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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