Explore a refinance payment scenario, then review it alongside closing costs and how long you expect to keep the home.
The interest comparison above does not include refinance closing costs and is not a break-even calculation. Review the new loan term, upfront costs and how long you expect to keep the loan with WOMC. Cash-out needs also require a separate review; this tool has no cash-out input.
If your goal is to repay the existing mortgage sooner without replacing it, explore additional principal payments with our mortgage payoff calculator.
Refinancing replaces one loan with another. Your goal might be a lower payment, a different term, access to equity or a move from an adjustable rate to a fixed rate.
WOMC considers the current loan, remaining balance, credit profile, property value, closing costs and your plans for the home. Monthly payment, total cost and the break-even point all belong in the discussion.
How much will closing costs add? Will you pay them at closing or roll them into the loan? How long do you expect to keep the home after refinancing?
Ask whether the refinance will affect mortgage insurance, escrow, property taxes or homeowners insurance. Review any appraisal and documentation needs as well.
Start with our refinance loan overview, then use the refinance checklist and common questions to prepare for a conversation with WOMC.
A payment estimate is a starting point. Closing costs and the full loan review still matter.
Western Ohio Mortgage Corporation, Company NMLS #9601. Talk with a loan officer about your estimate or call 800-736-8485.