Loan Depot Refinance Rates: Calculate Your Payment

Loan Depot refinance rates are lender-quoted rates that can change with the loan, borrower, property, and market; there is no single rate that applies to every refinance. Use this calculator to estimate a fixed-rate refinance payment by entering a loan amount, APR, and term, then compare the payment and total interest with figures in a lender’s current quote.

Formula

The calculator uses the standard level-payment formula for a fixed-rate loan with monthly payments:

Monthly payment = P × r ÷ [1 − (1 + r)⁻ⁿ]

• P is the refinance loan amount, in dollars.
• r is the monthly interest rate, calculated as APR ÷ 1,200. APR is entered as a percentage per year.
• n is the number of monthly payments, calculated as loan term in years × 12.

The displayed payment is rounded to cents. Estimated total interest is the rounded monthly payment multiplied by the number of payments, minus the starting principal: total interest = monthly payment × n − P. This is a simplified estimate for a fixed rate and regular monthly payments.

Worked Example

Using the calculator’s defaults—$20,000 principal, 8% APR, and a five-year term:

1. Convert the APR to a monthly rate: 8 ÷ 1,200 = 0.0066667.
2. Calculate the number of monthly payments: 5 × 12 = 60.
3. Apply the payment formula: $20,000 × 0.0066667 ÷ [1 − (1.0066667)⁻⁶⁰] = $405.53 per month, rounded to cents.
4. Calculate estimated total interest using the rounded payment: $405.53 × 60 − $20,000 = $4,331.80.

These results are examples from the stated inputs, not a Loan Depot quote or an estimate of the rate any particular borrower would receive.

Assumptions

• The interest rate is fixed for the full term.
• Payments are equal, made monthly, and begin after one monthly period.
• Interest is modeled monthly at APR ÷ 12.
• The calculation excludes lender fees, closing costs, taxes, insurance, PMI, escrow, and any other charges or credits.

What Determines a Refinance Quote?

A lender’s quoted refinance rate is specific to the application and loan details, and a public rate figure should not be treated as a guaranteed offer. Rates and available terms can change. To get a usable comparison, request a current quote and confirm the assumptions behind it rather than relying on a general advertised figure.

Details that can affect the quote or the overall loan structure include:

• Whether the refinance is for a purchase-related cash-out or pays off the existing mortgage without taking additional cash.
• The requested loan amount, repayment term, and whether the rate is fixed or adjustable.
• The property type, occupancy, and estimated value used in the application.
• The lender’s assessment of the application and supporting documents.
• Discount points, lender charges, and other costs included in the written estimate.

These are factors to ask about, not a prediction of eligibility or a statement that any one factor determines a particular rate. The actual rate and costs must come from the lender’s current written disclosures.

How to Compare Refinance Offers

Compare offers on the same basis. A lower monthly payment alone may reflect a longer repayment term rather than a lower overall cost. Also, the calculator’s APR input is treated as the rate used to accrue interest; it does not separately model how fees affect a lender’s disclosed APR.

1. Use the same proposed loan amount and term for each quote.
2. Check whether the quoted rate is fixed or adjustable and what assumptions or conditions apply.
3. Review the itemized costs, including points, lender charges, and any prepaid items; the calculator does not add them to the balance.
4. Compare the payment and total interest, then account separately for fees and the time you expect to keep the loan.
5. Ask for clarification if two estimates use different balances, terms, or cost assumptions.

For example, extending repayment can lower the scheduled monthly payment while increasing the number of months interest accrues. A meaningful comparison therefore needs both the payment and the complete cost details, not just one headline number.

Costs and Limits of This Estimate

This calculator answers a narrow question: what is the approximate principal-and-interest payment for the entered amount, APR, and term? It does not determine a lender’s offer, approval, or total cash needed at closing. It also does not calculate the payoff balance on an existing loan, roll closing costs into the new balance, model adjustable-rate changes, or include taxes and insurance.

If costs are added to the refinance balance, the principal used in the calculator should reflect that larger proposed balance. If costs are paid separately, they are not represented in the monthly payment or total-interest result. Ask the lender which costs are included and how the quoted APR and payment were calculated. Rounding can also cause small differences from a lender’s figures, especially when payment timing or the exact loan balance differs.

Frequently Asked Questions

What are Loan Depot refinance rates today?
Rates change, and a single figure cannot describe every refinance. Request a current quote directly from the lender and verify its rate, term, points, fees, and assumptions.

Can I calculate a Loan Depot refinance payment from an advertised rate?
Yes, as an estimate: enter the quoted APR, proposed refinance balance, and term. The result covers modeled principal and interest only; it is not a personalized offer.

Does a lower refinance payment mean the loan costs less?
Not necessarily. A longer term can reduce the scheduled payment but increase total interest. Include fees and the repayment period when comparing written estimates.

Does this calculator include refinance closing costs?
No. It excludes fees and other closing costs. If a lender proposes adding costs to the loan, use the resulting larger balance as the principal input, while remembering that individual charges are still not itemized.

Why might my lender’s payment differ from the result?
The lender may use a different final balance, rate, payment date, term, or rounding method, and the quoted payment may include items this calculator excludes. Check the written estimate for its calculation details.

This result is an estimate; the lender’s disclosure gives the exact figures.

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in p | Loan amount | $ | 20000 | 1 | 100000000
in apr | Interest rate (APR) | % | 8 | 0.01 | 100
in yrs | Loan term | years | 5 | 0.0833 | 50
out pmt | Monthly payment | $ | round(p * (apr / 1200) / (1 - (1 + apr / 1200) ^ -(yrs * 12)), 2) | 2
out int | Total interest | $ | pmt * yrs * 12 - p | 2