Amortization Schedule


Mortgage Refinance Calculator



Mortgage Refinance Calculator is used to calculate the monthly mortgage payments for your refinance loan. Refinance amortization calculator will show you whether refinance is a good option and how much you can save by refinancing your existing mortgage.

Refinance Amortization Calculator

Remaining Balance
$
Interest Rate
Current Monthly Payment
$
New Interest Rate
New Loan Terms
years
Closing Cost
$
Other Expenses
$

Mortgage Refinance Calculator Results

New Monthly Payment:
$1,072.32
Payoff Date:
Sep, 2038
Closing Cost:
$0.00
Other Expenses:
$0.00
Interest Savings:
$11,256.79
Total Savings:
$11,256.79

Mortgage Refinance Amortization Schedule

Payment Date Payment # Interest Paid Principal Paid Total Payment Remaining Balance
Oct, 2023 1 $437.50 $634.82 $1,072.32 $149,365.18
Nov, 2023 2 $435.65 $636.68 $1,072.32 $148,728.50
Dec, 2023 3 $433.79 $638.53 $1,072.32 $148,089.97
Jan, 2024 4 $431.93 $640.39 $1,072.32 $147,449.57
Feb, 2024 5 $430.06 $642.26 $1,072.32 $146,807.31
Mar, 2024 6 $428.19 $644.14 $1,072.32 $146,163.18
Apr, 2024 7 $426.31 $646.01 $1,072.32 $145,517.16
May, 2024 8 $424.43 $647.90 $1,072.32 $144,869.26
Jun, 2024 9 $422.54 $649.79 $1,072.32 $144,219.47
Jul, 2024 10 $420.64 $651.68 $1,072.32 $143,567.79
Aug, 2024 11 $418.74 $653.58 $1,072.32 $142,914.21
Sep, 2024 12 $416.83 $655.49 $1,072.32 $142,258.71
Oct, 2024 13 $414.92 $657.40 $1,072.32 $141,601.31
Nov, 2024 14 $413.00 $659.32 $1,072.32 $140,941.99
Dec, 2024 15 $411.08 $661.24 $1,072.32 $140,280.75
Jan, 2025 16 $409.15 $663.17 $1,072.32 $139,617.58
Feb, 2025 17 $407.22 $665.11 $1,072.32 $138,952.47
Mar, 2025 18 $405.28 $667.05 $1,072.32 $138,285.43
Apr, 2025 19 $403.33 $668.99 $1,072.32 $137,616.43
May, 2025 20 $401.38 $670.94 $1,072.32 $136,945.49
Jun, 2025 21 $399.42 $672.90 $1,072.32 $136,272.59
Jul, 2025 22 $397.46 $674.86 $1,072.32 $135,597.73
Aug, 2025 23 $395.49 $676.83 $1,072.32 $134,920.90
Sep, 2025 24 $393.52 $678.80 $1,072.32 $134,242.10
Oct, 2025 25 $391.54 $680.78 $1,072.32 $133,561.31
Nov, 2025 26 $389.55 $682.77 $1,072.32 $132,878.54
Dec, 2025 27 $387.56 $684.76 $1,072.32 $132,193.78
Jan, 2026 28 $385.57 $686.76 $1,072.32 $131,507.02
Feb, 2026 29 $383.56 $688.76 $1,072.32 $130,818.26
Mar, 2026 30 $381.55 $690.77 $1,072.32 $130,127.49
Apr, 2026 31 $379.54 $692.79 $1,072.32 $129,434.70
May, 2026 32 $377.52 $694.81 $1,072.32 $128,739.90
Jun, 2026 33 $375.49 $696.83 $1,072.32 $128,043.07
