Mortgage Refinance Calculator
See what a new rate and term actually do to your payment and total interest.
What This Calculator Does
Places your current loan balance, rate, and remaining term next to a proposed new rate and term to compare monthly payment and total interest between the two.
Who Is This For
Owners who financed at a higher rate, homeowners considering a shorter term, and anyone evaluating a refinance offer against their existing loan.
How It Works
Enter your remaining balance, current rate, and years left on the loan, then enter the new rate and term to compare monthly payments and total interest.
Frequently Asked Questions
When does refinancing typically make sense?
A meaningfully lower rate is the usual trigger, but the new term matters too — resetting to a longer term can lower the payment while raising total interest, so compare both figures before deciding.
What does a refinance typically cost?
Refinance closing costs are usually a percentage of the loan amount, covering appraisal, origination, title work, and recording fees; ask your lender for an itemized quote.
Does refinancing restart my loan's amortization?
Yes — a refinance creates a new note with its own amortization schedule, so the schedule starts over at month one; choosing a term shorter than the years left on your current loan keeps the payoff date from moving further out, but it does not preserve the old schedule.
Is refinancing a condo different from a single-family home?
Condo refinances typically involve extra underwriting on the association's finances, reserves, and owner-occupancy ratio, which can add time to the approval process compared with a single-family home.