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:	Nov, 2039
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
Dec, 2024	1	$437.50	$634.82	$1,072.32	$149,365.18
Jan, 2025	2	$435.65	$636.68	$1,072.32	$148,728.50
Feb, 2025	3	$433.79	$638.53	$1,072.32	$148,089.97
Mar, 2025	4	$431.93	$640.39	$1,072.32	$147,449.57
Apr, 2025	5	$430.06	$642.26	$1,072.32	$146,807.31
May, 2025	6	$428.19	$644.14	$1,072.32	$146,163.18
Jun, 2025	7	$426.31	$646.01	$1,072.32	$145,517.16
Jul, 2025	8	$424.43	$647.90	$1,072.32	$144,869.26
Aug, 2025	9	$422.54	$649.79	$1,072.32	$144,219.47
Sep, 2025	10	$420.64	$651.68	$1,072.32	$143,567.79
Oct, 2025	11	$418.74	$653.58	$1,072.32	$142,914.21
Nov, 2025	12	$416.83	$655.49	$1,072.32	$142,258.71
Dec, 2025	13	$414.92	$657.40	$1,072.32	$141,601.31
Jan, 2026	14	$413.00	$659.32	$1,072.32	$140,941.99
Feb, 2026	15	$411.08	$661.24	$1,072.32	$140,280.75
Mar, 2026	16	$409.15	$663.17	$1,072.32	$139,617.58
Apr, 2026	17	$407.22	$665.11	$1,072.32	$138,952.47
May, 2026	18	$405.28	$667.05	$1,072.32	$138,285.43
Jun, 2026	19	$403.33	$668.99	$1,072.32	$137,616.43
Jul, 2026	20	$401.38	$670.94	$1,072.32	$136,945.49
Aug, 2026	21	$399.42	$672.90	$1,072.32	$136,272.59
Sep, 2026	22	$397.46	$674.86	$1,072.32	$135,597.73
Oct, 2026	23	$395.49	$676.83	$1,072.32	$134,920.90
Nov, 2026	24	$393.52	$678.80	$1,072.32	$134,242.10
Dec, 2026	25	$391.54	$680.78	$1,072.32	$133,561.31
Jan, 2027	26	$389.55	$682.77	$1,072.32	$132,878.54
Feb, 2027	27	$387.56	$684.76	$1,072.32	$132,193.78
Mar, 2027	28	$385.57	$686.76	$1,072.32	$131,507.02
Apr, 2027	29	$383.56	$688.76	$1,072.32	$130,818.26
May, 2027	30	$381.55	$690.77	$1,072.32	$130,127.49
Jun, 2027	31	$379.54	$692.79	$1,072.32	$129,434.70
Jul, 2027	32	$377.52	$694.81	$1,072.32	$128,739.90
Aug, 2027	33	$375.49	$696.83	$1,072.32	$128,043.07
Sep, 2027	34	$373.46	$698.86	$1,072.32	$127,344.20
Oct, 2027	35	$371.42	$700.90	$1,072.32	$126,643.30
Nov, 2027	36	$369.38	$702.95	$1,072.32	$125,940.35
Dec, 2027	37	$367.33	$705.00	$1,072.32	$125,235.35
Jan, 2028	38	$365.27	$707.05	$1,072.32	$124,528.30
Feb, 2028	39	$363.21	$709.12	$1,072.32	$123,819.18
Mar, 2028	40	$361.14	$711.18	$1,072.32	$123,108.00
Apr, 2028	41	$359.06	$713.26	$1,072.32	$122,394.74
May, 2028	42	$356.98	$715.34	$1,072.32	$121,679.40
Jun, 2028	43	$354.90	$717.43	$1,072.32	$120,961.97
Jul, 2028	44	$352.81	$719.52	$1,072.32	$120,242.46
Aug, 2028	45	$350.71	$721.62	$1,072.32	$119,520.84
Sep, 2028	46	$348.60	$723.72	$1,072.32	$118,797.12
Oct, 2028	47	$346.49	$725.83	$1,072.32	$118,071.29
Nov, 2028	48	$344.37	$727.95	$1,072.32	$117,343.34
Dec, 2028	49	$342.25	$730.07	$1,072.32	$116,613.26
Jan, 2029	50	$340.12	$732.20	$1,072.32	$115,881.06
Feb, 2029	51	$337.99	$734.34	$1,072.32	$115,146.72
Mar, 2029	52	$335.84	$736.48	$1,072.32	$114,410.25
Apr, 2029	53	$333.70	$738.63	$1,072.32	$113,671.62
May, 2029	54	$331.54	$740.78	$1,072.32	$112,930.84
Jun, 2029	55	$329.38	$742.94	$1,072.32	$112,187.89
Jul, 2029	56	$327.21	$745.11	$1,072.32	$111,442.78
Aug, 2029	57	$325.04	$747.28	$1,072.32	$110,695.50
Sep, 2029	58	$322.86	$749.46	$1,072.32	$109,946.04
Oct, 2029	59	$320.68	$751.65	$1,072.32	$109,194.39