Jul, 2026 34 $373.46 $698.86 $1,072.32 $127,344.20
Aug, 2026 35 $371.42 $700.90 $1,072.32 $126,643.30
Sep, 2026 36 $369.38 $702.95 $1,072.32 $125,940.35
Oct, 2026 37 $367.33 $705.00 $1,072.32 $125,235.35
Nov, 2026 38 $365.27 $707.05 $1,072.32 $124,528.30
Dec, 2026 39 $363.21 $709.12 $1,072.32 $123,819.18
Jan, 2027 40 $361.14 $711.18 $1,072.32 $123,108.00
Feb, 2027 41 $359.06 $713.26 $1,072.32 $122,394.74
Mar, 2027 42 $356.98 $715.34 $1,072.32 $121,679.40
Apr, 2027 43 $354.90 $717.43 $1,072.32 $120,961.97
May, 2027 44 $352.81 $719.52 $1,072.32 $120,242.46
Jun, 2027 45 $350.71 $721.62 $1,072.32 $119,520.84
Jul, 2027 46 $348.60 $723.72 $1,072.32 $118,797.12
Aug, 2027 47 $346.49 $725.83 $1,072.32 $118,071.29
Sep, 2027 48 $344.37 $727.95 $1,072.32 $117,343.34
Oct, 2027 49 $342.25 $730.07 $1,072.32 $116,613.26
Nov, 2027 50 $340.12 $732.20 $1,072.32 $115,881.06
Dec, 2027 51 $337.99 $734.34 $1,072.32 $115,146.72
Jan, 2028 52 $335.84 $736.48 $1,072.32 $114,410.25
Feb, 2028 53 $333.70 $738.63 $1,072.32 $113,671.62
Mar, 2028 54 $331.54 $740.78 $1,072.32 $112,930.84
Apr, 2028 55 $329.38 $742.94 $1,072.32 $112,187.89
May, 2028 56 $327.21 $745.11 $1,072.32 $111,442.78
Jun, 2028 57 $325.04 $747.28 $1,072.32 $110,695.50
Jul, 2028 58 $322.86 $749.46 $1,072.32 $109,946.04
Aug, 2028 59 $320.68 $751.65 $1,072.32 $109,194.39
Sep, 2028 60 $318.48 $753.84 $1,072.32 $108,440.55
Oct, 2028 61 $316.28 $756.04 $1,072.32 $107,684.51
Nov, 2028 62 $314.08 $758.24 $1,072.32 $106,926.27
Dec, 2028 63 $311.87 $760.46 $1,072.32 $106,165.81
Jan, 2029 64 $309.65 $762.67 $1,072.32 $105,403.14
Feb, 2029 65 $307.43 $764.90 $1,072.32 $104,638.24
Mar, 2029 66 $305.19 $767.13 $1,072.32 $103,871.11
Apr, 2029 67 $302.96 $769.37 $1,072.32 $103,101.75
May, 2029 68 $300.71 $771.61 $1,072.32 $102,330.14
Jun, 2029 69 $298.46 $773.86 $1,072.32 $101,556.28
Jul, 2029 70 $296.21 $776.12 $1,072.32 $100,780.16
Aug, 2029 71 $293.94 $778.38 $1,072.32 $100,001.78
Sep, 2029 72 $291.67 $780.65 $1,072.32 $99,221.12
Oct, 2029 73 $289.39 $782.93 $1,072.32 $98,438.20
Nov, 2029 74 $287.11 $785.21 $1,072.32 $97,652.98
Dec, 2029 75 $284.82 $787.50 $1,072.32 $96,865.48
Jan, 2030 76 $282.52 $789.80 $1,072.32 $96,075.68
Feb, 2030 77 $280.22 $792.10 $1,072.32 $95,283.58
Mar, 2030 78 $277.91 $794.41 $1,072.32 $94,489.16
Apr, 2030 79 $275.59 $796.73 $1,072.32 $93,692.43
May, 2030 80 $273.27 $799.05 $1,072.32 $92,893.38
Jun, 2030 81 $270.94 $801.38 $1,072.32 $92,092.00
Jul, 2030 82 $268.60 $803.72 $1,072.32 $91,288.27
