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:
May, 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
Jun, 2024 1 $437.50 $634.82 $1,072.32 $149,365.18
Jul, 2024 2 $435.65 $636.68 $1,072.32 $148,728.50
Aug, 2024 3 $433.79 $638.53 $1,072.32 $148,089.97
Sep, 2024 4 $431.93 $640.39 $1,072.32 $147,449.57
Oct, 2024 5 $430.06 $642.26 $1,072.32 $146,807.31
Nov, 2024 6 $428.19 $644.14 $1,072.32 $146,163.18
Dec, 2024 7 $426.31 $646.01 $1,072.32 $145,517.16
Jan, 2025 8 $424.43 $647.90 $1,072.32 $144,869.26
Feb, 2025 9 $422.54 $649.79 $1,072.32 $144,219.47
Mar, 2025 10 $420.64 $651.68 $1,072.32 $143,567.79
Apr, 2025 11 $418.74 $653.58 $1,072.32 $142,914.21
May, 2025 12 $416.83 $655.49 $1,072.32 $142,258.71
Jun, 2025 13 $414.92 $657.40 $1,072.32 $141,601.31
Jul, 2025 14 $413.00 $659.32 $1,072.32 $140,941.99
Aug, 2025 15 $411.08 $661.24 $1,072.32 $140,280.75
Sep, 2025 16 $409.15 $663.17 $1,072.32 $139,617.58
Oct, 2025 17 $407.22 $665.11 $1,072.32 $138,952.47
Nov, 2025 18 $405.28 $667.05 $1,072.32 $138,285.43
Dec, 2025 19 $403.33 $668.99 $1,072.32 $137,616.43
Jan, 2026 20 $401.38 $670.94 $1,072.32 $136,945.49
Feb, 2026 21 $399.42 $672.90 $1,072.32 $136,272.59
Mar, 2026 22 $397.46 $674.86 $1,072.32 $135,597.73
Apr, 2026 23 $395.49 $676.83 $1,072.32 $134,920.90
May, 2026 24 $393.52 $678.80 $1,072.32 $134,242.10
Jun, 2026 25 $391.54 $680.78 $1,072.32 $133,561.31
Jul, 2026 26 $389.55 $682.77 $1,072.32 $132,878.54
Aug, 2026 27 $387.56 $684.76 $1,072.32 $132,193.78
Sep, 2026 28 $385.57 $686.76 $1,072.32 $131,507.02
Oct, 2026 29 $383.56 $688.76 $1,072.32 $130,818.26
Nov, 2026 30 $381.55 $690.77 $1,072.32 $130,127.49
Dec, 2026 31 $379.54 $692.79 $1,072.32 $129,434.70
Jan, 2027 32 $377.52 $694.81 $1,072.32 $128,739.90
Feb, 2027 33 $375.49 $696.83 $1,072.32 $128,043.07
Mar, 2027 34 $373.46 $698.86 $1,072.32 $127,344.20
Apr, 2027 35 $371.42 $700.90 $1,072.32 $126,643.30
May, 2027 36 $369.38 $702.95 $1,072.32 $125,940.35
Jun, 2027 37 $367.33 $705.00 $1,072.32 $125,235.35
Jul, 2027 38 $365.27 $707.05 $1,072.32 $124,528.30
Aug, 2027 39 $363.21 $709.12 $1,072.32 $123,819.18
Sep, 2027 40 $361.14 $711.18 $1,072.32 $123,108.00
Oct, 2027 41 $359.06 $713.26 $1,072.32 $122,394.74
Nov, 2027 42 $356.98 $715.34 $1,072.32 $121,679.40
Dec, 2027 43 $354.90 $717.43 $1,072.32 $120,961.97
Jan, 2028 44 $352.81 $719.52 $1,072.32 $120,242.46
Feb, 2028 45 $350.71 $721.62 $1,072.32 $119,520.84
Mar, 2028 46 $348.60 $723.72 $1,072.32 $118,797.12
Apr, 2028 47 $346.49 $725.83 $1,072.32 $118,071.29
May, 2028 48 $344.37 $727.95 $1,072.32 $117,343.34
Jun, 2028 49 $342.25 $730.07 $1,072.32 $116,613.26
Jul, 2028 50 $340.12 $732.20 $1,072.32 $115,881.06
Aug, 2028 51 $337.99 $734.34 $1,072.32 $115,146.72
Sep, 2028 52 $335.84 $736.48 $1,072.32 $114,410.25
Oct, 2028 53 $333.70 $738.63 $1,072.32 $113,671.62
Nov, 2028 54 $331.54 $740.78 $1,072.32 $112,930.84
Dec, 2028 55 $329.38 $742.94 $1,072.32 $112,187.89
Jan, 2029 56 $327.21 $745.11 $1,072.32 $111,442.78
Feb, 2029 57 $325.04 $747.28 $1,072.32 $110,695.50
Mar, 2029 58 $322.86 $749.46 $1,072.32 $109,946.04
Apr, 2029 59 $320.68 $751.65 $1,072.32 $109,194.39
