4.25% 30 Year Fixed Rate
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Purpose
State
Loan Amount
Loan Type
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Best
FreeRate.com
Refinance
Purchase
Program
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Program Rate APR
30-Yr fixed 4.750 % 0.7 to 1
15-Yr fixed 3.750 % 0.7 to 1
5/1 ARM 3.125 % 0.7 to 1
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How to use a Mortgage Rate Calculator

For someone paying a high interest rate on their mortgage, now could be an excellent time to try and refinance the outstanding balance. Mortgage rates are about as low as they have ever been, which could allow you to save hundreds of dollars per month in excess interest charges. For someone struggling to make their home payments, this could be extremely beneficial when trying to keep their home.

In order to truly understand how much a mortgage refinance could help you, you should use a mortgage rates calculator to get a full understanding of how you could benefit. A mortgage rate calculator is an interactive tool, which will allow you to input a variety of different factors including your loan balance, expected interest rate, and amortization period to determine what your mortgage payment will end up being.

As you are using the mortgage rate calculator, you also need to factor in the fees that you should expect to pay. In order to be provided you with a loan, most banks will charge you a variety of different origination fees. These fees can include underwriting fees, application fees, processing fees, appraisal and inspection fees, and mortgage points. Some mortgage calculators will allow you to include these fees in the calculator. The calculator will then determine how long it will take before your interest savings outweigh the costs of these fees. If you are planning on staying in your home longer than that period, then refinancing would be a smart move for you.

When looking for a mortgage rate calculator to use, you may want to consider using a more advanced calculator that could predict the mortgage rates that you will be offered. Some more advanced calculators can predict the interest rate that you will be offered based on a variety of factors that you input. These factors will include your credit score range, your projected loan to value ratio, and your income. Based on these factors, and based on what has been occurring in the marketplace, this calculator should be able to generate an expected interest rate for you. It will also let you know if you will likely not qualify for a mortgage, based on the inputs you provided.