Utah refinance calculator

It compares two paths. One keeps the loan you have. The other pays it off with a new loan at a new rate and length, with closing costs and any cash out added. It shows how your monthly payment changes, when the savings cover the costs, and where you stand on each path when you plan to move.

When the money you save each month pays back the closing costs before you sell or refinance again. A lower rate helps, but so does how long you stay. If you plan to move soon, the costs may never come back to you. The break even month on this page shows when they do.

It is the month the refinance has paid for itself. The quick way is the closing costs divided by what you save each month. This page uses a careful way: the month the interest you save adds up to the closing costs. A new, longer loan can lower the payment just by paying down the balance more slowly. The careful way does not count that as savings.

It is a new, bigger loan that pays off the one you have and hands you the difference in cash. Most conventional cash out loans stop at 80% of the home's value, so you keep some equity in the home. The cash is not free. You pay interest on it for the life of the new loan, and the new rate applies to the whole balance.

It depends on your rate now. A cash out refinance replaces your whole loan at today's rate. A home equity line of credit, or HELOC, is a second loan beside the one you have, so your first loan keeps its rate. A HELOC rate usually moves with the market, and you draw only what you need. If your rate now is low, a HELOC often keeps that low rate on most of what you owe.

Usually. The lender orders it and you pay for it as part of your closing costs. The value sets how much you can borrow and whether mortgage insurance applies. Some loans skip it. An FHA streamline and a VA IRRRL usually do, and some conventional loans qualify for an appraisal waiver.

Lender fees with the appraisal, a new lender's title policy, and recording fees for the new loan. You also fund a new escrow account for tax and insurance. The old account's balance is sent back to you after the old loan is paid. You can pay the costs at closing, add them to the loan, or take a slightly higher rate in exchange for a lender credit.

Yes, the new loan starts its own clock. If you are years into a 30 year loan and take a new 30 year loan, you add years of payments. Part of a lower payment can come from those extra years, not only the rate. You can pick a shorter loan, or pay a little extra each month to finish on your old date. This page shows that payment.

It is a quicker, lower cost way to refinance one FHA loan into a new FHA loan. It usually needs no appraisal and less paperwork, so the costs are lower. The costs are paid at closing or by a lender credit, not added to the loan. The new loan has to help you. On a fixed rate, your rate plus the yearly mortgage insurance has to drop by at least half a point. Your payments need to be on time, and it gives no cash out. If your FHA loan is under 3 years old, part of the upfront premium you paid comes back as a credit.

It stands for Interest Rate Reduction Refinance Loan. It refinances one VA loan into a new VA loan at a lower rate, with lower costs. The VA does not require an appraisal, though a lender may. The funding fee is much smaller than on other VA loans, and there is none if you are exempt. On a fixed rate, the new rate has to be at least half a point lower. The lower payment also has to pay back the closing costs within 36 months. It gives no cash out.

Yes, with a regular FHA cash out refinance or a VA cash out refinance. Both need an appraisal. FHA cash out stops at 80% of the value. VA allows more, though most lenders stop at 90%, with the funding fee counted. A VA cash out refinance can also pay off a loan that is not a VA loan today.

It can. A conventional loan for more than 80% of the value comes with PMI until you owe 80% of the value. An FHA loan adds an upfront premium to the loan and a yearly premium paid monthly. The yearly one lasts 11 years when the loan is 90% of the value or less, and the life of the loan above that. A VA loan has no monthly mortgage insurance, only the funding fee. This page counts all of it.

Often, yes. On a conventional loan you may not need to. You can ask your servicer to drop it once you owe 80% or less of the original value. On an FHA loan, the mortgage insurance often lasts the life of the loan. Moving to a conventional loan can end it once you have enough equity.

It depends on the loan. A plain conventional refinance often has no wait. A conventional cash out refinance usually needs your loan now to be at least 12 months old. An FHA streamline and a VA IRRRL need at least 210 days since your closing and 6 payments made. An FHA cash out refinance needs 12 months of living in the home. Your lender checks the exact rule for your loan.

No. It is a good estimate for comparing. Your real rate depends on your credit, the loan type, the loan amount, the value and the day you lock. Ask a lender for a Loan Estimate, then type its rate and closing costs in here.