthly payments. THA mortgage can help point you in the right direction.
When can I refinance?
The time after purchasing a home and refinancing can vary. Some loans require a wait period of six months after the purchase of your home while others will require a year.
What is the current loan balance?
The current mortgage loan balance is the amount you still owe, not including interest.
What is home equity?
Home equity is the difference between what your home is worth and the amount you owe on your mortgage. The equity of your home can fluctuate based on market value and depends on how much of your mortgage you have left to pay.
What is my home’s current value?
Your home’s value is based on how much it is worth plus the market value in your area.