Aug, 2030 83 $266.26 $806.07 $1,072.32 $90,482.21
Sep, 2030 84 $263.91 $808.42 $1,072.32 $89,673.79
Oct, 2030 85 $261.55 $810.78 $1,072.32 $88,863.01
Nov, 2030 86 $259.18 $813.14 $1,072.32 $88,049.87
Dec, 2030 87 $256.81 $815.51 $1,072.32 $87,234.36
Jan, 2031 88 $254.43 $817.89 $1,072.32 $86,416.47
Feb, 2031 89 $252.05 $820.28 $1,072.32 $85,596.20
Mar, 2031 90 $249.66 $822.67 $1,072.32 $84,773.53
Apr, 2031 91 $247.26 $825.07 $1,072.32 $83,948.46
May, 2031 92 $244.85 $827.47 $1,072.32 $83,120.99
Jun, 2031 93 $242.44 $829.89 $1,072.32 $82,291.10
Jul, 2031 94 $240.02 $832.31 $1,072.32 $81,458.79
Aug, 2031 95 $237.59 $834.74 $1,072.32 $80,624.05
Sep, 2031 96 $235.15 $837.17 $1,072.32 $79,786.88
Oct, 2031 97 $232.71 $839.61 $1,072.32 $78,947.27
Nov, 2031 98 $230.26 $842.06 $1,072.32 $78,105.21
Dec, 2031 99 $227.81 $844.52 $1,072.32 $77,260.69
Jan, 2032 100 $225.34 $846.98 $1,072.32 $76,413.71
Feb, 2032 101 $222.87 $849.45 $1,072.32 $75,564.26
Mar, 2032 102 $220.40 $851.93 $1,072.32 $74,712.34
Apr, 2032 103 $217.91 $854.41 $1,072.32 $73,857.92
May, 2032 104 $215.42 $856.90 $1,072.32 $73,001.02
Jun, 2032 105 $212.92 $859.40 $1,072.32 $72,141.61
Jul, 2032 106 $210.41 $861.91 $1,072.32 $71,279.70
Aug, 2032 107 $207.90 $864.42 $1,072.32 $70,415.28
Sep, 2032 108 $205.38 $866.95 $1,072.32 $69,548.33
Oct, 2032 109 $202.85 $869.47 $1,072.32 $68,678.86
Nov, 2032 110 $200.31 $872.01 $1,072.32 $67,806.85
Dec, 2032 111 $197.77 $874.55 $1,072.32 $66,932.29
Jan, 2033 112 $195.22 $877.10 $1,072.32 $66,055.19
Feb, 2033 113 $192.66 $879.66 $1,072.32 $65,175.53
Mar, 2033 114 $190.10 $882.23 $1,072.32 $64,293.30
Apr, 2033 115 $187.52 $884.80 $1,072.32 $63,408.50
May, 2033 116 $184.94 $887.38 $1,072.32 $62,521.11
Jun, 2033 117 $182.35 $889.97 $1,072.32 $61,631.14
Jul, 2033 118 $179.76 $892.57 $1,072.32 $60,738.58
Aug, 2033 119 $177.15 $895.17 $1,072.32 $59,843.41
Sep, 2033 120 $174.54 $897.78 $1,072.32 $58,945.63
Oct, 2033 121 $171.92 $900.40 $1,072.32 $58,045.23
Nov, 2033 122 $169.30 $903.03 $1,072.32 $57,142.20
Dec, 2033 123 $166.66 $905.66 $1,072.32 $56,236.54
Jan, 2034 124 $164.02 $908.30 $1,072.32 $55,328.24
Feb, 2034 125 $161.37 $910.95 $1,072.32 $54,417.29
Mar, 2034 126 $158.72 $913.61 $1,072.32 $53,503.69
Apr, 2034 127 $156.05 $916.27 $1,072.32 $52,587.42
May, 2034 128 $153.38 $918.94 $1,072.32 $51,668.47
Jun, 2034 129 $150.70 $921.62 $1,072.32 $50,746.85
Jul, 2034 130 $148.01 $924.31 $1,072.32 $49,822.54
Aug, 2034 131 $145.32 $927.01 $1,072.32 $48,895.53
