Discover how to cut costs and boost savings with our mortgage refinance calculator. Make smarter decisions and feel confident about your financial future.
Ready to explore your refinance potential? Follow these simple steps:
Mortgage refinancing allows you to replace your existing home loan with a new one, typically with more favorable terms. Homeowners refinance for several reasons:
Our calculator uses key refinance inputs to determine your new monthly payments, total interest saved, and break-even period. These inputs include:
The monthly mortgage payment is calculated using the standard amortization formula:
Monthly Payment = (P × r × (1 + r)^n) / ((1 + r)^n – 1)Sarah had a $300,000 mortgage at 5.25% with 22 years left. She refinanced to a 20-year loan at 3.75% with $4,000 in closing costs:
Luis had a $180,000 balance on a 15-year loan. He refinanced into another 15-year mortgage at 2.9% and withdrew $20,000 for home renovations:
Take control of your mortgage—use the calculator now and see how much you could save today!
| Original Loan | Refinanced Loan | |
|---|---|---|
| Loan Amount | $200,000 | $180,000 |
| Interest Rate | 4.5% | 3.75% |
| Loan Term | 30 years | 25 years |
| Monthly Payment (P&I) | $1,013 | $834 |
| Total Interest Paid | $164,813 | $70,283 |
| Refinance Costs | — | $3,500 |
| Break-even Period | — | 17 months |
| Cash-Out Amount | — | $20,000 |
| Prepayment Penalty | $0 | $0 |
| No-Closing-Cost Option | — | Available at 4.0% |