Mortgage Estimates

Mortgage Refinance Calculator

Refinance inputs

Approximate time left at your current payment schedule.

Set to $0 if you pay closing costs out of pocket (not added to balance).

Refinance Estimate

Monthly Payment Change (P&I)

$—

Current: $— · New: $—

Current Monthly P&I
$—
New Monthly P&I
$—
Interest Remaining (Current Loan)
$—
Total Interest (New Loan)
$—
New Loan Amount
$—

Simplified model: closing costs are either financed or zero. Break-even, points, ARM products, and lender fees beyond your inputs are not included.

How the Mortgage Refinance Calculator Works

Our refinance calculator is built for homeowners who want a quick, numbers-first look at replacing an existing mortgage. It compares your current principal-and-interest payment with a new loan—helpful when market rates move, you want to shorten or extend the term, or you are deciding whether to roll closing costs into the new balance.

Start with what you owe today: remaining balance, your current annual rate, and roughly how many years are left on the amortization path you are following. Then enter the rate and term you are considering for the replacement loan, plus any closing costs you would add to the new amount. Submit Compare Payments to see the monthly P&I change side by side with interest snapshots.

Common inputs include:

  • Current loan balance and annual interest rate
  • Approximate years remaining on the current schedule
  • Proposed new annual rate and new fixed term
  • Closing costs financed into the new loan (or set to zero if you pay them out of pocket)

Review the payment delta, interest remaining on the current path, total interest on the new loan, and the new balance after financed costs. Pair those figures with break-even analysis from your lender for a complete refinance decision—not every saving on the monthly line is worth the upfront expense.

Frequently asked questions

What does “closing costs financed” mean here?

That dollar amount is added to the new loan balance before the payment is calculated—use it when you plan to roll costs into the loan. Set it to zero if you will pay closing costs out of pocket.

How should I read “interest remaining” on my current loan?

It is a simplified estimate of total interest left on your current amortization path, using the balance, rate, and years remaining you entered. Prepayment history, escrow, and ARM changes are not modeled.

Is a lower monthly payment enough reason to refinance?

Not always. Compare upfront costs, how long you plan to stay in the home, total interest, and whether you are resetting the clock on the loan term. A lender can help with break-even timing.

Does this tool support cash-out refinance?

Not explicitly. You can approximate a higher new balance if you already know the loan amount after cash out, but equity, LTV limits, and pricing for cash-out are not built in.

What is left out of this refinance comparison?

Break-even in months, discount points, temporary buydowns, ARM behavior, PMI changes, and miscellaneous lender fees beyond your inputs. It focuses on P&I and the financed balance you specify.