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Mortgage Refinance Calculator

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What would you
pay each month?
What would you pay each month?What would you pay
each month?

Use this refinance calculator to calculate estimated monthly mortgage payments and rate options.Use this refinance calculator to calculate estimated monthly
mortgage payments and rate options.
Use this refinance calculator to
calculate estimated monthly
mortgage payments and rate options.

Current mortgage details

$

Estimate your home's value

$

$

Include taxes, homeowners insurance & PMI

New mortgage details

$

What your loan term means layer

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When working with the calculator, please remember the dollar amounts displayed aren’t guaranteed, and what you actually pay may be different. The estimates you receive are for illustrative and educational purposes only.

$XXXX
Current monthly payment
$XXXX
New monthly payment*
$XXXX
$XXXX
$XXXX
$XXXX
$XXXX
$XXXX
Total monthly payment*
$XXXX
XXXX%
APR *
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$XXXX
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*Results are based on the refinance of a home in ZIP code , with a current value of , and a new loan amount of .

Mortgage rates valid as of and assume borrower has excellent credit.
Loan assumptions and disclosures

What your loan term means

A Fixed-rate mortgage is a home loan with a fixed interest rate for the entire term of the loan. The Loan term is the period of time during which a loan must be repaid. For example, a 30-year fixed-rate loan has a term of 30 years.

An Adjustable-rate mortgage (ARM) is a mortgage in which your interest rate and monthly payments may change periodically during the life of the loan, based on the fluctuation of an index. Lenders may charge a lower interest rate for the initial period of the loan. Also called a variable-rate mortgage.

Note: Typically Bank of America adjustable-rate mortgage (ARM) loans feature an initial fixed interest rate period (typically 5, 7 or 10 years) after which the interest rate becomes adjustable annually for the remainder of the loan term.

ZIP code finder

Enter City and State to get a custom rate

Please enter your city and state to find your ZIP Code

Preferred Rewards customers may qualify for a reduction of $200-$600 in the mortgage origination fee (based on your eligible balances at the time of application).

Learn more about Preferred Rewards

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Estimated payment savings

What should you consider when looking at potential monthly payment savings? Be sure to look at all aspects of your monthly payment, including Principal & Interest, Property Taxes, and Homeowners Insurance, as your actual monthly payments may be different from the estimates presented in this example. Variances in this example compared to your actual payments could affect the estimated total monthly payment and also reduce or eliminate any displayed estimated monthly payment savings.

Monthly Principal & Interest

The principal is the amount of money borrowed on a loan. The interest is the charge paid for borrowing money. Principal and interest account for the majority of your mortgage payment, which may also include escrow payments for property taxes, homeowners insurance, mortgage insurance and any other costs that are paid monthly, or fees that may come due.

Property Taxes

Typically, a fixed percentage based on the appraised value of your home that you pay to the county, the school district and the municipality where your property is located. The taxes may be assessed annually or semiannually, and you may pay them as part of your monthly mortgage payments. Depending on when you close your loan, some of this property tax may be due at the time of closing. Each local tax assessor’s office can give you the tax rate. Also known as property tax.

Homeowners Insurance

A contract that provides compensation for specific losses in exchange for a periodic payment. An individual contract is known as an insurance policy, and the periodic payment is known as an insurance premium.

PMI

Private Mortgage Insurance is a special type of insurance policy, provided by private insurers, to protect the lender if you default on your loan. If your down payment is less than 20%, most lenders will require you to pay mortgage insurance. You’ll typically pay PMI until the mortgage’s LTV drops to 78% - meaning your down payment, plus the loan principal you’ve paid off, equals 22% of the home’s purchase price.

Interest rate

Cost for the use of a loan, usually expressed as a percentage of the loan, paid over a specific period of time. The interest rate does not include fees charged for the loan. See also: annual percentage rate (APR).

APR

The annual cost of a loan to a borrower. Like an interest rate, the APR is expressed as a percentage. Unlike an interest rate, however, it includes other charges or fees (such as mortgage insurance, most closing costs, discounts points and loan origination fees) to reflect the total cost of the loan. The Federal Truth in Lending Act requires that every consumer loan agreement disclose the APR. Since all lenders must follow the same rules to ensure the accuracy of the APR, borrowers can use the APR as a good basis for comparing the costs of similar credit transactions.

Closing costs

Closing costs, also known as settlement costs, are the costs incurred when obtaining your loan. For new purchases, these costs also include ownership transfer of any collateral property from the seller to you. Costs may include and are not limited to: attorney's fees, preparation and title search fees, discount points, appraisal fees, title insurance, and credit report charges. They are typically about 3% of your loan amount, and are often paid at closing or just before your loan closes. Funds often needed to close a loan, such as homeowners insurance, property taxes, and escrow impound account funds, aren't included in closing costs and are considered separate. You should be prepared to pay these costs before your loan closes.

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).