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:
Oct, 2037
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
Nov, 2022 1 $437.50 $634.82 $1,072.32 $149,365.18
Dec, 2022 2 $435.65 $636.68 $1,072.32 $148,728.50
Jan, 2023 3 $433.79 $638.53 $1,072.32 $148,089.97
Feb, 2023 4 $431.93 $640.39 $1,072.32 $147,449.57
Mar, 2023 5 $430.06 $642.26 $1,072.32 $146,807.31
Apr, 2023 6 $428.19 $644.14 $1,072.32 $146,163.18
May, 2023 7 $426.31 $646.01 $1,072.32 $145,517.16
Jun, 2023 8 $424.43 $647.90 $1,072.32 $144,869.26
Jul, 2023 9 $422.54 $649.79 $1,072.32 $144,219.47
Aug, 2023 10 $420.64 $651.68 $1,072.32 $143,567.79
Sep, 2023 11 $418.74 $653.58 $1,072.32 $142,914.21
Oct, 2023 12 $416.83 $655.49 $1,072.32 $142,258.71
Nov, 2023 13 $414.92 $657.40 $1,072.32 $141,601.31
Dec, 2023 14 $413.00 $659.32 $1,072.32 $140,941.99
Jan, 2024 15 $411.08 $661.24 $1,072.32 $140,280.75
Feb, 2024 16 $409.15 $663.17 $1,072.32 $139,617.58
Mar, 2024 17 $407.22 $665.11 $1,072.32 $138,952.47
Apr, 2024 18 $405.28 $667.05 $1,072.32 $138,285.43
May, 2024 19 $403.33 $668.99 $1,072.32 $137,616.43
Jun, 2024 20 $401.38 $670.94 $1,072.32 $136,945.49
Jul, 2024 21 $399.42 $672.90 $1,072.32 $136,272.59
Aug, 2024 22 $397.46 $674.86 $1,072.32 $135,597.73
Sep, 2024 23 $395.49 $676.83 $1,072.32 $134,920.90
Oct, 2024 24 $393.52 $678.80 $1,072.32 $134,242.10
Nov, 2024 25 $391.54 $680.78 $1,072.32 $133,561.31
Dec, 2024 26 $389.55 $682.77 $1,072.32 $132,878.54
Jan, 2025 27 $387.56 $684.76 $1,072.32 $132,193.78
Feb, 2025 28 $385.57 $686.76 $1,072.32 $131,507.02
Mar, 2025 29 $383.56 $688.76 $1,072.32 $130,818.26
Apr, 2025 30 $381.55 $690.77 $1,072.32 $130,127.49
May, 2025 31 $379.54 $692.79 $1,072.32 $129,434.70
Jun, 2025 32 $377.52 $694.81 $1,072.32 $128,739.90
Jul, 2025 33 $375.49 $696.83 $1,072.32 $128,043.07
Aug, 2025 34 $373.46 $698.86 $1,072.32 $127,344.20
Sep, 2025 35 $371.42 $700.90 $1,072.32 $126,643.30
Oct, 2025 36 $369.38 $702.95 $1,072.32 $125,940.35
Nov, 2025 37 $367.33 $705.00 $1,072.32 $125,235.35
Dec, 2025 38 $365.27 $707.05 $1,072.32 $124,528.30
Jan, 2026 39 $363.21 $709.12 $1,072.32 $123,819.18
Feb, 2026 40 $361.14 $711.18 $1,072.32 $123,108.00
Mar, 2026 41 $359.06 $713.26 $1,072.32 $122,394.74
Apr, 2026 42 $356.98 $715.34 $1,072.32 $121,679.40
May, 2026 43 $354.90 $717.43 $1,072.32 $120,961.97
Jun, 2026 44 $352.81 $719.52 $1,072.32 $120,242.46
Jul, 2026 45 $350.71 $721.62 $1,072.32 $119,520.84
Aug, 2026 46 $348.60 $723.72 $1,072.32 $118,797.12
Sep, 2026 47 $346.49 $725.83 $1,072.32 $118,071.29
Oct, 2026 48 $344.37 $727.95 $1,072.32 $117,343.34
Nov, 2026 49 $342.25 $730.07 $1,072.32 $116,613.26
Dec, 2026 50 $340.12 $732.20 $1,072.32 $115,881.06
Jan, 2027 51 $337.99 $734.34 $1,072.32 $115,146.72
Feb, 2027 52 $335.84 $736.48 $1,072.32 $114,410.25
Mar, 2027 53 $333.70 $738.63 $1,072.32 $113,671.62
Apr, 2027 54 $331.54 $740.78 $1,072.32 $112,930.84
May, 2027 55 $329.38 $742.94 $1,072.32 $112,187.89
Jun, 2027 56 $327.21 $745.11 $1,072.32 $111,442.78
Jul, 2027 57 $325.04 $747.28 $1,072.32 $110,695.50
Aug, 2027 58 $322.86 $749.46 $1,072.32 $109,946.04
Sep, 2027 59 $320.68 $751.65 $1,072.32 $109,194.39