Nov, 2029	60	$318.48	$753.84	$1,072.32	$108,440.55
Dec, 2029	61	$316.28	$756.04	$1,072.32	$107,684.51
Jan, 2030	62	$314.08	$758.24	$1,072.32	$106,926.27
Feb, 2030	63	$311.87	$760.46	$1,072.32	$106,165.81
Mar, 2030	64	$309.65	$762.67	$1,072.32	$105,403.14
Apr, 2030	65	$307.43	$764.90	$1,072.32	$104,638.24
May, 2030	66	$305.19	$767.13	$1,072.32	$103,871.11
Jun, 2030	67	$302.96	$769.37	$1,072.32	$103,101.75
Jul, 2030	68	$300.71	$771.61	$1,072.32	$102,330.14
Aug, 2030	69	$298.46	$773.86	$1,072.32	$101,556.28
Sep, 2030	70	$296.21	$776.12	$1,072.32	$100,780.16
Oct, 2030	71	$293.94	$778.38	$1,072.32	$100,001.78
Nov, 2030	72	$291.67	$780.65	$1,072.32	$99,221.12
Dec, 2030	73	$289.39	$782.93	$1,072.32	$98,438.20
Jan, 2031	74	$287.11	$785.21	$1,072.32	$97,652.98
Feb, 2031	75	$284.82	$787.50	$1,072.32	$96,865.48
Mar, 2031	76	$282.52	$789.80	$1,072.32	$96,075.68
Apr, 2031	77	$280.22	$792.10	$1,072.32	$95,283.58
May, 2031	78	$277.91	$794.41	$1,072.32	$94,489.16
Jun, 2031	79	$275.59	$796.73	$1,072.32	$93,692.43
Jul, 2031	80	$273.27	$799.05	$1,072.32	$92,893.38
Aug, 2031	81	$270.94	$801.38	$1,072.32	$92,092.00
Sep, 2031	82	$268.60	$803.72	$1,072.32	$91,288.27
Oct, 2031	83	$266.26	$806.07	$1,072.32	$90,482.21
Nov, 2031	84	$263.91	$808.42	$1,072.32	$89,673.79
Dec, 2031	85	$261.55	$810.78	$1,072.32	$88,863.01
Jan, 2032	86	$259.18	$813.14	$1,072.32	$88,049.87
Feb, 2032	87	$256.81	$815.51	$1,072.32	$87,234.36
Mar, 2032	88	$254.43	$817.89	$1,072.32	$86,416.47
Apr, 2032	89	$252.05	$820.28	$1,072.32	$85,596.20
May, 2032	90	$249.66	$822.67	$1,072.32	$84,773.53
Jun, 2032	91	$247.26	$825.07	$1,072.32	$83,948.46
Jul, 2032	92	$244.85	$827.47	$1,072.32	$83,120.99
Aug, 2032	93	$242.44	$829.89	$1,072.32	$82,291.10
Sep, 2032	94	$240.02	$832.31	$1,072.32	$81,458.79
Oct, 2032	95	$237.59	$834.74	$1,072.32	$80,624.05
Nov, 2032	96	$235.15	$837.17	$1,072.32	$79,786.88
Dec, 2032	97	$232.71	$839.61	$1,072.32	$78,947.27
Jan, 2033	98	$230.26	$842.06	$1,072.32	$78,105.21
Feb, 2033	99	$227.81	$844.52	$1,072.32	$77,260.69
Mar, 2033	100	$225.34	$846.98	$1,072.32	$76,413.71
Apr, 2033	101	$222.87	$849.45	$1,072.32	$75,564.26
May, 2033	102	$220.40	$851.93	$1,072.32	$74,712.34
Jun, 2033	103	$217.91	$854.41	$1,072.32	$73,857.92
Jul, 2033	104	$215.42	$856.90	$1,072.32	$73,001.02
Aug, 2033	105	$212.92	$859.40	$1,072.32	$72,141.61
Sep, 2033	106	$210.41	$861.91	$1,072.32	$71,279.70
Oct, 2033	107	$207.90	$864.42	$1,072.32	$70,415.28
Nov, 2033	108	$205.38	$866.95	$1,072.32	$69,548.33
Dec, 2033	109	$202.85	$869.47	$1,072.32	$68,678.86
Jan, 2034	110	$200.31	$872.01	$1,072.32	$67,806.85
Feb, 2034	111	$197.77	$874.55	$1,072.32	$66,932.29
Mar, 2034	112	$195.22	$877.10	$1,072.32	$66,055.19
Apr, 2034	113	$192.66	$879.66	$1,072.32	$65,175.53
May, 2034	114	$190.10	$882.23	$1,072.32	$64,293.30
Jun, 2034	115	$187.52	$884.80	$1,072.32	$63,408.50
Jul, 2034	116	$184.94	$887.38	$1,072.32	$62,521.11
Aug, 2034	117	$182.35	$889.97	$1,072.32	$61,631.14
Sep, 2034	118	$179.76	$892.57	$1,072.32	$60,738.58
Oct, 2034	119	$177.15	$895.17	$1,072.32	$59,843.41
Nov, 2034	120	$174.54	$897.78	$1,072.32	$58,945.63
Dec, 2034	121	$171.92	$900.40	$1,072.32	$58,045.23
