Refinancing might make sense if you can lower your monthly payment enough to cover the cost of refinancing –and still save on your monthly mortgage repayments. Use this mortgage refinance calculator to compare your existing monthly mortgage payment with a refinanced loan.
The financial calculators are for educational and informational purposes only and are to assist you in estimating the approximate costs associated with mortgage activity. Your actual costs may vary. All examples are hypothetical and are for illustrative purposes. This is not an advertisement for a mortgage loan, and none of the display features of this calculator are to constitute an offer or solicitation of a product or service by SunTrust Mortgage, Inc. or its affiliates. Information and calculations are made available by one or more third party service providers. SunTrust Mortgage cannot guarantee that the information or definitions provided or the calculations are accurate, complete, or timely. SunTrust Mortgage makes no warranties with regard to these calculations or the results obtained by their use. The information provided should not be construed as tax or legal advice. SunTrust Mortgage disclaims any liability arising out of your use of, or any position taken in reliance on, this information and/or the calculations. Always consult an attorney or tax professional regarding your specific legal or tax situation.
It takes more than just plunking down a 20% down payment to call yourself ready. You have to be financially, emotionally and mentally prepared—or risk becoming one of the one in four homeowners who feel buyer’s remorse.