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
Loan Start Date
Remaining Principal on the Current Loan
New Loan
Interest Rate of Refinance Loan
Term Length of the Refinance Loan
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!

13 Responses to "Refinance Calculator"
  1. Lauren 12, Aug, 2012

    Staying with your current lender eases the refi process, and may be best if their rate is comparable to the other lenders. If you do have money to invest in closing costs, and are willing to pay for a lower rate, use the refinance calculator to determine how many months it will take before you recoup your closing costs in monthly savings and make sure there is little chance of you selling the home before that time. We wish you well in your search. One of two things will happen, you'll either find a way to save yourself some money by refinancing now, or you'll find yourself better prepared to take advantage of the next refinance opportunity that comes your way. Either way you win. Too many people just resign themselves to their current loan and aren't so proactive at exploring opportunities for improving their situation. Calculators4Mortgages applauds you for being such a proactive manager of your financial affairs.

  2. MASH 09, Sep, 2011

    I have a april 2004 manufactured home and need refinance my current 15yr mortgage at 4.75%. I am more than 6yrs into biweekly payment and the left over amount is lower than the current value of the house. I was offered a lower rate 15yrs loan but it doesn't save me anything and extend the period of loan till 2026 which I don't want. The calculator doesn't help on biweekly payents started sometime in the middle of last 6yrs. I was also offered no closing cost.Can anybody help me out with this problem. I would like to save money if I refinance. Lower payment but need to have some saving too.

  3. Cris 24, Feb, 2010

    We part way through both a 1st and a 2ndwith different $ amounts and time remaining. Do you have a calculator that can help us figure out if we should refi both into a new loan.

  4. Refinance 10, Feb, 2010


  5. Jonathon 08, Jan, 2010

    Works great

  6. ld 13, May, 2009


  7. Linda 20, Mar, 2009

    This is the best, most helpful site for getting mortgage refinancing information. Thank you!

  8. Chris Cowell 18, Dec, 2008

    Great tool!


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