Sep, 2034 132 $142.61 $929.71 $1,072.32 $47,965.82
Oct, 2034 133 $139.90 $932.42 $1,072.32 $47,033.39
Nov, 2034 134 $137.18 $935.14 $1,072.32 $46,098.25
Dec, 2034 135 $134.45 $937.87 $1,072.32 $45,160.38
Jan, 2035 136 $131.72 $940.61 $1,072.32 $44,219.77
Feb, 2035 137 $128.97 $943.35 $1,072.32 $43,276.42
Mar, 2035 138 $126.22 $946.10 $1,072.32 $42,330.32
Apr, 2035 139 $123.46 $948.86 $1,072.32 $41,381.46
May, 2035 140 $120.70 $951.63 $1,072.32 $40,429.83
Jun, 2035 141 $117.92 $954.40 $1,072.32 $39,475.43
Jul, 2035 142 $115.14 $957.19 $1,072.32 $38,518.24
Aug, 2035 143 $112.34 $959.98 $1,072.32 $37,558.26
Sep, 2035 144 $109.54 $962.78 $1,072.32 $36,595.48
Oct, 2035 145 $106.74 $965.59 $1,072.32 $35,629.90
Nov, 2035 146 $103.92 $968.40 $1,072.32 $34,661.49
Dec, 2035 147 $101.10 $971.23 $1,072.32 $33,690.27
Jan, 2036 148 $98.26 $974.06 $1,072.32 $32,716.21
Feb, 2036 149 $95.42 $976.90 $1,072.32 $31,739.30
Mar, 2036 150 $92.57 $979.75 $1,072.32 $30,759.55
Apr, 2036 151 $89.72 $982.61 $1,072.32 $29,776.95
May, 2036 152 $86.85 $985.47 $1,072.32 $28,791.47
Jun, 2036 153 $83.98 $988.35 $1,072.32 $27,803.12
Jul, 2036 154 $81.09 $991.23 $1,072.32 $26,811.89
Aug, 2036 155 $78.20 $994.12 $1,072.32 $25,817.77
Sep, 2036 156 $75.30 $997.02 $1,072.32 $24,820.75
Oct, 2036 157 $72.39 $999.93 $1,072.32 $23,820.82
Nov, 2036 158 $69.48 $1,002.85 $1,072.32 $22,817.97
Dec, 2036 159 $66.55 $1,005.77 $1,072.32 $21,812.20
Jan, 2037 160 $63.62 $1,008.70 $1,072.32 $20,803.49
Feb, 2037 161 $60.68 $1,011.65 $1,072.32 $19,791.85
Mar, 2037 162 $57.73 $1,014.60 $1,072.32 $18,777.25
Apr, 2037 163 $54.77 $1,017.56 $1,072.32 $17,759.69
May, 2037 164 $51.80 $1,020.52 $1,072.32 $16,739.17
Jun, 2037 165 $48.82 $1,023.50 $1,072.32 $15,715.67
Jul, 2037 166 $45.84 $1,026.49 $1,072.32 $14,689.18
Aug, 2037 167 $42.84 $1,029.48 $1,072.32 $13,659.70
Sep, 2037 168 $39.84 $1,032.48 $1,072.32 $12,627.22
Oct, 2037 169 $36.83 $1,035.49 $1,072.32 $11,591.72
Nov, 2037 170 $33.81 $1,038.51 $1,072.32 $10,553.21
Dec, 2037 171 $30.78 $1,041.54 $1,072.32 $9,511.66
Jan, 2038 172 $27.74 $1,044.58 $1,072.32 $8,467.08
Feb, 2038 173 $24.70 $1,047.63 $1,072.32 $7,419.45
Mar, 2038 174 $21.64 $1,050.68 $1,072.32 $6,368.77
Apr, 2038 175 $18.58 $1,053.75 $1,072.32 $5,315.02
May, 2038 176 $15.50 $1,056.82 $1,072.32 $4,258.20
Jun, 2038 177 $12.42 $1,059.90 $1,072.32 $3,198.30
Jul, 2038 178 $9.33 $1,063.00 $1,072.32 $2,135.30
Aug, 2038 179 $6.23 $1,066.10 $1,072.32 $1,069.21
Sep, 2038 180 $3.12 $1,069.21 $1,072.32 $0.00

