Check out if refinancing makes sense for you by using our Mortgage RefinanceComparisionCalculator…
The results provided by this mortgage calculator are for informational and illustrative purposes only. They do not constitute a commitment to lend or an offer of credit. Actual loan terms, interest rates, and monthly payments may vary based on factors such as credit profile, loan product, property location, and other considerations. All estimates are subject to underwriting approval and may not include additional costs. Borrowers should carefully review their financial situation and consult with a licensed mortgage professional before making any loan decisions.
Input Details
$each month
$in interest over the life of the loan
Savings over time(total interest saved - cost of refinancing)
Calculated on March 23, 2026 using the Refinance Mortgage Calculator (https://om-mortgage.com/refinance/).
New Monthly Payment:
Loan amount
Cash out
Cash in
Refinance fees
Roll Fees Into New Loan?
Total loan amount
Interest rate
Loan term
Monthly savings
Timeframe
Total Interest Savings
This is the sum of all the interest you will save over the life of the loan after refinancing.Year 1$0
Year 1
Monthly Savings Breakdown
Current
New
Savings
$1,703
-
$3,065
=
-$1,362
Amortization Schedule Breakdown
Our detailed amortization schedule breaks down your mortgage payments, showing how they are split between interest and principal over the life of your loan.Note: The actual monthly payment may be higher than what is shown here, as this schedule does not account for variable costs such as property taxes and home insurance, which are often included in your total mortgage payment.
Principal payments: (the amount borrowed)
Interest payments: (the cost of borrowing)
Is refinancing right for you?
Here are the most common reasons for refinancing:
You have a fixed-rate mortgage with a high interest rate, and are looking to get a lower interest rate
You have an adjustable rate mortgage (ARM) and are looking to get a fixed rate
You have two mortgages and would like to consolidate them into one
You have a long-term loan and would like a shorter-term loan so you can pay it off and build equity more quickly
You have a short-term loan and would like a longer-term loan so as to reduce your monthly payments
You want to move from an interest-only mortgage to a loan that pays down the principal
You want some extra cash to make a purchase or to pay off other debt
Refinancing makes sense if you fit into one of the categories listed above. If you’re curious about your specific scenario, reach out today and we’ll take a look!
This plan allows you to refinance your mortgage for more than you currently owe. The difference and the equity is converted into cash for the homeowner.
Lower Fixed-Rate Loan
If you currently have a high fixed-rate mortgage and the rates have dropped due to market conditions, then you may want to refinance to a low fixed-rate loan. Also, if you have an ARM, you might consider this option in order to get the security of a fixed rate. Even if your adjustable rate is low now, it is not guaranteed to remain that way; but if you get a low fixed-rate loan, then you lock that low rate in for the life of the loan. This option is a good choice if you are not planning on moving within the next five years.
Shorter-Term Loan
If your main goal is to quickly build up equity and to pay off your mortgage sooner, then the shorter-term loan is probably your best choice. A lot of times, if you refinance to this type of loan, your monthly payments will be higher, but you will pay substantially less interest and your mortgage will be paid off sooner. Also, you would benefit from a larger tax deduction on interest if you move from a 30-year fixed to a 15-year fixed loan. There are some cases, however, in which you may be able to refinance to a shorter-term loan without raising your monthly payment -if you’ve had your current mortgage for enough years.
Longer-Term Loan
If your current monthly payments are higher than is comfortable for your financial situation, then you might want to consider refinancing to a longer-term loan. This will result in a decrease in your monthly payments, since you will have more time to repay the loan. Examining your current mortgage and knowing how you would like to improve it are the first steps you need to take when starting the refinancing process. Once you know this, you can choose the option that will best help you achieve your goals.
About Us
OM Mortgage LLC
NMLS #1972491
At OM Mortgage, you truly get the best of both worlds. As both a lender and a broker, we give you direct access to competitive in-house lending options while also offering the flexibility to shop the market with multiple wholesale lenders. This means more choices, better terms, and solutions tailored to your unique needs.
We are a multi-state residential mortgage company committed to one thing: YOU. Our promise is simple—putting you and your family first to ensure you receive the right mortgage product, fair fees, and the kind of service and advice that builds lasting relationships.
With over 350 years of combined experience, our team has guided clients through every market cycle. That perspective has made us a lifetime mortgage partner—the one that will be there when your children buy their first home, just like mom and dad did.
