NMLS ID #1213312
Shila Patel
Senior Mortgage Advisor
Areas served- California
- Texas
- Florida
- English
Start your home financing journey:
About me
Meet Shila, a highly experienced mortgage advisor with a decade of experience in the industry. She has built a reputation as a trusted advisor, helping homebuyers, realtors, and investors navigate the complex world of mortgages.Shila began her career as a loan processor, and over the years, she has developed an in-depth understanding of the mortgage industry, enabling her to guide clients through every step of the mortgage process. She is well-versed in a wide range of mortgage products and programs, including conventional, FHA, VA, and jumbo loans. Shila's expertise allows her to help her clients find the best financing solutions to suit their unique needs and financial situations.
Realtors often turn to Shila for her expert advice and guidance. She understands that the homebuying process can be complex and confusing, especially for first-time buyers. She works closely with realtors to help their clients get pre-approved for mortgages quickly and easily, ensuring a smooth and stress-free buying experience.
Investors also rely on Shila for her knowledge and expertise. She has helped numerous investors secure financing for rental properties, fix-and-flip projects, and other real estate investments. She understands that investors have unique needs and goals, and she works tirelessly to find the best financing options to help them achieve their objectives.
Throughout her career, Shila has built a reputation for her exceptional customer service and attention to detail. She is committed to helping her clients achieve their homeownership and investment goals, and she always goes the extra mile to ensure their complete satisfaction. Whether you are a first-time homebuyer, a seasoned investor, or looking to refinance your existing mortgage, Shila has the expertise and knowledge to help you make the best possible financial decisions.
At Reliance Financial, we are honored to have Shila's great experience in mortgage lending and high-quality customer service powering homeownership for many individuals and families across California and Florida. Read More
100% Trust rate
Hear the stories of others I’ve worked with
Cream of the Crop!
Shila is an excellent loan officer and I would recommend her for any real estate lending need. Both my clients and I have been very happy with her work. She is on top of things, doesn't let details fall through the cracks, and always communicates regular updates. She navigates difficult problems that come up with skill, patience, and good solutions. I have felt very comfortable working together with her on real estate transactions. I have been a real estate agent since 2003 and have worked with many loan agents. She is definitely cream of the crop! Read more
Kelsey L., Hayward
She's Really Damn Good at Her Job
In a process as daunting as purchasing a home, it's easy to get lost, but Shila was instrumental at guiding me through the process. I went to her completely ignorant about mortgages or home buying. Yet, she was extremely helpful, friendly, and patient with me. It's easy for me to say that she's really damn good at her job. I got an amazing rate for my first ever mortgage, she helped me navigate all the paperwork, and got me preapproved before I knew it. Shila moved expediently, allowing us to close in 20 days! But Shila went beyond that. She made herself available, even nights and weekends, to help answer any questions I had. I couldn't have asked for anyone else to help guide me through this journey, and for that, I'm extremely thankful. Read more
Manoj D., San Francisco
Could Not Be Happier
We met Shila on recommendation as first time home buyers and could not be happier. Her work ethic, hustle and empathy are immediately apparent. She took our many questions over phone / email / text at all hours of the day, working hard for us even through late evening hours of a long weekend. She helped us understand the process of home buying in detail and put us at ease with her clarity and transparency. We often ran the numbers together, looking at the best rates and amortization schedules as she shared her insights and tips only an industry expert would know. In short, Shila gets us, worked hard for us and consistently looked out for us. I'm confident she'll do the same for anyone that has the opportunity to work with her. Thank you Shila! Read more
Sunny A., Cupertino
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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
—
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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.
