Mortgage Refinance Calculator
Refinancing a mortgage can help lower monthly payments, reduce total interest costs, or shorten your loan term. Our Advanced Mortgage Refinance Calculator provides a clear side-by-side comparison of your current loan versus refinancing options at 15-year and 30-year terms using real-time OBMMI rates. Unlike other tools, our calculator amortizes your current loan to today’s date to determine your actual remaining balance and remaining term, giving you a realistic estimate of your refinance potential.
Step-by-Step Guide
- Enter Original Loan Details
- Original Loan Amount – The amount you originally borrowed.
- Original Interest Rate – The rate you locked in at loan origination.
- Loan Term – Number of years for the original mortgage.
- First Payment Date – Used to calculate how much principal has been paid to date.
- Adjust Your Refinance Preferences
- Choose a Refinancing Option: Compare a 15-year or 30-year refinance.
- Interest Rate: Defaults to real-time OBMMI refinance rates, but can be adjusted.
- Additional Monthly Payments (Optional): See how extra payments affect your total savings and loan term.
After entering this information, the calculator will display: Remaining Balance & Term (Based on amortization to today’s date), Comparison of Monthly Principal & Interest Across Loan Options, Total Interest Paid Over 5, 10, 15, 20 Years and Full Term, Impact of Extra Monthly Payments on Interest Savings & Payoff Date, Break-even Analysis on Refinance Savings
Refinance Comparison Breakdown (What’s Calculated?)
- Remaining Balance & Term – Amortized from original loan details to today’s date.
- Monthly Principal & Interest Comparison
- Current Loan vs. 15-Year vs. 30-Year Refinance
- Total Interest Paid Over Different Timeframes
- Interest costs compared across 5, 10, 15, 20 years and full term.
- Effect of Extra Monthly Payments
- Interest savings across all timeframes.
- Reduced remaining loan term.
- Break-even Point Calculation
- Shows when refinance savings outweigh upfront costs.
For a detailed breakdown of your loan payments over time, check out our Amortization Calculator.
Understanding the Mortgage Refinance Formula
Our calculator applies a precise mathematical formula to provide accurate estimates:
Where:
- M = Monthly mortgage payment
- P = Remaining loan balance (or new refinance balance)
- r = Monthly interest rate (Annual Rate / 12)
- n = Total number of payments (Loan Term × 12 months)
The calculator also accounts for:
- Amortization to current date to get an accurate remaining balance.
- Additional monthly payments to show savings on interest & term length.
- Break-even analysis to determine when refinancing makes financial sense.
Why This Calculator Stands Out
Unlike other refinance calculators, ours:
- Uses real-time OBMMI rates for accurate refinance estimates.
- Amortizes your current loan to determine the true remaining balance & term.
- Automatically compares 15-year & 30-year refinance options side by side.
- Allows for extra monthly payments, showing how much you can save in interest.
- Break-even analysis helps determine if refinancing is worth it.
Understanding When Refinancing Makes Sense
What to Do Next?
Refine Your Loan Options: Explore Loan Compass for a detailed loan analysis.
Learn More: Check our Knowledge Hub articles to understand refinancing strategies.
Final Thoughts
Our Advanced Mortgage Refinance Calculator gives you a clear comparison of your refinance options, factoring in real-time interest rates, amortization schedules, break-even points, and potential savings. Designed for homeowners evaluating refinancing, this tool ensures clarity and accuracy when making mortgage decisions.
Start Exploring Your Refinance Options Today!
