NMLS #1989712
Scott Wise
Senior Mortgage Advisor
Areas served- California
- Texas
- English
Start your home financing journey:
About me
Texas Native, (Hook'em!🤘) With 26+ years in the mortgage industry and Texas native! 2nd Generation Mortgage Broker: Grew Up in the Industry, with Over $2 Billion Funded – 7,500 + Loans Closed.Having had the privilege of being part of the mortgage industry since 1998, with a humble start at Countrywide Home Loans while pursuing my college education. Throughout my career, I've had the opportunity to work with both prominent national banks and regional wholesale lenders. Over the years, I've had the honor of assisting countless borrowers in realizing their dreams of homeownership.
My passion lies in guiding first-time homebuyers through the entire process, offering unwavering support every step of the way. Witnessing their journey from application to funding is incredibly rewarding, as it marks the achievement of their homeownership goals.
Mortgage banking runs in my blood, with family ties deeply rooted in the industry – my father as a mortgage broker, my mother as a skilled loan processor, and my uncle as a VP at Countrywide Home Loans. This legacy has shaped my profound love for this field.
Beyond my professional life, I am a proud father of two wonderful children, one of whom has special needs. This experience has taught me the true meaning of patience and adaptability. Additionally, my family includes a lovable rescue dog.
Entrepreneurship has been a consistent thread throughout my life, and I find immense fulfillment in connecting with people and making a positive impact. I'm truly passionate about what I do, both in my career and in my personal life.
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100% Trust rate
Hear the stories of others I’ve worked with
Delivered on EVERYTHING he said
We were approved by 2 other lenders first, and both of these lenders didn't do their due diligence and would of cost us some serious money had we gone with them. But Scott from day 1 was thorough and transparent. He would break things down visually and explain things. He would search for the best options for us and ultimately delivered on EVERYTHING he said he would! He was very patient with me and answered all questions or concerns as soon as any came up. I can't recommend him enough!! Go with someone you can trust. If you don't believe me go ahead and get some numbers from others and then bring them to Scott and watch him beat them substantially! Read more
Philip Apley
We couldn't be happier
I don't normally leave reviews but by far Lucky, Katrina, Navdeep, Scott and the rest of the team deserve the very best of a review. We were working with another lender at the time and through referral by our real estate agent we were able to see night and day the difference between services. It was like working with family. My wife and I felt fully taken care of and accommodated. Our questions were always answered and detailed so we could make our own educated decisions as first time home buyers. We couldn't be happier with them and have recommended them to friends and family for future home buying and/or refinancing. I wish only the best for them but honestly they don't need it with the way they treat their customers. In this day and age you need a team you can trust especially with one of the biggest decisions of your life. Hands down I'll go to them time and time again! Read more
Jonathan Diep
I can without hesitation recommend their services
Scott Lucky, Katrina and the entire team went above and beyond to make my home buying experience such a wonderful one in a difficult market. They thoroughly explained all of my options, completed transactions in a timely manner and came through with lower rates and a faster close than anticipated. This is a company that I have worked with for 11 years and I will never go anywhere else. I can without hesitation recommend their services to friends and family. Read more
Heather Kim
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Mortgage Calculator
Mortgage Refinancing Calculator
Steps to Understand Your Potential Savings from Mortgage Refinancing
Step 1: Enter your current loan
- Current balance and interest rate
- Monthly principal & interest (P&I only)
- Remaining loan term in months (months left on your current loan)
Step 2: Enter your refinance option (Option A)
- New loan amount – leave blank to default to your current balance; increase for cash-out, decrease if you plan to pay down
- New rate and term
- Estimated closing costs and lender credit, if receiving lender credit to cover closing costs
Step 3: Choose how you will handle closing costs
- Pay upfront: costs reduce net savings
- Roll into loan: costs increase loan balance
- Use lender credit: reduces or offsets closing costs
Step 4: Select your Savings Horizon (most important)
How the Horizon works
Most homeowners refinance, sell, or move before the loan is paid off—so horizon-based savings is usually the most realistic view.
This calculator compares total P&I paid on your current loan vs. Option A over the horizon you select (including how you handle closing costs).
Default is Full Loan Term for a long-run view. For real-life planning, use the Horizon slider to test shorter timelines (ex: 3, 5, 7, 10 years).
Why “Full Loan Term” can show negative savings (and still be correct):
If your current monthly P&I is high enough to pay the loan off earlier, you may stop making payments sooner, while a refinance can stretch payments over more months. That can make “Full Term” savings look worse even when the monthly payment drops.
