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Refinance Calculator

Refinance Calculator

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Should I Refinance Now? Our mortgage refinance calculator tells if you'll save money, lower your payments & save on interest & fees. Simply enter information like principal loan balance, and current payment and interest rates to find out if refinancing is the right thing to do now.

This mortgage refinancing calculator tool compares your existing mortgage against terms of a new loan. To make the most of this calculator, you should have actual mortgage quotes to compare against.  You can request up to four free quotes through our free matching service to see what refinance rates are available to you in order to find the best refinance rates.


Mortgage Refinance Calculator
Enter the Values for the Comparison You Wish to Make
Input Values
Existing Loan
Original Amount of Current Mortgage
$  
Interest Rate (APR) of Current Mortgage
 %
Total Length of the Current Loan
  years
Loan Start Date
Remaining Principal on the Current Loan
$  
New Loan
Interest Rate of Refinance Loan
 %
Term Length of the Refinance Loan
  years
If taking "Cash out," enter the amount
$  
Closing Costs
$   The refinance calculator displays an estimated amount of closing costs (2% of remaining principal)
Closing Costs Will Be...
Paid by Cash or Check
Rolled into the Loan
Paid by Lender
(Yield Spread Points)
* Do not include any escrow contributions, prepaid interest, prepaid taxes, insurance (other than title insurance), or other "prepaids" as closing costs.

How to use the Refinance calculator

When using a refinance calculator, you'll be asked to enter the following information for your current mortgage loan:

  • The original loan amount
  • Interest rate (APR)
  • Total length (repayment term): mortgage loans usually have repayment terms of 15 or 30 years.
  • Time remaining : If you have a 30 year loan, and have made payments for five years, the time remaining would be 25 years
  • Remaining principle on current loan: This is your present mortgage balance. Your monthly mortgage statement should show this information.

Now you'll enter the refinancing terms you're considering:

  • Amount refinanced: This is the amount you want to borrow for your new mortgage.
  • Interest rate of new mortgage: Enter the interest rate for the new mortgage
  • Term length : Enter how long you'll have to repay the new loan. (Typically 15 or 30 years for mortgage refinancing loans).
  • Cash out amount, if any: Enter any additional cash you're taking out, for debt consolidation / payoff, home improvement, vacations, medical expenses or whatever.
  • Closing costs, discount points, down payment amount: The refinance calculator displays an estimated amount of closing costs, not including discount points, on the next screen. You can use this estimate if you don't know the amount of closing costs.

Use the drop-down window to select the appropriate option for paying closing costs:

  • Paid by cash or check: You're contributing funds to cover closing costs
  • Rolled into the loan: Your refinanced mortgage amount will include closing costs.
  • Paid by Lender: Your mortgage lender pays the closing costs (but you'll pay a slightly higher interest rate).

After clicking the "calculate" button, the first section of the next screen displays a comparison of your current and proposed mortgage amounts, interest rates, and if applicable, any cash out amount and closing costs for the new mortgage.

The next section compares the interest you'll pay for the full term of your existing loan and for the new loan.

The third section of the screen shows your current monthly payment compared to the estimated monthly payment after refinancing. Finally, the calculator indicates the net estimated savings after payment of closing costs (if applicable.) This is the "bottom line" figure that can help you decide whether or not to refinance. You can use the refinance and comparison calculators for reviewing multiple refinancing options.

Once you've tested different rates and figures, try comparing the lowest rates offered by mortgage refinancing lenders. There results are tailored to you, and there's no obligation for seeing if you qualify for a refinancing rate lower than your current rate. With lenders competing to offer you their lowest rates, you could end up saving thousands over the course of your loan!

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