Mortgage Refinance Calculator
One quoted rate moves two numbers at once — what leaves your account monthly, and what the loan costs across its life.
What This Calculator Does
Two loans, one screen. Feed in the balance, rate, and years remaining on the mortgage you hold, then the rate and term a lender has put in front of you, and the calculator returns the new monthly payment, the difference between the two, and the total interest each path carries.
Who Is This For
Written for owners who signed when money cost more, for anyone eyeing a shorter term to be rid of the debt sooner, and for Miami and South Florida homeowners holding a refinance offer next to the loan already on the books.
How It Works
Start with what you still owe, the rate you pay now, and the years left to run. Add the rate and term being offered, press Calculate, and both payments and both interest totals appear side by side.
Frequently Asked Questions
When is refinancing worth doing?
A rate clearly beneath your current one is the familiar signal, though the term deserves equal weight. Take a loan eight years into its schedule, stretch it across a fresh 30 years, and the payment drops while total interest climbs. Read both figures before you commit.
What will a refinance cost me?
Plan on 2-6% of the loan amount, covering appraisal, origination, title work, and recording fees. Some lenders fold that sum into the balance or absorb it in exchange for a slightly higher rate — you fund it either way, so request the itemized breakdown.
What are 30-year rates doing now?
Freddie Mac's Primary Mortgage Market Survey showed average 30-year fixed rates in the 6.6-6.7% range as of July 2026. Your own quote sits above or below that line depending on credit score, loan size, property type, and whether you live in the home or rent it out.
Will the clock reset on my loan?
It will, unless a shorter term is a deliberate choice. The old note is retired, a new amortization schedule begins, and the opening years tilt heavily toward interest all over again. Trimming the term is how owners hold onto the ground already covered.
Are condos harder to refinance?
Condo files attract extra review. Underwriters read the association's budget, its reserves, the owner-occupancy ratio, and any litigation or structural assessment on record. South Florida buildings still working through structural inspection requirements can stretch approval, so allow more runway than a single-family file needs.