Jan, 2035	122	$169.30	$903.03	$1,072.32	$57,142.20
Feb, 2035	123	$166.66	$905.66	$1,072.32	$56,236.54
Mar, 2035	124	$164.02	$908.30	$1,072.32	$55,328.24
Apr, 2035	125	$161.37	$910.95	$1,072.32	$54,417.29
May, 2035	126	$158.72	$913.61	$1,072.32	$53,503.69
Jun, 2035	127	$156.05	$916.27	$1,072.32	$52,587.42
Jul, 2035	128	$153.38	$918.94	$1,072.32	$51,668.47
Aug, 2035	129	$150.70	$921.62	$1,072.32	$50,746.85
Sep, 2035	130	$148.01	$924.31	$1,072.32	$49,822.54
Oct, 2035	131	$145.32	$927.01	$1,072.32	$48,895.53
Nov, 2035	132	$142.61	$929.71	$1,072.32	$47,965.82
Dec, 2035	133	$139.90	$932.42	$1,072.32	$47,033.39
Jan, 2036	134	$137.18	$935.14	$1,072.32	$46,098.25
Feb, 2036	135	$134.45	$937.87	$1,072.32	$45,160.38
Mar, 2036	136	$131.72	$940.61	$1,072.32	$44,219.77
Apr, 2036	137	$128.97	$943.35	$1,072.32	$43,276.42
May, 2036	138	$126.22	$946.10	$1,072.32	$42,330.32
Jun, 2036	139	$123.46	$948.86	$1,072.32	$41,381.46
Jul, 2036	140	$120.70	$951.63	$1,072.32	$40,429.83
Aug, 2036	141	$117.92	$954.40	$1,072.32	$39,475.43
Sep, 2036	142	$115.14	$957.19	$1,072.32	$38,518.24
Oct, 2036	143	$112.34	$959.98	$1,072.32	$37,558.26
Nov, 2036	144	$109.54	$962.78	$1,072.32	$36,595.48
Dec, 2036	145	$106.74	$965.59	$1,072.32	$35,629.90
Jan, 2037	146	$103.92	$968.40	$1,072.32	$34,661.49
Feb, 2037	147	$101.10	$971.23	$1,072.32	$33,690.27
Mar, 2037	148	$98.26	$974.06	$1,072.32	$32,716.21
Apr, 2037	149	$95.42	$976.90	$1,072.32	$31,739.30
May, 2037	150	$92.57	$979.75	$1,072.32	$30,759.55
Jun, 2037	151	$89.72	$982.61	$1,072.32	$29,776.95
Jul, 2037	152	$86.85	$985.47	$1,072.32	$28,791.47
Aug, 2037	153	$83.98	$988.35	$1,072.32	$27,803.12
Sep, 2037	154	$81.09	$991.23	$1,072.32	$26,811.89
Oct, 2037	155	$78.20	$994.12	$1,072.32	$25,817.77
Nov, 2037	156	$75.30	$997.02	$1,072.32	$24,820.75
Dec, 2037	157	$72.39	$999.93	$1,072.32	$23,820.82
Jan, 2038	158	$69.48	$1,002.85	$1,072.32	$22,817.97
Feb, 2038	159	$66.55	$1,005.77	$1,072.32	$21,812.20
Mar, 2038	160	$63.62	$1,008.70	$1,072.32	$20,803.49
Apr, 2038	161	$60.68	$1,011.65	$1,072.32	$19,791.85
May, 2038	162	$57.73	$1,014.60	$1,072.32	$18,777.25
Jun, 2038	163	$54.77	$1,017.56	$1,072.32	$17,759.69
Jul, 2038	164	$51.80	$1,020.52	$1,072.32	$16,739.17
Aug, 2038	165	$48.82	$1,023.50	$1,072.32	$15,715.67
Sep, 2038	166	$45.84	$1,026.49	$1,072.32	$14,689.18
Oct, 2038	167	$42.84	$1,029.48	$1,072.32	$13,659.70
Nov, 2038	168	$39.84	$1,032.48	$1,072.32	$12,627.22
Dec, 2038	169	$36.83	$1,035.49	$1,072.32	$11,591.72
Jan, 2039	170	$33.81	$1,038.51	$1,072.32	$10,553.21
Feb, 2039	171	$30.78	$1,041.54	$1,072.32	$9,511.66
Mar, 2039	172	$27.74	$1,044.58	$1,072.32	$8,467.08
Apr, 2039	173	$24.70	$1,047.63	$1,072.32	$7,419.45
May, 2039	174	$21.64	$1,050.68	$1,072.32	$6,368.77
Jun, 2039	175	$18.58	$1,053.75	$1,072.32	$5,315.02
Jul, 2039	176	$15.50	$1,056.82	$1,072.32	$4,258.20
Aug, 2039	177	$12.42	$1,059.90	$1,072.32	$3,198.30
Sep, 2039	178	$9.33	$1,063.00	$1,072.32	$2,135.30
Oct, 2039	179	$6.23	$1,066.10	$1,072.32	$1,069.21
Nov, 2039	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	Mar, 2041	Nov, 2039

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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