We approach lending with our proven S.M.A.R.T. communication process:
Secure. Your information is always protected with the highest standards.
Modern. We use the latest mortgage technology for faster, smarter solutions.
Available. Our team is here for you 24/7/365.
Reliable. No matter the situation, you are always our priority.
Transparent. Honesty and integrity aren’t just words—they’re the way we do business.
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Frequently Asked Questions
What are the benefits of cash-out refinancing?
The benefits of cash-out refinancing include accessing home equity for major expenses, consolidating debt, and potentially securing a lower interest rate on your mortgage. This can improve your financial situation and provide funds for home improvements or other investments.
How can I calculate my potential savings with a refinance?
Calculating your potential savings with a refinance involves comparing your current mortgage rate with a new rate. Use our refinance calculator to input your loan amount, current rate, and new rate to estimate your savings effectively.
What options does OM Mortgage offer for home refinancing?
OM Mortgage offers various home refinancing options, including cash-out refinancing to access equity and programs to lower existing mortgage rates, tailored to improve your financial situation.
What are cash-out refinancing advantages?
The advantages of cash-out refinancing include accessing equity in your home for major expenses, consolidating debt at lower interest rates, and potentially reducing your monthly mortgage payments. This option can significantly improve your financial flexibility.
How does cash-out refinancing work?
Cash-out refinancing works by replacing your existing mortgage with a new loan that is larger than what you owe, allowing you to take the difference in cash. This can provide funds for home improvements or other financial needs.
What is the cash-out refinancing process?
The cash-out refinancing process involves replacing your existing mortgage with a new loan that is larger than what you owe, allowing you to access the difference in cash for personal use, such as home improvements or debt consolidation.
Who qualifies for cash-out refinancing?
Qualifications for cash-out refinancing include having sufficient home equity, a stable income, a good credit score, and a manageable debt-to-income ratio. Homeowners looking to access funds for major expenses or debt consolidation typically meet these criteria.
What are the risks of cash-out refinancing?
The risks of cash-out refinancing include potentially increasing your mortgage debt, higher monthly payments, and the possibility of foreclosure if you cannot keep up with payments. Additionally, it may affect your credit score and financial stability.
How can I apply for cash-out refinancing?
Applying for cash-out refinancing involves submitting an application with OM Mortgage LLC, providing necessary financial documentation, and discussing your goals with our team to determine the best options for your situation.
What documents are needed for refinancing?
The documents needed for refinancing typically include proof of income, recent bank statements, tax returns, and details about your current mortgage. Additional documentation may be required based on your specific financial situation.
How long does the refinancing process take?
The refinancing process typically takes between 30 to 45 days. However, this timeframe can vary based on factors such as the lender's efficiency and the completeness of your documentation.
Can I refinance with bad credit?
Refinancing with bad credit is possible, though it may come with higher interest rates. It's essential to explore your options and consult with a mortgage professional to find the best solution for your financial situation.
What are current cash-out refinance rates?
Current cash-out refinance rates vary based on market conditions, credit scores, and loan amounts. For the most accurate and up-to-date rates, it's best to consult with OM Mortgage LLC or check current market trends.
How does refinancing affect my credit score?
Refinancing can impact your credit score in several ways. Initially, it may cause a slight dip due to a hard inquiry, but over time, if managed well, it can improve your score by reducing your debt-to-income ratio and making payments more manageable.
What is a refinance calculator?
A refinance calculator is a financial tool that helps homeowners estimate potential savings from refinancing their mortgage, allowing them to evaluate different loan options and make informed decisions about their financial future.
How do I use a refinance calculator?
Using a refinance calculator is simple: enter your current loan details, desired loan amount, interest rates, and loan term. The calculator will then provide you with an estimate of your potential savings and monthly payments.
What savings can I expect from refinancing?
The savings you can expect from refinancing include lower monthly mortgage payments, reduced interest rates, and potential cash-out options for home improvements or debt consolidation, all of which can significantly enhance your financial situation.
What fees are associated with refinancing?
The fees associated with refinancing include application fees, appraisal fees, title insurance, closing costs, and potentially prepayment penalties. Understanding these costs can help you assess the overall savings from refinancing your mortgage.
How can I lower my mortgage rate?
Lowering your mortgage rate can be achieved by refinancing your loan, improving your credit score, or shopping around for better rates. Contact OM Mortgage LLC to explore your refinancing options and find the best solution for your financial needs.
