Refinance Calculator
Refinancing your mortgage can be a powerful financial move, but understanding the true impact on your payments and long-term interest costs is key. Our Refinance Calculator helps you compare your current loan with potential new loan terms, showing how much you could save in monthly payments and interest over time. It calculates your remaining balance, re-amortizes it at today’s interest rates for 15- and 30-year terms, and breaks down payments over 5, 10, 15, 20, and 30 years. This tool also lets you factor in additional payments to see how paying extra toward principal can shorten your loan term and reduce interest costs.
- Loan Amount – Enter the remaining balance of your existing mortgage (not the original loan amount). This is the amount you would refinance.
- Loan Term (Years) – Enter the original term of your existing mortgage (e.g., 15, 20, 30 years). This helps determine your remaining balance and interest.
- Interest Rate (%) – Enter the annual interest rate on your current loan (e.g., 5.75 for 5.75%).
- First Payment Date – Select the date you made your first mortgage payment for this loan. This helps calculate the remaining balance and interest breakdown.
- Additional Monthly Payment (Optional) – Enter an extra amount you plan to pay toward your mortgage each month. This helps estimate how much interest you can save and how much faster you can pay off the loan.
Loan Amount
Loan Term
Interest Rate
First Payment Date
Additional Monthly Amount
Refinance Breakdown
Current Loan @ 0% with $0 additional principal payment
Current Loan | New 15 Year | New 30 Year | |
---|---|---|---|
Principal | |||
Interest | |||
Total Payment |
Total Interest Paid Over:
5 Years | |||
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10 Years | |||
15 Years | |||
20 Years | |||
Full Term () |
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