✅ Tip: If you expect to move or refinance again, focus on your expected horizon (often 3–7 years) instead of lifetime savings.
Payment Change
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Break-even
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Savings @ Horizon
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Payments shown are principal & interest only.
Refinance Savings Calculator
Compare your current mortgage to one refinance option. Edit any field at any time.
Current Loan
Refinance Option A
Closing Cost Handling
?
Savings Horizon
Horizon: Full term
Tip: horizon-based savings are usually more realistic than “lifetime” savings.
Results
Current
Option A
Monthly P&I
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Rate
—
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Net Savings @ Horizon
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Break-even (months)
—
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Total Interest Paid @ Horizon
—
—
Monthly Add-on (MI) ?
—
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Adjust inputs above to see your savings.
Next Steps
By continuing, you acknowledge results are estimates and not a loan commitment.
Reliance Financial | NMLS #309198
This calculator provides estimates for informational purposes only and does not constitute an offer, approval, or commitment to lend.
Actual terms, rates, payments, and costs may vary based on credit, loan program, property, occupancy, loan amount, LTV, DTI,
market conditions, and other factors. Payments shown are principal & interest only unless optional MI is added.
“No-closing-cost” typically means certain closing costs are covered by a lender credit, often in exchange for a higher interest rate.
Prepaid items (interest, taxes, insurance) may still apply depending on escrow setup.
Refinancing your mortgage can be a smart financial move–but only if it truly saves you money. That’s where a Mortgage Refinancing Calculator becomes essential. Whether you are looking to lower your monthly payments, reduce your interest rate, or access cash from your home equity, understanding the numbers is the first step.
Our easy-to-use Mortgage Refinancing Calculator helps you compare your current loan with new refinancing options. It provides clear insights into monthly savings, total interest reduction, and the break-even point, so you can make informed decisions. Whether you are a homeowner planning long-term savings or considering short-term financial relief, this tool simplifies complex calculations in seconds.
What is Mortgage Refinancing?
Mortgage refinancing is the process of replacing your existing home loan with a new one, typically with better terms. Homeowners refinance for several reasons, such as securing a lower interest rate, reducing monthly payments, or changing the loan term.
For example, if interest rates have dropped since you first took out your mortgage, refinancing can help you lock in a lower rate and save money over time. Similarly, switching from a 30-year loan to a 15-year loan can help you pay off your mortgage faster and reduce total interest costs.
Some borrowers also opt for a cash-out refinance, which allows them to borrow against their home equity for expenses such as home renovations, debt consolidation, or investments. However, refinancing isn’t free—it involves closing costs and fees, making it important to evaluate whether it’s financially beneficial.
What is a Mortgage Refinancing Calculator?
A Mortgage Refinancing Calculator is a financial tool that helps you determine whether refinancing your home loan makes sense. It compares your current mortgage with a new loan scenario based on updated interest rates, loan terms, and costs.
With this calculator, you can:
- Estimate your new monthly payment
- Calculate potential savings
- Understand total interest costs
- Determine your break-even point
Instead of guessing, this tool provides data-driven insights, allowing you to evaluate multiple refinancing options quickly and efficiently.
How Does A Mortgage Refinancing Calculator Work?
A refinance calculator works by analyzing both your existing loan and the new loan terms you are considering.
Current Loan Details
You begin by entering information about your current mortgage, such as:
- Remaining loan balance
- Current interest rate
- Monthly payment
- Remaining loan term
New Loan Details
Next, you input the details of your new loan:
- New interest rate
- Loan term (15, 20, or 30 years)
- Type of refinance (standard or cash-out)
Refinancing Costs
You also include closing costs, which may consist of:
- Loan origination fees
- Appraisal fees
- Title insurance
- Other lender charges
Results and Insights
Based on these inputs, the calculator provides:
- New monthly payment
- Monthly savings
- Total interest savings
- Break-even point
These results help you clearly understand whether refinancing is worth it.
