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:	Dec, 2040
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
Jan, 2026	1	$437.50	$634.82	$1,072.32	$149,365.18
Feb, 2026	2	$435.65	$636.68	$1,072.32	$148,728.50
Mar, 2026	3	$433.79	$638.53	$1,072.32	$148,089.97
Apr, 2026	4	$431.93	$640.39	$1,072.32	$147,449.57
May, 2026	5	$430.06	$642.26	$1,072.32	$146,807.31
Jun, 2026	6	$428.19	$644.14	$1,072.32	$146,163.18
Jul, 2026	7	$426.31	$646.01	$1,072.32	$145,517.16
Aug, 2026	8	$424.43	$647.90	$1,072.32	$144,869.26
Sep, 2026	9	$422.54	$649.79	$1,072.32	$144,219.47
Oct, 2026	10	$420.64	$651.68	$1,072.32	$143,567.79
Nov, 2026	11	$418.74	$653.58	$1,072.32	$142,914.21
Dec, 2026	12	$416.83	$655.49	$1,072.32	$142,258.71
Jan, 2027	13	$414.92	$657.40	$1,072.32	$141,601.31
Feb, 2027	14	$413.00	$659.32	$1,072.32	$140,941.99
Mar, 2027	15	$411.08	$661.24	$1,072.32	$140,280.75
Apr, 2027	16	$409.15	$663.17	$1,072.32	$139,617.58
May, 2027	17	$407.22	$665.11	$1,072.32	$138,952.47
Jun, 2027	18	$405.28	$667.05	$1,072.32	$138,285.43
Jul, 2027	19	$403.33	$668.99	$1,072.32	$137,616.43
Aug, 2027	20	$401.38	$670.94	$1,072.32	$136,945.49
Sep, 2027	21	$399.42	$672.90	$1,072.32	$136,272.59
Oct, 2027	22	$397.46	$674.86	$1,072.32	$135,597.73
Nov, 2027	23	$395.49	$676.83	$1,072.32	$134,920.90
Dec, 2027	24	$393.52	$678.80	$1,072.32	$134,242.10
Jan, 2028	25	$391.54	$680.78	$1,072.32	$133,561.31
Feb, 2028	26	$389.55	$682.77	$1,072.32	$132,878.54
Mar, 2028	27	$387.56	$684.76	$1,072.32	$132,193.78
Apr, 2028	28	$385.57	$686.76	$1,072.32	$131,507.02
May, 2028	29	$383.56	$688.76	$1,072.32	$130,818.26
Jun, 2028	30	$381.55	$690.77	$1,072.32	$130,127.49
Jul, 2028	31	$379.54	$692.79	$1,072.32	$129,434.70
Aug, 2028	32	$377.52	$694.81	$1,072.32	$128,739.90
Sep, 2028	33	$375.49	$696.83	$1,072.32	$128,043.07
Oct, 2028	34	$373.46	$698.86	$1,072.32	$127,344.20
Nov, 2028	35	$371.42	$700.90	$1,072.32	$126,643.30
Dec, 2028	36	$369.38	$702.95	$1,072.32	$125,940.35
Jan, 2029	37	$367.33	$705.00	$1,072.32	$125,235.35
Feb, 2029	38	$365.27	$707.05	$1,072.32	$124,528.30
Mar, 2029	39	$363.21	$709.12	$1,072.32	$123,819.18
Apr, 2029	40	$361.14	$711.18	$1,072.32	$123,108.00
May, 2029	41	$359.06	$713.26	$1,072.32	$122,394.74
Jun, 2029	42	$356.98	$715.34	$1,072.32	$121,679.40
Jul, 2029	43	$354.90	$717.43	$1,072.32	$120,961.97
Aug, 2029	44	$352.81	$719.52	$1,072.32	$120,242.46
Sep, 2029	45	$350.71	$721.62	$1,072.32	$119,520.84
Oct, 2029	46	$348.60	$723.72	$1,072.32	$118,797.12
Nov, 2029	47	$346.49	$725.83	$1,072.32	$118,071.29
Dec, 2029	48	$344.37	$727.95	$1,072.32	$117,343.34
Jan, 2030	49	$342.25	$730.07	$1,072.32	$116,613.26
Feb, 2030	50	$340.12	$732.20	$1,072.32	$115,881.06
Mar, 2030	51	$337.99	$734.34	$1,072.32	$115,146.72
Apr, 2030	52	$335.84	$736.48	$1,072.32	$114,410.25
May, 2030	53	$333.70	$738.63	$1,072.32	$113,671.62
Jun, 2030	54	$331.54	$740.78	$1,072.32	$112,930.84
Jul, 2030	55	$329.38	$742.94	$1,072.32	$112,187.89
Aug, 2030	56	$327.21	$745.11	$1,072.32	$111,442.78
Sep, 2030	57	$325.04	$747.28	$1,072.32	$110,695.50
Oct, 2030	58	$322.86	$749.46	$1,072.32	$109,946.04
Nov, 2030	59	$320.68	$751.65	$1,072.32	$109,194.39