Oct, 2027 60 $318.48 $753.84 $1,072.32 $108,440.55
Nov, 2027 61 $316.28 $756.04 $1,072.32 $107,684.51
Dec, 2027 62 $314.08 $758.24 $1,072.32 $106,926.27
Jan, 2028 63 $311.87 $760.46 $1,072.32 $106,165.81
Feb, 2028 64 $309.65 $762.67 $1,072.32 $105,403.14
Mar, 2028 65 $307.43 $764.90 $1,072.32 $104,638.24
Apr, 2028 66 $305.19 $767.13 $1,072.32 $103,871.11
May, 2028 67 $302.96 $769.37 $1,072.32 $103,101.75
Jun, 2028 68 $300.71 $771.61 $1,072.32 $102,330.14
Jul, 2028 69 $298.46 $773.86 $1,072.32 $101,556.28
Aug, 2028 70 $296.21 $776.12 $1,072.32 $100,780.16
Sep, 2028 71 $293.94 $778.38 $1,072.32 $100,001.78
Oct, 2028 72 $291.67 $780.65 $1,072.32 $99,221.12
Nov, 2028 73 $289.39 $782.93 $1,072.32 $98,438.20
Dec, 2028 74 $287.11 $785.21 $1,072.32 $97,652.98
Jan, 2029 75 $284.82 $787.50 $1,072.32 $96,865.48
Feb, 2029 76 $282.52 $789.80 $1,072.32 $96,075.68
Mar, 2029 77 $280.22 $792.10 $1,072.32 $95,283.58
Apr, 2029 78 $277.91 $794.41 $1,072.32 $94,489.16
May, 2029 79 $275.59 $796.73 $1,072.32 $93,692.43
Jun, 2029 80 $273.27 $799.05 $1,072.32 $92,893.38
Jul, 2029 81 $270.94 $801.38 $1,072.32 $92,092.00
Aug, 2029 82 $268.60 $803.72 $1,072.32 $91,288.27
Sep, 2029 83 $266.26 $806.07 $1,072.32 $90,482.21
Oct, 2029 84 $263.91 $808.42 $1,072.32 $89,673.79
Nov, 2029 85 $261.55 $810.78 $1,072.32 $88,863.01
Dec, 2029 86 $259.18 $813.14 $1,072.32 $88,049.87
Jan, 2030 87 $256.81 $815.51 $1,072.32 $87,234.36
Feb, 2030 88 $254.43 $817.89 $1,072.32 $86,416.47
Mar, 2030 89 $252.05 $820.28 $1,072.32 $85,596.20
Apr, 2030 90 $249.66 $822.67 $1,072.32 $84,773.53
May, 2030 91 $247.26 $825.07 $1,072.32 $83,948.46
Jun, 2030 92 $244.85 $827.47 $1,072.32 $83,120.99
Jul, 2030 93 $242.44 $829.89 $1,072.32 $82,291.10
Aug, 2030 94 $240.02 $832.31 $1,072.32 $81,458.79
Sep, 2030 95 $237.59 $834.74 $1,072.32 $80,624.05
Oct, 2030 96 $235.15 $837.17 $1,072.32 $79,786.88
Nov, 2030 97 $232.71 $839.61 $1,072.32 $78,947.27
Dec, 2030 98 $230.26 $842.06 $1,072.32 $78,105.21
Jan, 2031 99 $227.81 $844.52 $1,072.32 $77,260.69
Feb, 2031 100 $225.34 $846.98 $1,072.32 $76,413.71
Mar, 2031 101 $222.87 $849.45 $1,072.32 $75,564.26
Apr, 2031 102 $220.40 $851.93 $1,072.32 $74,712.34
May, 2031 103 $217.91 $854.41 $1,072.32 $73,857.92
Jun, 2031 104 $215.42 $856.90 $1,072.32 $73,001.02
Jul, 2031 105 $212.92 $859.40 $1,072.32 $72,141.61
Aug, 2031 106 $210.41 $861.91 $1,072.32 $71,279.70
Sep, 2031 107 $207.90 $864.42 $1,072.32 $70,415.28
Oct, 2031 108 $205.38 $866.95 $1,072.32 $69,548.33
Nov, 2031 109 $202.85 $869.47 $1,072.32 $68,678.86
Dec, 2031 110 $200.31 $872.01 $1,072.32 $67,806.85
Jan, 2032 111 $197.77 $874.55 $1,072.32 $66,932.29
Feb, 2032 112 $195.22 $877.10 $1,072.32 $66,055.19
Mar, 2032 113 $192.66 $879.66 $1,072.32 $65,175.53
Apr, 2032 114 $190.10 $882.23 $1,072.32 $64,293.30
May, 2032 115 $187.52 $884.80 $1,072.32 $63,408.50
Jun, 2032 116 $184.94 $887.38 $1,072.32 $62,521.11
Jul, 2032 117 $182.35 $889.97 $1,072.32 $61,631.14
Aug, 2032 118 $179.76 $892.57 $1,072.32 $60,738.58
Sep, 2032 119 $177.15 $895.17 $1,072.32 $59,843.41
Oct, 2032 120 $174.54 $897.78 $1,072.32 $58,945.63
Nov, 2032 121 $171.92 $900.40 $1,072.32 $58,045.23
