Mortgage Calculators

How much can I save if I refinance my mortgage?

Replacing your current mortgage with a new one is called refinancing. You can save money by refinancing* to a lower interest rate (monthly savings) or a shorter loan term (long-term savings). To use this calculator, complete the Current Loan and New Loan information below.

Which mortgage loan is better?

Replacing your current mortgage with a new one is called refinancing. You may be considering different refinance loans, and a side-by-side comparison can help you decide which one to choose. To use this calculator, complete the First Loan and Second Loan information below.

What is my debt-to-income ratio?

Replacing your current mortgage with a new one is called refinancing. Your debt-to-income ratio is the percentage of your gross monthly income that goes toward your debt. It’s an important factor lenders use to determine how much you can borrow. To use this calculator, complete the Monthly Income and Monthly Expenses information below.

Mortgage Checklist

The following information is usually required during the refinancing process. Additional documentation may be needed.

  • Your government-issued photo ID
  • Federal tax returns for the most recent two years
  • W-2s for the most recent two years
  • Pay stubs for the past 30 days
  • Bank statements for the most recent two months
  • Most recent copies of asset/retirement account statements
  • The declarations page of your homeowners insurance

Find a Loan

I want to lower my monthly payment.

Refinancing a higher-rate loan to a lower-rate loan can help you save on your monthly mortgage payment and improve your immediate cash flow. There are costs to refinancing, so be sure to discuss your break-even point with your licensed CrossCountry Mortgage loan originator.

I want to save money over the life of my loan*.

Refinancing to a shorter term can save thousands of dollars in interest. One common refinance is from a 30-year fixed-rate loan to a 15-year fixed-rate loan. Your monthly payment is likely to be higher, but your savings over the life of the loan can be substantial.

I want to renovate my home.

Using the equity in your home to pay for home improvements can be a good reason to refinance. You are investing money from your home back into your home. Depending on the loan program, there may be restrictions on the types of renovations you can make.

I want to pay off higher interest consumer debt.

A debt-consolidation refinance can help you save money by replacing high interest consumer debt, such as credit cards or installment loans, with a lower rate home loan. Be aware that the debt doesn’t disappear. You are paying those debts with your refinance, so your new home loan will be higher than your old one.

I want to pay for my children’s college or other important expense.

When you choose a cash-out refinance, the money comes from the equity you have built up in your home. Think carefully about the way you will use the money because you are incurring debt with your home as collateral. Investing in education or other expenses with long term benefits may be a good choice.

I want to change loan type.

If you have an adjustable rate mortgage (ARM) with an interest rate that is about to increase, it may be time to refinance into a fixed-rate loan. You’ll want to consider the length of time you plan to stay in your home and the rates available for fixed-rate loans.

I have more than one mortgage on my home.

You may have a first and second mortgage on your home. Consolidating them into one loan can save you money and make your payment more manageable.

Pages from our refinancing guide providing tips on refinancing

Your Refinancing Guide

Our free refinance guide provides information you need to understand home refinancing, the benefits of refinancing your current loan, and the loan options available to you.


Download the refinance guide