The Mortgage Sensei

The Mortgage Sensei
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The Mortgage Sensei
Virginia mortgage tools

Virginia Refinance Calculator

Compare your current loan with a new one. See the monthly savings, the break-even point and what happens to total interest.

Current loan

$
%
yr

New loan

%

Sample figures for illustration. Use a rate you have been quoted.

New term
$

A placeholder. Real costs depend on the lender, title and your locality, and Virginia recordation taxes can apply to a refinance.

Run your numbers

Monthly savings, principal and interest

$0/mo

0 moBreak-even60+ mo
New P&I
$0
Current P&I
$0
Break-even
0
Lifetime interest
$0
Net over stay
$0
New loan amount
$0

Ask about a refinance quote

Estimate only. Uses standard amortization for principal and interest and ignores taxes, insurance and mortgage insurance changes. Actual terms depend on credit, value, occupancy and the lender.

When a refinance makes sense

Three numbers decide most refinances: the monthly savings, the break-even point and how long you will keep the loan.

  • Monthly savings. It has to be large enough to matter. A small saving against high costs can take many years to pay back.
  • Break-even. Closing costs divided by monthly savings. It should sit well inside the time you plan to stay.
  • Lifetime interest. Resetting a long loan back to 30 years can lower the payment and still raise total interest. A shorter term can cut interest if the payment fits.
  • Other reasons. Dropping FHA mortgage insurance by moving to conventional with enough equity, shortening the term, or taking cash out. Cash-out is a different calculation.
  • VA IRRRL. Veterans with an existing VA loan may qualify for a streamlined refinance with a lower funding fee. See the VA funding fee calculator.

Refinance FAQ

What size rate drop is worth it?

There is no single number. Compare the break-even to how long you will keep the home. A smaller drop can work with low costs, and a larger drop can fail if you move soon.

Should I roll closing costs into the loan?

It keeps cash in your pocket and raises the balance a little. This tool adds the costs to the new loan when you tick the box, so the savings reflect it.

Will a refinance reset my term?

Only if you pick a longer term than you have left. Choose a term that matches or beats your remaining years to avoid restarting the clock.

Can I remove PMI by refinancing?

If your home value rose and you now have enough equity, a new conventional loan may not need mortgage insurance. This tool does not model that saving, so add it to your monthly savings by hand.

How often can I refinance?

Rules vary by loan type and lender, and some programs have waiting periods. Ask about your specific loan.

Duane Buziak, NMLS #1110647. Licensed in VA, TN and GA. Brokered through Coast2Coast Mortgage, NMLS #376205. For illustration only. Not a loan offer, commitment or rate quote. Equal Housing Opportunity.