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
10 Years
15 Years
20 Years
Full Term ()

Take The Next Steps
*These calculators are provided only as general self-help Planning Tools. Results depend on other factors.

Other Calculators

Mortgage Amortization

Mortgage Amortization Calculator Understanding how your mortgage payments are structured over time is essential for financial planning. Our Mortgage Amortization Calculator helps you

Read More »

Loan Affordability

Loan Affordability Calculator Understanding how much home you can afford is crucial before starting your homebuying journey. Our Loan Affordability Calculator helps you

Read More »