Refinance calculator: Lower payment

Refinancing can allow you to lengthen the term of your mortgage, which will take longer to pay off but you’ll have lower monthly payments.

If you have an FHA loan and at least 20% equity in your home, you may be able to refinance to a conventional loan which would eliminate your monthly mortgage insurance premium.

Rocket Mortgage's Home Loan Experts can help you decide if refinancing is the right choice for you.

This depends on your loan and lender. If you have a conventional mortgage, jumbo loan, or VA loan, you’ll likely need to wait at least six months before you can refinance. If you have an FHA loan, you’ll probably need to wait between six months and a year.

Minimum credit score requirements vary depending on the type of loan. Generally, you’ll need a credit profile of at least 680 to qualify for a refinance.

Home equity is the percentage of your home’s value that you own. In other words, it’s what you’ve paid off already. For example, if your house is worth $200,000, and you’ve paid off $40,000 of your loan, you have 20% in equity. Generally, you’ll need at least 20% equity in your home for a refinance.