Dec, 2030	60	$318.48	$753.84	$1,072.32	$108,440.55
Jan, 2031	61	$316.28	$756.04	$1,072.32	$107,684.51
Feb, 2031	62	$314.08	$758.24	$1,072.32	$106,926.27
Mar, 2031	63	$311.87	$760.46	$1,072.32	$106,165.81
Apr, 2031	64	$309.65	$762.67	$1,072.32	$105,403.14
May, 2031	65	$307.43	$764.90	$1,072.32	$104,638.24
Jun, 2031	66	$305.19	$767.13	$1,072.32	$103,871.11
Jul, 2031	67	$302.96	$769.37	$1,072.32	$103,101.75
Aug, 2031	68	$300.71	$771.61	$1,072.32	$102,330.14
Sep, 2031	69	$298.46	$773.86	$1,072.32	$101,556.28
Oct, 2031	70	$296.21	$776.12	$1,072.32	$100,780.16
Nov, 2031	71	$293.94	$778.38	$1,072.32	$100,001.78
Dec, 2031	72	$291.67	$780.65	$1,072.32	$99,221.12
Jan, 2032	73	$289.39	$782.93	$1,072.32	$98,438.20
Feb, 2032	74	$287.11	$785.21	$1,072.32	$97,652.98
Mar, 2032	75	$284.82	$787.50	$1,072.32	$96,865.48
Apr, 2032	76	$282.52	$789.80	$1,072.32	$96,075.68
May, 2032	77	$280.22	$792.10	$1,072.32	$95,283.58
Jun, 2032	78	$277.91	$794.41	$1,072.32	$94,489.16
Jul, 2032	79	$275.59	$796.73	$1,072.32	$93,692.43
Aug, 2032	80	$273.27	$799.05	$1,072.32	$92,893.38
Sep, 2032	81	$270.94	$801.38	$1,072.32	$92,092.00
Oct, 2032	82	$268.60	$803.72	$1,072.32	$91,288.27
Nov, 2032	83	$266.26	$806.07	$1,072.32	$90,482.21
Dec, 2032	84	$263.91	$808.42	$1,072.32	$89,673.79
Jan, 2033	85	$261.55	$810.78	$1,072.32	$88,863.01
Feb, 2033	86	$259.18	$813.14	$1,072.32	$88,049.87
Mar, 2033	87	$256.81	$815.51	$1,072.32	$87,234.36
Apr, 2033	88	$254.43	$817.89	$1,072.32	$86,416.47
May, 2033	89	$252.05	$820.28	$1,072.32	$85,596.20
Jun, 2033	90	$249.66	$822.67	$1,072.32	$84,773.53
Jul, 2033	91	$247.26	$825.07	$1,072.32	$83,948.46
Aug, 2033	92	$244.85	$827.47	$1,072.32	$83,120.99
Sep, 2033	93	$242.44	$829.89	$1,072.32	$82,291.10
Oct, 2033	94	$240.02	$832.31	$1,072.32	$81,458.79
Nov, 2033	95	$237.59	$834.74	$1,072.32	$80,624.05
Dec, 2033	96	$235.15	$837.17	$1,072.32	$79,786.88
Jan, 2034	97	$232.71	$839.61	$1,072.32	$78,947.27
Feb, 2034	98	$230.26	$842.06	$1,072.32	$78,105.21
Mar, 2034	99	$227.81	$844.52	$1,072.32	$77,260.69
Apr, 2034	100	$225.34	$846.98	$1,072.32	$76,413.71
May, 2034	101	$222.87	$849.45	$1,072.32	$75,564.26
Jun, 2034	102	$220.40	$851.93	$1,072.32	$74,712.34
Jul, 2034	103	$217.91	$854.41	$1,072.32	$73,857.92
Aug, 2034	104	$215.42	$856.90	$1,072.32	$73,001.02
Sep, 2034	105	$212.92	$859.40	$1,072.32	$72,141.61
Oct, 2034	106	$210.41	$861.91	$1,072.32	$71,279.70
Nov, 2034	107	$207.90	$864.42	$1,072.32	$70,415.28
Dec, 2034	108	$205.38	$866.95	$1,072.32	$69,548.33
Jan, 2035	109	$202.85	$869.47	$1,072.32	$68,678.86
Feb, 2035	110	$200.31	$872.01	$1,072.32	$67,806.85
Mar, 2035	111	$197.77	$874.55	$1,072.32	$66,932.29
Apr, 2035	112	$195.22	$877.10	$1,072.32	$66,055.19
May, 2035	113	$192.66	$879.66	$1,072.32	$65,175.53
Jun, 2035	114	$190.10	$882.23	$1,072.32	$64,293.30
Jul, 2035	115	$187.52	$884.80	$1,072.32	$63,408.50
Aug, 2035	116	$184.94	$887.38	$1,072.32	$62,521.11
Sep, 2035	117	$182.35	$889.97	$1,072.32	$61,631.14
Oct, 2035	118	$179.76	$892.57	$1,072.32	$60,738.58
Nov, 2035	119	$177.15	$895.17	$1,072.32	$59,843.41
Dec, 2035	120	$174.54	$897.78	$1,072.32	$58,945.63
Jan, 2036	121	$171.92	$900.40	$1,072.32	$58,045.23
