refinance savings calculator

Mortgage Refinance Savings Calculator

Calculate Your New Payment

Could refinancing help you save money? Use our Mortgage Refinance Savings Calculator to find out (or browse our other loan calculators). Refinancing a home loan can help you lower your monthly payments if you can secure a better interest rate.

Calculate Refinance Savings

You don’t have to be a math wiz to learn how much you could save by refinancing your loan. Just use our handy mortgage refinance savings calculator to get the details. All you need to do is enter your information–our calculator does the rest.

View Greater Nevada Mortgage’s Latest Rates

Mortgage Refinancing Frequently Asked Questions (FAQs)

Refinancing a loan can be an intimidating prospect, but our home loan experts at Greater Nevada Mortgage , GNCU’s home lending subsidiary, are here to help guide you fearlessly through the process. Find answers to commonly asked questions below.

What is mortgage refinancing?

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When you refinance a home loan, you replace your original loan with a new loan–one with different terms and conditions, as well as a new (and ideally better) interest rate.

Do you save money by refinancing your mortgage?

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Securing a lower interest rate is a great reason to refinance–in fact, it’s the most common. But there are lots of reasons to consider refinancing, including:

  • Lowering your monthly payments.
  • Switching from a variable rate mortgage to a fixed rate mortgage.
  • Debt consolidation by utilizing your home’s equity through a cash out refinance.

Is it worth it to refinance to reduce my mortgage’s interest rate by 1%?

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Every little bit counts–and every little bit adds up. A mortgage refinance that saves you even 1% could mean big monthly savings, especially if your loan amount is high. There are other factors to still consider, but it could be worth it to you to lower your rate by 1%.

What is the best time to refinance your mortgage?

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It’s well worth your time to pay attention to going interest rates for mortgages. If you notice interest rates falling even half a percent, most financial experts agree: it’s a good time to look into refinancing a mortgage.

Does refinancing my mortgage hurt my credit score?

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The bad news is that initially, refinancing a loan will cause your credit score to lower. The good news is that in the long run, your credit score will bounce back as you make regular monthly payments on time.

Additional Online Calculators

Discover more tools from Greater Nevada to help you run test scenarios on your monthly payments on loans, forecasting a budget for your home, and other important financial topics.

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Set a goal and stick to it–it’s easy with this tool, which projects when you’ll reach your goal (and when you can celebrate).

Apply to Refinance Your Mortgage

Discover whether refinancing makes sense for your home loan.

Greater Nevada Mortgage | NMLS ID: 279738 | CA ID: 41DBO-61467 | Licensed by the Department of Financial Protection and Innovation under the California Residential Mortgage Lending Act

This calculator is intended solely for general information and educational purposes. Greater Nevada Credit Union does not guarantee the accuracy of the calculations. The calculator is not intended in any way as financial, insurance, tax or legal information regarding your financial situation.