Key Features of Our Mortgage Refinancing Calculator
Our Mortgage Refinancing Calculator is designed to deliver accurate and user-friendly results. Key features include:
- Accurate Payment Comparison – Compare current and new loan payments instantly
- Break-Even Analysis – Know exactly when you will recover refinancing costs
- Interest Savings Projection – See long-term financial benefits
- Flexible Inputs – Test different rates, terms, and costs
- User-Friendly Interface – Simple and intuitive design for quick use
- Real-Time Results – Get immediate calculations as you adjust inputs
Benefits of Using a Mortgage Refinance Calculator
1. Better Financial Planning | Understanding your potential savings helps you plan your finances more effectively and avoid unnecessary risks. |
2. Faster Decision-Making | Instead of manual calculations, you get instant results that allow you to make quick and confident decisions. |
3. Avoid Costly Mistakes | Refinancing involves costs, and without proper analysis, you might end up paying more than you save. |
4. Compare Multiple Scenarios | Test different interest rates, loan terms, and costs to find the best option for your situation. |
5. Complete Transparency | The calculator gives a clear breakdown of payments, costs, and savings, eliminating confusion. |
Understanding the Break-Even Point
The break-even point is one of the most important factors in refinancing. It tells you how long it will take to recover the costs of refinancing through your monthly savings.
Formula:
Break-even point = Total closing costs ÷ Monthly savings
For example, if your refinancing costs are $4,000 and you save $200 per month, your break-even point is 20 months. If you plan to stay in your home longer than this period, refinancing could be a smart move.
Costs Involved in Mortgage Refinancing
Refinancing is not free, and understanding the associated costs is crucial. Common expenses include:
- Closing costs (typically 2% to 6% of the loan amount)
- Loan origination fees
- Appraisal fees
- Title insurance
- Legal and documentation fees
Some lenders offer “no-cost refinancing,” but this usually means higher interest rates. Always evaluate the long-term impact before choosing such options.
When Should You Refinance Your Mortgage?
- Refinancing can be beneficial under the following circumstances:
- Interest rates have dropped significantly
- Your credit score has improved
- You want lower monthly paymentsYou aim to shorten your loan term
- You need cash through a cash-out refinance
Why Choose the Reliance Financial Mortgage Refinancing Calculator?
The Reliance Financial Mortgage Refinancing Calculator stands out as a reliable, user-focused tool designed to simplify complex financial decisions. It provides highly accurate estimates based on real-time inputs, helping you clearly understand how refinancing will impact your monthly payments, total interest, and long-term savings. Whether you’re exploring lower interest rates or adjusting your loan term, the calculator delivers instant and precise comparisons.
One of its key advantages is its user-friendly interface, allowing both first-time homeowners and experienced borrowers to navigate and customize inputs effortlessly. You can test multiple refinancing scenarios, compare different loan terms, and evaluate costs such as closing fees to make well-informed decisions.
Additionally, the calculator offers a detailed break-even analysis, helping you determine how long it will take to recover refinancing costs—an essential factor before committing to a new loan. Backed by financial expertise, Reliance Financial ensures that the tool reflects real-world mortgage conditions, giving you trustworthy insights.
With speed, accuracy, and flexibility, this calculator empowers you to confidently choose the best refinancing option tailored to your financial goals.
Frequently Asked Questions
This calculator compares principal and interest (P&I) only to keep results consistent. Escrow items vary by property and location and can be reviewed in a personalized quote.
Enter the loan balance you want after refinancing. Use a lower amount to pay down principal or a higher amount to roll in costs or take cash out.
A break-even of 0 months may occur when closing costs are fully offset by a lender credit. “—” may appear when costs are rolled into the loan.
Savings are estimates based on the information entered by user. Final numbers depend on credit profile, loan program guidelines, property details, and market conditions.
Contact us at (888) 9-RELFIN to speak with our licensed mortgage advisors for a personalized consultation.
No. This calculator is for planning purposes only. Our licensed mortgage advisors can provide a personalized quote and confirm eligibility.
A lender credit is a credit applied to closing costs, typically in exchange for a slightly higher interest rate. This can reduce out-of-pocket cash at closing.
Savings depend on how many years (aka horizon) you keep the loan. A refinance can look great over 7 years but less compelling over 2 years if closing costs haven’t been recovered yet. Use the slider in the Savings Horizon bar to select the number of years you plan to keep your mortgage. The default horizon period is the full term of the loan, for example, 30 years on a 30-year fixed mortgage.
Closing costs vary by loan size, state, property type, and program. The most optimal way to get accurate numbers is via a personalized quote from our licensed mortgage advisor. Contact us at (888) 9-RELFIN.
Refinancing can still make sense even if you plan to sell or move in a few years. This calculator uses a customizable savings horizon slider to show whether monthly savings outweigh closing costs over your expected time in the home. If your break-even period is shorter than your planned ownership timeframe, refinancing may still be beneficial. Use the slider in the Savings Horizon box to specify the number of years you plan to keep your new mortgage.
