Mortgage refinance calculator: See how much you can save

Refinancing your mortgage is a big move that can reduce your payments or give you access to cash. Whether you're refinancing to save money or tap into your home equity, you need to start by knowing the basics — how much you'll be paying each month and what you'll owe over the life of the loan — so that you can plan your finances accordingly. CNBC Select has a mortgage refinancing calculator to help. Below, we explain how to use the calculator, what you can learn from the results and a couple of other factors to consider if you're deciding whether to refinance. We want to hear your story Are you living paycheck to paycheck, or do you have a financial success you're comfortable sharing with a reporter? Please fill out this quick form . How to use this calculator First, you'll want to input the following information into the calculator: Monthly payment: How much you pay on your existing mortgage each month Loan amount : The total amount of cash you took out Years remaining on loan : The amount of time you have left on your existing loan Property value : Your home's market value Loan term : The length of time you’ll be paying your mortgage back and the structure of your rate. For example, most mortgage borrowers have a 30-year fixed-rate term . Next, the calculator will estimate your rate based on the current market average and select lender offerings, as well as what you'd likely pay in closing costs — usually 2% to 6% of the loan amount. …