Refinance Calculator
Compare your current mortgage with potential refinance terms to estimate monthly payment changes and possible long-term savings. Use this as a planning tool before requesting lender quotes.
Current Loan Details
New Loan Details
Assumed to be the same as current loan amount.
How to Use the Refinance Calculator
- Enter current mortgage details: Input your current loan amount, interest rate, and loan term.
- Enter new refinance terms: Add the new interest rate and new loan term you are considering.
- Calculate payment difference: Run the calculator to compare monthly payments and estimated total savings.
- Review refinance impact: Use the result to evaluate whether refinancing lowers costs based on your goals.
What Affects Refinance Savings?
Interest Rate Reduction
A lower rate can reduce monthly payment and total interest over the loan life.
Loan Term Change
A longer term can lower monthly payment but may increase total interest paid overall.
Closing Costs
Refinancing usually includes fees that should be compared against projected savings.
Time in Home
How long you plan to keep the loan affects whether refinance savings outweigh upfront costs.
Frequently Asked Questions
How does this refinance calculator work?
It compares your current and proposed mortgage terms to estimate monthly payment changes and total savings over the new loan term.
Does this include refinance closing costs?
No. This estimate focuses on payment changes. Add estimated fees separately when making a final refinancing decision.
Can refinancing increase my total cost?
Yes. If the new term is much longer or fees are high, total cost can increase even if monthly payment goes down.
Is this calculator a loan approval?
No. It is an estimate for planning. Actual refinance terms depend on lender underwriting, credit, and market rates.