Feb, 2036	122	$169.30	$903.03	$1,072.32	$57,142.20
Mar, 2036	123	$166.66	$905.66	$1,072.32	$56,236.54
Apr, 2036	124	$164.02	$908.30	$1,072.32	$55,328.24
May, 2036	125	$161.37	$910.95	$1,072.32	$54,417.29
Jun, 2036	126	$158.72	$913.61	$1,072.32	$53,503.69
Jul, 2036	127	$156.05	$916.27	$1,072.32	$52,587.42
Aug, 2036	128	$153.38	$918.94	$1,072.32	$51,668.47
Sep, 2036	129	$150.70	$921.62	$1,072.32	$50,746.85
Oct, 2036	130	$148.01	$924.31	$1,072.32	$49,822.54
Nov, 2036	131	$145.32	$927.01	$1,072.32	$48,895.53
Dec, 2036	132	$142.61	$929.71	$1,072.32	$47,965.82
Jan, 2037	133	$139.90	$932.42	$1,072.32	$47,033.39
Feb, 2037	134	$137.18	$935.14	$1,072.32	$46,098.25
Mar, 2037	135	$134.45	$937.87	$1,072.32	$45,160.38
Apr, 2037	136	$131.72	$940.61	$1,072.32	$44,219.77
May, 2037	137	$128.97	$943.35	$1,072.32	$43,276.42
Jun, 2037	138	$126.22	$946.10	$1,072.32	$42,330.32
Jul, 2037	139	$123.46	$948.86	$1,072.32	$41,381.46
Aug, 2037	140	$120.70	$951.63	$1,072.32	$40,429.83
Sep, 2037	141	$117.92	$954.40	$1,072.32	$39,475.43
Oct, 2037	142	$115.14	$957.19	$1,072.32	$38,518.24
Nov, 2037	143	$112.34	$959.98	$1,072.32	$37,558.26
Dec, 2037	144	$109.54	$962.78	$1,072.32	$36,595.48
Jan, 2038	145	$106.74	$965.59	$1,072.32	$35,629.90
Feb, 2038	146	$103.92	$968.40	$1,072.32	$34,661.49
Mar, 2038	147	$101.10	$971.23	$1,072.32	$33,690.27
Apr, 2038	148	$98.26	$974.06	$1,072.32	$32,716.21
May, 2038	149	$95.42	$976.90	$1,072.32	$31,739.30
Jun, 2038	150	$92.57	$979.75	$1,072.32	$30,759.55
Jul, 2038	151	$89.72	$982.61	$1,072.32	$29,776.95
Aug, 2038	152	$86.85	$985.47	$1,072.32	$28,791.47
Sep, 2038	153	$83.98	$988.35	$1,072.32	$27,803.12
Oct, 2038	154	$81.09	$991.23	$1,072.32	$26,811.89
Nov, 2038	155	$78.20	$994.12	$1,072.32	$25,817.77
Dec, 2038	156	$75.30	$997.02	$1,072.32	$24,820.75
Jan, 2039	157	$72.39	$999.93	$1,072.32	$23,820.82
Feb, 2039	158	$69.48	$1,002.85	$1,072.32	$22,817.97
Mar, 2039	159	$66.55	$1,005.77	$1,072.32	$21,812.20
Apr, 2039	160	$63.62	$1,008.70	$1,072.32	$20,803.49
May, 2039	161	$60.68	$1,011.65	$1,072.32	$19,791.85
Jun, 2039	162	$57.73	$1,014.60	$1,072.32	$18,777.25
Jul, 2039	163	$54.77	$1,017.56	$1,072.32	$17,759.69
Aug, 2039	164	$51.80	$1,020.52	$1,072.32	$16,739.17
Sep, 2039	165	$48.82	$1,023.50	$1,072.32	$15,715.67
Oct, 2039	166	$45.84	$1,026.49	$1,072.32	$14,689.18
Nov, 2039	167	$42.84	$1,029.48	$1,072.32	$13,659.70
Dec, 2039	168	$39.84	$1,032.48	$1,072.32	$12,627.22
Jan, 2040	169	$36.83	$1,035.49	$1,072.32	$11,591.72
Feb, 2040	170	$33.81	$1,038.51	$1,072.32	$10,553.21
Mar, 2040	171	$30.78	$1,041.54	$1,072.32	$9,511.66
Apr, 2040	172	$27.74	$1,044.58	$1,072.32	$8,467.08
May, 2040	173	$24.70	$1,047.63	$1,072.32	$7,419.45
Jun, 2040	174	$21.64	$1,050.68	$1,072.32	$6,368.77
Jul, 2040	175	$18.58	$1,053.75	$1,072.32	$5,315.02
Aug, 2040	176	$15.50	$1,056.82	$1,072.32	$4,258.20
Sep, 2040	177	$12.42	$1,059.90	$1,072.32	$3,198.30
Oct, 2040	178	$9.33	$1,063.00	$1,072.32	$2,135.30
Nov, 2040	179	$6.23	$1,066.10	$1,072.32	$1,069.21
Dec, 2040	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	Apr, 2042	Dec, 2040

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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