May, 2029 60 $318.48 $753.84 $1,072.32 $108,440.55
Jun, 2029 61 $316.28 $756.04 $1,072.32 $107,684.51
Jul, 2029 62 $314.08 $758.24 $1,072.32 $106,926.27
Aug, 2029 63 $311.87 $760.46 $1,072.32 $106,165.81
Sep, 2029 64 $309.65 $762.67 $1,072.32 $105,403.14
Oct, 2029 65 $307.43 $764.90 $1,072.32 $104,638.24
Nov, 2029 66 $305.19 $767.13 $1,072.32 $103,871.11
Dec, 2029 67 $302.96 $769.37 $1,072.32 $103,101.75
Jan, 2030 68 $300.71 $771.61 $1,072.32 $102,330.14
Feb, 2030 69 $298.46 $773.86 $1,072.32 $101,556.28
Mar, 2030 70 $296.21 $776.12 $1,072.32 $100,780.16
Apr, 2030 71 $293.94 $778.38 $1,072.32 $100,001.78
May, 2030 72 $291.67 $780.65 $1,072.32 $99,221.12
Jun, 2030 73 $289.39 $782.93 $1,072.32 $98,438.20
Jul, 2030 74 $287.11 $785.21 $1,072.32 $97,652.98
Aug, 2030 75 $284.82 $787.50 $1,072.32 $96,865.48
Sep, 2030 76 $282.52 $789.80 $1,072.32 $96,075.68
Oct, 2030 77 $280.22 $792.10 $1,072.32 $95,283.58
Nov, 2030 78 $277.91 $794.41 $1,072.32 $94,489.16
Dec, 2030 79 $275.59 $796.73 $1,072.32 $93,692.43
Jan, 2031 80 $273.27 $799.05 $1,072.32 $92,893.38
Feb, 2031 81 $270.94 $801.38 $1,072.32 $92,092.00
Mar, 2031 82 $268.60 $803.72 $1,072.32 $91,288.27
Apr, 2031 83 $266.26 $806.07 $1,072.32 $90,482.21
May, 2031 84 $263.91 $808.42 $1,072.32 $89,673.79
Jun, 2031 85 $261.55 $810.78 $1,072.32 $88,863.01
Jul, 2031 86 $259.18 $813.14 $1,072.32 $88,049.87
Aug, 2031 87 $256.81 $815.51 $1,072.32 $87,234.36
Sep, 2031 88 $254.43 $817.89 $1,072.32 $86,416.47
Oct, 2031 89 $252.05 $820.28 $1,072.32 $85,596.20
Nov, 2031 90 $249.66 $822.67 $1,072.32 $84,773.53
Dec, 2031 91 $247.26 $825.07 $1,072.32 $83,948.46
Jan, 2032 92 $244.85 $827.47 $1,072.32 $83,120.99
Feb, 2032 93 $242.44 $829.89 $1,072.32 $82,291.10
Mar, 2032 94 $240.02 $832.31 $1,072.32 $81,458.79
Apr, 2032 95 $237.59 $834.74 $1,072.32 $80,624.05
May, 2032 96 $235.15 $837.17 $1,072.32 $79,786.88
Jun, 2032 97 $232.71 $839.61 $1,072.32 $78,947.27
Jul, 2032 98 $230.26 $842.06 $1,072.32 $78,105.21
Aug, 2032 99 $227.81 $844.52 $1,072.32 $77,260.69
Sep, 2032 100 $225.34 $846.98 $1,072.32 $76,413.71
Oct, 2032 101 $222.87 $849.45 $1,072.32 $75,564.26
Nov, 2032 102 $220.40 $851.93 $1,072.32 $74,712.34
Dec, 2032 103 $217.91 $854.41 $1,072.32 $73,857.92
Jan, 2033 104 $215.42 $856.90 $1,072.32 $73,001.02
Feb, 2033 105 $212.92 $859.40 $1,072.32 $72,141.61
Mar, 2033 106 $210.41 $861.91 $1,072.32 $71,279.70
Apr, 2033 107 $207.90 $864.42 $1,072.32 $70,415.28
May, 2033 108 $205.38 $866.95 $1,072.32 $69,548.33
Jun, 2033 109 $202.85 $869.47 $1,072.32 $68,678.86
Jul, 2033 110 $200.31 $872.01 $1,072.32 $67,806.85
Aug, 2033 111 $197.77 $874.55 $1,072.32 $66,932.29
Sep, 2033 112 $195.22 $877.10 $1,072.32 $66,055.19
Oct, 2033 113 $192.66 $879.66 $1,072.32 $65,175.53
Nov, 2033 114 $190.10 $882.23 $1,072.32 $64,293.30
Dec, 2033 115 $187.52 $884.80 $1,072.32 $63,408.50
Jan, 2034 116 $184.94 $887.38 $1,072.32 $62,521.11
Feb, 2034 117 $182.35 $889.97 $1,072.32 $61,631.14
Mar, 2034 118 $179.76 $892.57 $1,072.32 $60,738.58
Apr, 2034 119 $177.15 $895.17 $1,072.32 $59,843.41
May, 2034 120 $174.54 $897.78 $1,072.32 $58,945.63
Jun, 2034 121 $171.92 $900.40 $1,072.32 $58,045.23