What options are available for refinancing?
The options available for refinancing include cash-out refinancing, which allows you to access your home's equity, and rate-and-term refinancing, aimed at lowering your existing mortgage interest rate or changing the loan term.
How does OM Mortgage assist with refinancing?
OM Mortgage assists with refinancing by offering personalized guidance through various refinancing options, including cash-out refinancing and rate reduction, helping clients improve their financial situations effectively.
What is the best time to refinance?
The best time to refinance is when interest rates are low, your credit score has improved, or your financial situation has changed, allowing you to secure better terms or access cash for other needs.
Can I refinance my home multiple times?
You can refinance your home multiple times. Each refinancing can help you access better rates or cash out equity, but it's important to consider fees and the overall impact on your financial situation.
How does refinancing impact my monthly payments?
Refinancing can significantly impact your monthly payments by potentially lowering your interest rate, which reduces the amount you pay each month. Additionally, it may allow for cash-out options that can further affect your payment structure.
What is the difference between refinancing and home equity loans?
The difference between refinancing and home equity loans lies in their purpose and structure. Refinancing replaces your existing mortgage with a new one, often to secure a lower interest rate, while a home equity loan allows you to borrow against your home's equity for additional funds.
How can I improve my chances of approval?
Improving your chances of approval involves maintaining a good credit score, reducing debt-to-income ratios, and providing accurate financial documentation. Additionally, having a stable income and a solid employment history can significantly enhance your application.
What should I consider before refinancing?
Before refinancing, consider your current mortgage rate, potential savings, closing costs, and how long you plan to stay in your home. These factors will help you determine if refinancing is beneficial for your financial situation.
How does OM Mortgage compare to other lenders?
OM Mortgage stands out among lenders by offering tailored refinancing solutions, competitive rates, and personalized customer service, ensuring clients receive the best financial options to improve their situation effectively.
What customer reviews say about OM Mortgage?
Customer reviews about OM Mortgage highlight the company's exceptional customer service, transparent communication, and effective refinancing solutions that help clients achieve their financial goals. Many customers appreciate the personalized approach and expertise offered throughout the refinancing process.
How can I contact OM Mortgage for assistance?
You can contact OM Mortgage for assistance by calling our office at [insert phone number] or by visiting our website at [insert website URL] to fill out a contact form and receive personalized support.
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Frequently Asked Questions
What are the benefits of cash-out refinancing?
The benefits of cash-out refinancing include accessing home equity for major expenses, consolidating debt, and potentially securing a lower interest rate on your mortgage. This can improve your financial situation and provide funds for home improvements or other investments.
How can I calculate my potential savings with a refinance?
Calculating your potential savings with a refinance involves comparing your current mortgage rate with a new rate. Use our refinance calculator to input your loan amount, current rate, and new rate to estimate your savings effectively.
What options does OM Mortgage offer for home refinancing?
OM Mortgage offers various home refinancing options, including cash-out refinancing to access equity and programs to lower existing mortgage rates, tailored to improve your financial situation.
What are cash-out refinancing advantages?
The advantages of cash-out refinancing include accessing equity in your home for major expenses, consolidating debt at lower interest rates, and potentially reducing your monthly mortgage payments. This option can significantly improve your financial flexibility.
How does cash-out refinancing work?
Cash-out refinancing works by replacing your existing mortgage with a new loan that is larger than what you owe, allowing you to take the difference in cash. This can provide funds for home improvements or other financial needs.
What is the cash-out refinancing process?
The cash-out refinancing process involves replacing your existing mortgage with a new loan that is larger than what you owe, allowing you to access the difference in cash for personal use, such as home improvements or debt consolidation.
Who qualifies for cash-out refinancing?
Qualifications for cash-out refinancing include having sufficient home equity, a stable income, a good credit score, and a manageable debt-to-income ratio. Homeowners looking to access funds for major expenses or debt consolidation typically meet these criteria.
What are the risks of cash-out refinancing?
The risks of cash-out refinancing include potentially increasing your mortgage debt, higher monthly payments, and the possibility of foreclosure if you cannot keep up with payments. Additionally, it may affect your credit score and financial stability.
How can I apply for cash-out refinancing?
Applying for cash-out refinancing involves submitting an application with OM Mortgage LLC, providing necessary financial documentation, and discussing your goals with our team to determine the best options for your situation.
