Mortgage Refinance Calculator

This refinance calculator helps determine if you should refinance or not.

	Existing Loan	New Loan
Original loan amount
Interest rate (%)
Loan period
How many months have been paid?

I want to know how much I can save on my monthly mortgage payments.

I want to know the total picture of refinancing to make a decision on whether to refinance or not.

By refinancing, your monthly mortgage savings are shown below:


Loan Amount
Interest rate (%)
Loan Period
Scheduled Number Of Payments
How many months have been paid?
Monthly Mortgage payment	⁽¹⁾	⁽²⁾
Monthly Mortgage savings ^{(2) - (1)}

Here's the TOTAL picture of refinancing:


Loan Amount		⁽¹⁾
Interest rate (%)	⁽²⁾	⁽³⁾
Interest rate reduction with new loan ^{(2) - (3)}
Loan Period
Scheduled Number Of Payments		⁽⁴⁾
How many months have been paid?	⁽⁵⁾
Monthly Mortgage payment	⁽⁶⁾	⁽⁷⁾
Monthly Mortgage savings ^{(8) = (7) - (6)}		⁽⁸⁾
Current existing loan balance
Total amount to be paid with the existing loan (if no refinance)	⁽⁹⁾
Amounts already paid on existing loan	^{(10) ( principal + interest)}

Now I need to add the refinance (closing) cost to the picture. There are 2 parts to the refinance (closing) cost:

Part 1: Interest to be paid during the refinance process
Unpaid interest on Existing Loan (1 month)
Prepaid interest on New Loan (1 month)
Part 1 subtotal
Part 2: Refinance processing fees
New loan points and lender costs on new loan ^* (Get the number from your lender)
Other refinance costs ^**
Part 2 subtotal
Total refinance (closing) cost		⁽¹¹⁾

^* The default is 1.25% of the new loan amount

^** Appraisal, credit report, tax service, flood certificate, processing fee, title insurance, escrow fee, notary fee, etc.


New loan amount considered	⁽¹⁾	⁽¹⁾
Refinance cost added to new loan		⁽¹¹⁾
Adjusted new loan amount	⁽¹⁾	^{(1) + (11)}
Total amount paid over full term of years (principal + interest)	⁽¹²⁾	⁽¹³⁾
Refinance cost added out of pocket	⁽¹¹⁾
Total amount plus closing costs over full term	^{(14) = (12) + (11)}	⁽¹³⁾
If you don't refinance, the amount left to pay at end of existing loan is	^{(15) = (9) - (10)}	^{(15) = (9) - (10)}
My monthly mortgage payment will be	^{(7) (8)}
By refinancing, I will	^{(15) - (14)}	^{(15) - (13)}