Mortgage Refinance Calculator


This refinance calculator helps determine if you should refinance or not.

Existing Loan

New Loan

Original loan amount
Interest rate (%)
Loan period
How many months have been paid?

CalculateI want to know how much I can save on my monthly mortgage payments

CalculateI want to know the total picture of refinancing to make a decision on whether to refinance or not

By refinancing, your monthly mortgage savings are shown below:

Existing Loan

New Loan

Loan amount
Interest rate (%)
Loan period
Scheduled number of payments
How many months have been paid?
Monthly mortgage payment (1) (2)
Monthly mortgage savings (1)-(2)

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CalculateI want to know the total picture of refinancing to make a decision on whether to refinance or not

Here’s the TOTAL picture of refinancing:

Existing Loan

New Loan

Original loan amount (1) Recalculate
Interest rate (%) (2) (3) Recalculate
Interest rate reduction with new loan (2)-(3)
Loan period Recalculate
Scheduled number of payments (4)
How many months have been paid? (5)
Monthly mortgage payment (6) (7)
Monthly payment savings (8)=(6)-(7) (8)
Current existing loan balance
Total amount to be paid with the existing loan (if no refinance) (9)
Amounts already paid on existing loan

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Now I need to add the refinance (closing) cost to the picture. There are 2 parts to the refinance (closing) cost:

Part 1: Interest to be paid during the refinance process

Unpaid interest on Existing Loan (1 month) $
Prepaid interest on New Loan (1 month) $
Part 1 subtotal $

Part 2: Refinance processing fees

New loan points and lender costs on new loan*

(get the number from your lender)

Recalculate
Other refinance costs** Recalculate
Part 2 subtotal $
Total refinance (closing) cost $ (11)

* The default is 1.25% of the new loan amount

** Appraisal, credit report, tax service, flood certificate, processing fee, title insurance, escrow fee, notary fee, etc.

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I want to pay my refinance (closing) cost out of pocket

I DON’T want to pay my refinance (closing) cost and want to add it to the New Loan

New loan amount considered (1) (1)
Refinance cost added to new loan $0.00 (11)
Adjusted new loan amount (1) (1)+(11)
Total amount paid over full term of years (principal + interest) (12) (13)
Refinance cost added out of pocket (11) $0.00
Total amount plus closing costs over full term (14)=(12)+(11) (13)
If you don’t refinance, the amount left to pay at end of existing loan is (15)=(9)-(10) (15)=(9)-(10)
My monthly mortgage payment will be (7)
(8)
By refinancing, I will (15)-(14) (15)-(13)

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