Dec, 2032 122 $169.30 $903.03 $1,072.32 $57,142.20
Jan, 2033 123 $166.66 $905.66 $1,072.32 $56,236.54
Feb, 2033 124 $164.02 $908.30 $1,072.32 $55,328.24
Mar, 2033 125 $161.37 $910.95 $1,072.32 $54,417.29
Apr, 2033 126 $158.72 $913.61 $1,072.32 $53,503.69
May, 2033 127 $156.05 $916.27 $1,072.32 $52,587.42
Jun, 2033 128 $153.38 $918.94 $1,072.32 $51,668.47
Jul, 2033 129 $150.70 $921.62 $1,072.32 $50,746.85
Aug, 2033 130 $148.01 $924.31 $1,072.32 $49,822.54
Sep, 2033 131 $145.32 $927.01 $1,072.32 $48,895.53
Oct, 2033 132 $142.61 $929.71 $1,072.32 $47,965.82
Nov, 2033 133 $139.90 $932.42 $1,072.32 $47,033.39
Dec, 2033 134 $137.18 $935.14 $1,072.32 $46,098.25
Jan, 2034 135 $134.45 $937.87 $1,072.32 $45,160.38
Feb, 2034 136 $131.72 $940.61 $1,072.32 $44,219.77
Mar, 2034 137 $128.97 $943.35 $1,072.32 $43,276.42
Apr, 2034 138 $126.22 $946.10 $1,072.32 $42,330.32
May, 2034 139 $123.46 $948.86 $1,072.32 $41,381.46
Jun, 2034 140 $120.70 $951.63 $1,072.32 $40,429.83
Jul, 2034 141 $117.92 $954.40 $1,072.32 $39,475.43
Aug, 2034 142 $115.14 $957.19 $1,072.32 $38,518.24
Sep, 2034 143 $112.34 $959.98 $1,072.32 $37,558.26
Oct, 2034 144 $109.54 $962.78 $1,072.32 $36,595.48
Nov, 2034 145 $106.74 $965.59 $1,072.32 $35,629.90
Dec, 2034 146 $103.92 $968.40 $1,072.32 $34,661.49
Jan, 2035 147 $101.10 $971.23 $1,072.32 $33,690.27
Feb, 2035 148 $98.26 $974.06 $1,072.32 $32,716.21
Mar, 2035 149 $95.42 $976.90 $1,072.32 $31,739.30
Apr, 2035 150 $92.57 $979.75 $1,072.32 $30,759.55
May, 2035 151 $89.72 $982.61 $1,072.32 $29,776.95
Jun, 2035 152 $86.85 $985.47 $1,072.32 $28,791.47
Jul, 2035 153 $83.98 $988.35 $1,072.32 $27,803.12
Aug, 2035 154 $81.09 $991.23 $1,072.32 $26,811.89
Sep, 2035 155 $78.20 $994.12 $1,072.32 $25,817.77
Oct, 2035 156 $75.30 $997.02 $1,072.32 $24,820.75
Nov, 2035 157 $72.39 $999.93 $1,072.32 $23,820.82
Dec, 2035 158 $69.48 $1,002.85 $1,072.32 $22,817.97
Jan, 2036 159 $66.55 $1,005.77 $1,072.32 $21,812.20
Feb, 2036 160 $63.62 $1,008.70 $1,072.32 $20,803.49
Mar, 2036 161 $60.68 $1,011.65 $1,072.32 $19,791.85
Apr, 2036 162 $57.73 $1,014.60 $1,072.32 $18,777.25
May, 2036 163 $54.77 $1,017.56 $1,072.32 $17,759.69
Jun, 2036 164 $51.80 $1,020.52 $1,072.32 $16,739.17
Jul, 2036 165 $48.82 $1,023.50 $1,072.32 $15,715.67
Aug, 2036 166 $45.84 $1,026.49 $1,072.32 $14,689.18
Sep, 2036 167 $42.84 $1,029.48 $1,072.32 $13,659.70
Oct, 2036 168 $39.84 $1,032.48 $1,072.32 $12,627.22
Nov, 2036 169 $36.83 $1,035.49 $1,072.32 $11,591.72
Dec, 2036 170 $33.81 $1,038.51 $1,072.32 $10,553.21
Jan, 2037 171 $30.78 $1,041.54 $1,072.32 $9,511.66
Feb, 2037 172 $27.74 $1,044.58 $1,072.32 $8,467.08
Mar, 2037 173 $24.70 $1,047.63 $1,072.32 $7,419.45
Apr, 2037 174 $21.64 $1,050.68 $1,072.32 $6,368.77
May, 2037 175 $18.58 $1,053.75 $1,072.32 $5,315.02
Jun, 2037 176 $15.50 $1,056.82 $1,072.32 $4,258.20
Jul, 2037 177 $12.42 $1,059.90 $1,072.32 $3,198.30
Aug, 2037 178 $9.33 $1,063.00 $1,072.32 $2,135.30
Sep, 2037 179 $6.23 $1,066.10 $1,072.32 $1,069.21
Oct, 2037 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 Feb, 2039 Oct, 2037


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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