What documents are needed for refinancing?
The documents needed for refinancing typically include proof of income, recent bank statements, tax returns, and details about your current mortgage. Additional documentation may be required based on your specific financial situation.
How long does the refinancing process take?
The refinancing process typically takes between 30 to 45 days. However, this timeframe can vary based on factors such as the lender's efficiency and the completeness of your documentation.
Can I refinance with bad credit?
Refinancing with bad credit is possible, though it may come with higher interest rates. It's essential to explore your options and consult with a mortgage professional to find the best solution for your financial situation.
What are current cash-out refinance rates?
Current cash-out refinance rates vary based on market conditions, credit scores, and loan amounts. For the most accurate and up-to-date rates, it's best to consult with OM Mortgage LLC or check current market trends.
How does refinancing affect my credit score?
Refinancing can impact your credit score in several ways. Initially, it may cause a slight dip due to a hard inquiry, but over time, if managed well, it can improve your score by reducing your debt-to-income ratio and making payments more manageable.
What is a refinance calculator?
A refinance calculator is a financial tool that helps homeowners estimate potential savings from refinancing their mortgage, allowing them to evaluate different loan options and make informed decisions about their financial future.
How do I use a refinance calculator?
Using a refinance calculator is simple: enter your current loan details, desired loan amount, interest rates, and loan term. The calculator will then provide you with an estimate of your potential savings and monthly payments.
What savings can I expect from refinancing?
The savings you can expect from refinancing include lower monthly mortgage payments, reduced interest rates, and potential cash-out options for home improvements or debt consolidation, all of which can significantly enhance your financial situation.
What fees are associated with refinancing?
The fees associated with refinancing include application fees, appraisal fees, title insurance, closing costs, and potentially prepayment penalties. Understanding these costs can help you assess the overall savings from refinancing your mortgage.
How can I lower my mortgage rate?
Lowering your mortgage rate can be achieved by refinancing your loan, improving your credit score, or shopping around for better rates. Contact OM Mortgage LLC to explore your refinancing options and find the best solution for your financial needs.
What options are available for refinancing?
The options available for refinancing include cash-out refinancing, which allows you to access your home's equity, and rate-and-term refinancing, aimed at lowering your existing mortgage interest rate or changing the loan term.
How does OM Mortgage assist with refinancing?
OM Mortgage assists with refinancing by offering personalized guidance through various refinancing options, including cash-out refinancing and rate reduction, helping clients improve their financial situations effectively.
What is the best time to refinance?
The best time to refinance is when interest rates are low, your credit score has improved, or your financial situation has changed, allowing you to secure better terms or access cash for other needs.
Can I refinance my home multiple times?
You can refinance your home multiple times. Each refinancing can help you access better rates or cash out equity, but it's important to consider fees and the overall impact on your financial situation.
How does refinancing impact my monthly payments?
Refinancing can significantly impact your monthly payments by potentially lowering your interest rate, which reduces the amount you pay each month. Additionally, it may allow for cash-out options that can further affect your payment structure.
What is the difference between refinancing and home equity loans?
The difference between refinancing and home equity loans lies in their purpose and structure. Refinancing replaces your existing mortgage with a new one, often to secure a lower interest rate, while a home equity loan allows you to borrow against your home's equity for additional funds.
How can I improve my chances of approval?
Improving your chances of approval involves maintaining a good credit score, reducing debt-to-income ratios, and providing accurate financial documentation. Additionally, having a stable income and a solid employment history can significantly enhance your application.
What should I consider before refinancing?
Before refinancing, consider your current mortgage rate, potential savings, closing costs, and how long you plan to stay in your home. These factors will help you determine if refinancing is beneficial for your financial situation.
How does OM Mortgage compare to other lenders?
OM Mortgage stands out among lenders by offering tailored refinancing solutions, competitive rates, and personalized customer service, ensuring clients receive the best financial options to improve their situation effectively.
What customer reviews say about OM Mortgage?
Customer reviews about OM Mortgage highlight the company's exceptional customer service, transparent communication, and effective refinancing solutions that help clients achieve their financial goals. Many customers appreciate the personalized approach and expertise offered throughout the refinancing process.
How can I contact OM Mortgage for assistance?
You can contact OM Mortgage for assistance by calling our office at [insert phone number] or by visiting our website at [insert website URL] to fill out a contact form and receive personalized support.
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