Refinance to Pay Off Your Loan Sooner

Save $700 on closing costs on qualified mortgage products.

Put the “own” in homeowner.

Give yourself more financial freedom by paying off your mortgage ahead of schedule.

Will refinancing work with your budget?

Let's start with a rate and payment estimate.


Refinance to a shorter-term mortgage

You can take advantage of lower rates and switch to a shorter-term loan, allowing you to pay off your loan sooner.

You may have a higher monthly payment, but your total interest payment will be reduced significantly by switching to a shorter-term mortgage.

Example: If you have 25 years and $150,000 remaining on a 30-year mortgage at 5.25% and refinance the $150,000 with a 15-year mortgage at 3.5%, you could save $66,645 in interest payments over the life of your loan.

Term Loan Amount Interest Rate Interest Paid Savings
25 years remaining on a 30-year $150,000 5.25% $109,663  
15-year $150,000 3.5% $43,018 $66,645

Compare a 15-year and 30-year mortgage

Make additional payments on your current mortgage

You can pay off your loan sooner without refinancing by simply making additional payments on top of your regular, monthly mortgage payment. Additional payments can add up quickly, take years off your mortgage and reduce your overall interest payments.

Example: If you have 25 years remaining on a $100,000 30-year mortgage at 5% and pay an extra $100/month for the remaining term of the mortgage:

  • Your mortgage will be paid approximately 6 years and 7 months earlier
  • You will save $22,046 in total interest by paying sooner

Calculate additional loan payments

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