Jul, 2034 122 $169.30 $903.03 $1,072.32 $57,142.20
Aug, 2034 123 $166.66 $905.66 $1,072.32 $56,236.54
Sep, 2034 124 $164.02 $908.30 $1,072.32 $55,328.24
Oct, 2034 125 $161.37 $910.95 $1,072.32 $54,417.29
Nov, 2034 126 $158.72 $913.61 $1,072.32 $53,503.69
Dec, 2034 127 $156.05 $916.27 $1,072.32 $52,587.42
Jan, 2035 128 $153.38 $918.94 $1,072.32 $51,668.47
Feb, 2035 129 $150.70 $921.62 $1,072.32 $50,746.85
Mar, 2035 130 $148.01 $924.31 $1,072.32 $49,822.54
Apr, 2035 131 $145.32 $927.01 $1,072.32 $48,895.53
May, 2035 132 $142.61 $929.71 $1,072.32 $47,965.82
Jun, 2035 133 $139.90 $932.42 $1,072.32 $47,033.39
Jul, 2035 134 $137.18 $935.14 $1,072.32 $46,098.25
Aug, 2035 135 $134.45 $937.87 $1,072.32 $45,160.38
Sep, 2035 136 $131.72 $940.61 $1,072.32 $44,219.77
Oct, 2035 137 $128.97 $943.35 $1,072.32 $43,276.42
Nov, 2035 138 $126.22 $946.10 $1,072.32 $42,330.32
Dec, 2035 139 $123.46 $948.86 $1,072.32 $41,381.46
Jan, 2036 140 $120.70 $951.63 $1,072.32 $40,429.83
Feb, 2036 141 $117.92 $954.40 $1,072.32 $39,475.43
Mar, 2036 142 $115.14 $957.19 $1,072.32 $38,518.24
Apr, 2036 143 $112.34 $959.98 $1,072.32 $37,558.26
May, 2036 144 $109.54 $962.78 $1,072.32 $36,595.48
Jun, 2036 145 $106.74 $965.59 $1,072.32 $35,629.90
Jul, 2036 146 $103.92 $968.40 $1,072.32 $34,661.49
Aug, 2036 147 $101.10 $971.23 $1,072.32 $33,690.27
Sep, 2036 148 $98.26 $974.06 $1,072.32 $32,716.21
Oct, 2036 149 $95.42 $976.90 $1,072.32 $31,739.30
Nov, 2036 150 $92.57 $979.75 $1,072.32 $30,759.55
Dec, 2036 151 $89.72 $982.61 $1,072.32 $29,776.95
Jan, 2037 152 $86.85 $985.47 $1,072.32 $28,791.47
Feb, 2037 153 $83.98 $988.35 $1,072.32 $27,803.12
Mar, 2037 154 $81.09 $991.23 $1,072.32 $26,811.89
Apr, 2037 155 $78.20 $994.12 $1,072.32 $25,817.77
May, 2037 156 $75.30 $997.02 $1,072.32 $24,820.75
Jun, 2037 157 $72.39 $999.93 $1,072.32 $23,820.82
Jul, 2037 158 $69.48 $1,002.85 $1,072.32 $22,817.97
Aug, 2037 159 $66.55 $1,005.77 $1,072.32 $21,812.20
Sep, 2037 160 $63.62 $1,008.70 $1,072.32 $20,803.49
Oct, 2037 161 $60.68 $1,011.65 $1,072.32 $19,791.85
Nov, 2037 162 $57.73 $1,014.60 $1,072.32 $18,777.25
Dec, 2037 163 $54.77 $1,017.56 $1,072.32 $17,759.69
Jan, 2038 164 $51.80 $1,020.52 $1,072.32 $16,739.17
Feb, 2038 165 $48.82 $1,023.50 $1,072.32 $15,715.67
Mar, 2038 166 $45.84 $1,026.49 $1,072.32 $14,689.18
Apr, 2038 167 $42.84 $1,029.48 $1,072.32 $13,659.70
May, 2038 168 $39.84 $1,032.48 $1,072.32 $12,627.22
Jun, 2038 169 $36.83 $1,035.49 $1,072.32 $11,591.72
Jul, 2038 170 $33.81 $1,038.51 $1,072.32 $10,553.21
Aug, 2038 171 $30.78 $1,041.54 $1,072.32 $9,511.66
Sep, 2038 172 $27.74 $1,044.58 $1,072.32 $8,467.08
Oct, 2038 173 $24.70 $1,047.63 $1,072.32 $7,419.45
Nov, 2038 174 $21.64 $1,050.68 $1,072.32 $6,368.77
Dec, 2038 175 $18.58 $1,053.75 $1,072.32 $5,315.02
Jan, 2039 176 $15.50 $1,056.82 $1,072.32 $4,258.20
Feb, 2039 177 $12.42 $1,059.90 $1,072.32 $3,198.30
Mar, 2039 178 $9.33 $1,063.00 $1,072.32 $2,135.30
Apr, 2039 179 $6.23 $1,066.10 $1,072.32 $1,069.21
May, 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 Sep, 2040 May, 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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