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Mortgage Refinance

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Refinance payment calculator

Thinking about cash out?

If you have available equity in your home, you may be able to get cash at closing with a cash-out refinance loan.

Explore cash-out refinance loans

Estimate your home's value

Want another option? Consider a home equity line of credit

Today's competitive
 refinance rates scroll to rates disclosure

Rates based on a $200,000 loan in ZIP code 95464

Estimate your home value

Balance left on your mortgage

Mortgage Rates Table

30-year fixed popup

Rate X.XXX%

APR X.XXX%

Points X.XXX

Monthly Payment $XXXX

15-year fixed popup

Rate X.XXX%

APR X.XXX%

Points X.XXX

Monthly Payment $XXXX

5y/6m ARM popup variable

Rate X.XXX%

APR X.XXX%

Points X.XXX

Monthly Payment $XXXX

Refinance rates valid as of date/time and assume borrower has excellent credit (including a credit score of 740 or higher). Estimated monthly payments shown include principal, interest and (if applicable) any required mortgage insurance. ARM interest rates and payments are subject to increase after the initial fixed-rate period (5 years for a 5y/6m ARM, 7 years for a 7y/6m ARM and 10 years for a 10y/6m ARM; the 6m shows that the interest rate is subject to adjustment once every six months thereafter). Select the About ARM rates link for important information, including estimated payments and rate adjustments.

Rates based on a $200,000 loan in ZIP code 95464

Estimate your home value

Balance left on your mortgage

Mortgage Rates Table

 

30-year fixed popup

15-year fixed popup

5y/6m ARM popup variable

30 Year Fixed X.XXX%

15 Year Fixed X.XXX%

5y/6m ARM Variable X.XXX%

30 Year Fixed X.XXX%

15 Year Fixed X.XXX%

5y/6m ARM Variable X.XXX%

30 Year Fixed X.XXX

15 Year Fixed X.XXX

5y/6m ARM Variable X.XXX

30 Year Fixed $XXXX

15 Year Fixed $XXXX

5y/6m ARM Variable $XXXX

Refinance rates valid as of date/time and assume borrower has excellent credit (including a credit score of 740 or higher). Estimated monthly payments shown include principal, interest and (if applicable) any required mortgage insurance. ARM interest rates and payments are subject to increase after the initial fixed-rate period (5 years for a 5y/6m ARM, 7 years for a 7y/6m ARM and 10 years for a 10y/6m ARM; the 6m shows that the interest rate is subject to adjustment once every six months thereafter). Select the About ARM rates link for important information, including estimated payments and rate adjustments.

Rate

The rate of interest on a loan, expressed as a percentage.

Annual percentage rate (APR)

The annual cost of a loan to a borrower. Like an interest rate, an APR is expressed as a percentage. Unlike an interest rate, however, it includes other charges or fees (such as mortgage insurance, most closing costs, points and loan origination fees) to reflect the total cost of the loan.

Points

An amount paid to the lender, typically at closing, in order to lower the interest rate. Also known as mortgage points or discount points. One point equals one percent of the loan amount (for example, 2 points on a $100,000 mortgage would equal $2,000).

Monthly Payment (estimated)

The estimated monthly payment includes principal, interest and any required mortgage insurance (for borrowers with less than a 20% down payment). The payment displayed does not include amounts for hazard insurance or property taxes which will result in a higher actual monthly payment. If you have an adjustable-rate loan, your monthly payment may change once every six months (after the initial period) based on any increase or decrease in the Secured Overnight Financing Rate (SOFR) index, published daily by the New York Fed. Note: Bank of America is not affiliated with the New York Fed. The New York Fed does not sanction, endorse, or recommend any products or services offered by Bank of America.

Fixed-rate mortgage

A home loan with an interest rate that remains the same for the entire term of the loan.

Adjustable-rate mortgage (ARM)

Also called a variable-rate mortgage, an adjustable-rate mortgage has an interest rate that may change periodically during the life of the loan in accordance with changes in an index such as the U.S. Treasury-Index (T-Bill) or the Secured Overnight Financing Rate (SOFR) published daily by the New York Fed. Bank of America ARMs generally use SOFR as the basis for ARM interest rate adjustments. Note: Bank of America is not affiliated with the New York Fed. The New York Fed does not sanction, endorse, or recommend any products or services offered by Bank of America.


Your monthly payment may fluctuate as the result of any interest rate changes, and a lender may charge a lower interest rate for an initial portion of the loan term. Most ARMs have a rate cap that limits the amount of interest rate change allowed during both the adjustment period (the time between interest rate recalculations) and the life of the loan.

This estimate requires some additional assistance

The details of this estimate requires some additional assistance from one of our loan specialists. Please contact us in order to discuss the specifics of your loan.

We offer a wide range of loan options beyond the scope of this calculator, which is designed to provide results for the most popular loan scenarios.

The Preferred Rewards program is our way of rewarding you for what you already do.

Preferred Rewards members may qualify for an origination fee or interest rate reduction based on your eligible tier at the time of application. Depending on your tier, you may be required to enroll in PayPlan from an eligible Bank of America deposit account prior to the loan closing date in order to receive the full program benefit adatext .

Learn more about Preferred Rewards

See all the types of refinance loans we offer

Fixed-rate refinance loan

  • Set interest rate for the life of the loan

  • Your monthly payments of principal and interest remain the same for the life of the loan

Adjustable-rate refinance loan

  • Interest rate may change periodically during the loan term

  • Your monthly payment may increase or decrease based on interest rate changes

FHA and VA refinance loans

  • Government loans from the Federal Housing Administration adatext and the U.S. Department of Veterans Affairs adatext

  • Low down payment options with flexible credit and income guidelines

Cash-out refinance loan

  • If you have available home equity, you could get cash when you close your refinance loan

  • Fixed-rate and adjustable-rate options available

Refinance basics

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