Current Loan Current loan amount? $ Current monthly payment? $ Current interest rate? % New Loan New loan amount? $ New interest rate? % Term of new loan (years)? Closing costs? $ Finance closing costs? - Select -YesNo Printer-friendly version Current Loan Loan Amount Monthly Payment New Loan Loan Amount Monthly Payment Chart Table Total Cost over Life of Loan Current Loan New Loan Total Interest Total Principal Total Cost of Loan Submit The decision to refinance a home mortgage can involve many factors. You might want to take cash out of your home at when you refinance to use for other purposes. But the most common purpose is to obtain a lower interest rate and lower monthly payments. In the latter case, the decision to refinance should be based on lowering the overall mortgage costs and breaking even on the refinance in a reasonable period of time.