Original vs. Mortgage Refinance

Original Mortgage Refinance
Monthly Payment $1,046.87 $1,072.32
Total Interest $54,275.07 $43,018.29
Total Principal $150,000.00 $150,000.00
Total Payment $204,275.07 $193,018.29
Closing Cost $0 $0.00
Other Expenses $0 $0.00
Total Interest Savings $0 $11,256.79
Total Savings $0 $11,256.79
Payoff Date Jan, 2040 Sep, 2038


What is a mortgage refinance?

Mortgage refinance is when a borrower replaces his mortgage with a new loan. The new loan might have different terms, interest rates, and monthly payments. The most common reason for a mortgage refinance is when the interest rate declines, homeowners can save a lot of money on interest payments by refinancing their home mortgage. Some homeowners choose to refinance a 30-year term to a 15-year term to save even more on interest but with higher monthly payments.


How does mortgage refinance work?

The mortgage refinances process is similar to when homeowners apply for their first mortgage.  Lenders do financial background checks on the borrowers to see if they are able to repay the loan. They also check the borrower's credit score to decide what interest rate the borrower should get. The higher the credit score, the lower the interest rate. There are closing costs for refinancing a mortgage, it can be anywhere from 2% to 6% of the size of the loan. Borrowers can refinance with the same lender where they are getting their mortgage, or find a different lender that gives them a lower interest rate, cheaper closing costs, or both. Once approved, the new lender will pay off the balance on the existing mortgage, and the borrower will start paying the new lender the same way he does with his mortgage. The payment terms are reset since mortgage refinancing is a new loan. If the borrower has already paid 3 years of his mortgage, he would still need to pay for 30 years if he chooses a 30-year term for the refinance. Most lenders give borrowers the option to choose a shorter term if they want to pay off the loan earlier such as a 25-year term. Keep in mind, the lower the term, the more money that a borrower can save on interest payments, but the monthly payment would be higher.


Benefits of refinancing

There are many benefits of refinancing a home mortgage, the following are the main benefits.


  • Save lots of money - refinancing when the interest rate goes down could save borrowers thousands of dollars over the course of their mortgages.

  • Lower monthly payment - with a lower interest rate and if the term doesn't change, the monthly would be lower and borrowers can save more money.

  • Pay off earlier - with the reduction in interest rate, some borrowers could afford to shorten their loan terms from 30 years to 25 years or even 20 years.

  • Lock in fixed interest rate - borrowers with an adjustable interest rate (ARM) on their mortgages can have their interest rate locked in by refinancing. Refinancing is especially beneficial when the ARM mortgages are approaching the adjustment period where borrowers' rates are about to go up and higher monthly payments.

  • Remove PMI - homeowners who put less than 20% on their mortgages need to pay for private mortgage insurance. Once the borrowers' equity in their homes exceeds 20%, they can remove PMI payments by refinancing.



Downside of refinancing

While there are many benefits of refinancing, there are also downsides. Following are some of the disadvantages of refinancing a home mortgage.


  • Expensive closing costs & fees - the closing costs of refinancing are about 2% - 6% of the loan amount. Therefore, the interest rates may have to go down substantially for homeowners to save money.

  • Prepayment penalties -  some lenders have prepayment penalties where they charge borrowers fees for paying off their mortgage. Borrowers should check with their current lender and review the terms and conditions before refinancing.

  • Payment clock is reset - if a borrower refinances to a 30-year term after 5 years of mortgage payments on a 30-year term, the repayment clock is reset and he has to pay for another 30 years instead of 25 years.

  • Increased monthly payments - borrowers' monthly payments could increase if they refinance to a shorter term. For example, if a borrower chooses to refinance his 30-year term into a 15-year term, the monthly payments could increase significantly.


When should you refinance your mortgage?

There are many factors that a homeowner should consider before refinancing their mortgage. If the homeowner wants to save money on interest payments, he should check if the interest rate has declined considerably compared to what he is paying now. Getting a lower interest rate is the main reason most people refinance their mortgages. Does the homeowner want to pay off his mortgage earlier by shortening the length of the terms from a 30-year mortgage to a 15-year mortgage? He could do that by making extra payments or recast the mortgage which is less costly than refinancing. Visit the mortgage recasting calculator to learn how recasting works and how much one can save. Does the homeowner have an adjustable interest rate for their mortgage and the rate is about to rise? Homeowners with an ARM for their mortgage may want to lock in a fixed interest rate for a lower monthly payment and save money in the long term. Does the homeowner have a good credit score and a stable income? Since refinancing requires credit and financial background checks, it is important that homeowners provide employment history and a good credit score to qualify for competitive rates.


Refinance Calculator

Use our refinance calculator to help decide whether or not to refinance your mortgage. The refinancing calculator shows the new monthly payment, and the total interest savings after factoring in the closing costs and expenses. It will also show how much earlier a borrower would pay off his mortgage by refinancing. Here is the meaning of each field of the mortgage refinance calculator. Remaining Balance - the balance on the current mortgage. Interest Rate - the interest rate of the existing home mortgage. Current Monthly Payment - the monthly payment the homeowner is making on his home mortgage. New Interest Rate - the interest rate the homeowner will pay after he refinances his mortgage. New Loan Terms - the term of the refinanced mortgage. Closing Costs - how much are the closing costs for refinancing? Other Expenses - are there any other expenses associated with the mortgage refinancing?



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