Modus Mortgage

Refinance Calculator

Our refinance calculator can help you estimate what your monthly payments and loan options might be if you decided to refinance.

Why should you refinance?

If you’re looking to lower your monthly payments, shrink your interest rate, shorten the term of your loan or change your loan type, a refinance could be the right move for you.

How we calculate your refinance savings.

Your total savings during the time you plan to stay in your home is made up of two parts: cash savings and the difference in the amount you’ll still owe on your new mortgage. What are cash savings? That’s the difference between your current monthly mortgage payments and your new monthly mortgage payment (minus the amount you’ll need to pay for closing costs — about 3% of the loan). In other words, it’s cash in your pocket. What’s the difference in the amount you’ll still owe? That’s the difference between the amount of principal on your current mortgage and the amount of principal you’ll owe on your new loan when you refinance.

How soon after buying a home can I refinance?

After purchasing a home, the amount of time needed before you can refinance varies depending on your loan and lender. If you have a conventional mortgage, jumbo loan or VA loan, you’ll likely need to wait at least six months before you can refinance. If you have an FHA loan, you’ll probably need to wait between six months and a year.

How does my credit score affect my ability to refinance?

Your credit score directly impacts your ability to refinance because it indicates to lenders how likely you are to repay your debts. Minimum credit score requirements vary depending on the type of loan.
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