Refinance Calculator

Refinance Calculator to quickly calculate how much you can save on your home loan by refinancing your current mortgage. Refinance calculator is useful for home buyers who wants to save money when interest goes lower.

Mortgage Refinance Calculator
Remaining Balance	$	Interest Rate
Current Monthly Payment	$	New Interest Rate
New Loan Terms	years	Closing Cost	$
Other Expenses	$

Should I Refinance?

Yes, you should refinance. By refinancing your mortgage, you can save a total of $65,571.21.

Refinance Mortgage Calculator
New Monthly Payment:	$1,738.50
Payoff Date:	Sep, 2040
Closing Cost:	$900.00
Other Expenses:	$200.00
Interest Savings:	$66,671.21
Total Savings:	$65,571.21

Mortgage Refinance Amortization Schedule
Payment Date	Payment #	Interest Paid	Principal Paid	Total Payment	Remaining Balance
Oct, 2025	1	$645.83	$1,092.67	$1,738.50	$248,907.33
Nov, 2025	2	$643.01	$1,095.49	$1,738.50	$247,811.84
Dec, 2025	3	$640.18	$1,098.32	$1,738.50	$246,713.52
Jan, 2026	4	$637.34	$1,101.16	$1,738.50	$245,612.36
Feb, 2026	5	$634.50	$1,104.00	$1,738.50	$244,508.35
Mar, 2026	6	$631.65	$1,106.86	$1,738.50	$243,401.49
Apr, 2026	7	$628.79	$1,109.72	$1,738.50	$242,291.78
May, 2026	8	$625.92	$1,112.58	$1,738.50	$241,179.20
Jun, 2026	9	$623.05	$1,115.46	$1,738.50	$240,063.74
Jul, 2026	10	$620.16	$1,118.34	$1,738.50	$238,945.40
Aug, 2026	11	$617.28	$1,121.23	$1,738.50	$237,824.17
Sep, 2026	12	$614.38	$1,124.12	$1,738.50	$236,700.05
Oct, 2026	13	$611.48	$1,127.03	$1,738.50	$235,573.02
Nov, 2026	14	$608.56	$1,129.94	$1,738.50	$234,443.08
Dec, 2026	15	$605.64	$1,132.86	$1,738.50	$233,310.22
Jan, 2027	16	$602.72	$1,135.79	$1,738.50	$232,174.44
Feb, 2027	17	$599.78	$1,138.72	$1,738.50	$231,035.72
Mar, 2027	18	$596.84	$1,141.66	$1,738.50	$229,894.06
Apr, 2027	19	$593.89	$1,144.61	$1,738.50	$228,749.45
May, 2027	20	$590.94	$1,147.57	$1,738.50	$227,601.88
Jun, 2027	21	$587.97	$1,150.53	$1,738.50	$226,451.35
Jul, 2027	22	$585.00	$1,153.50	$1,738.50	$225,297.84
Aug, 2027	23	$582.02	$1,156.48	$1,738.50	$224,141.36
Sep, 2027	24	$579.03	$1,159.47	$1,738.50	$222,981.89
Oct, 2027	25	$576.04	$1,162.47	$1,738.50	$221,819.42
Nov, 2027	26	$573.03	$1,165.47	$1,738.50	$220,653.95
Dec, 2027	27	$570.02	$1,168.48	$1,738.50	$219,485.47
Jan, 2028	28	$567.00	$1,171.50	$1,738.50	$218,313.97
Feb, 2028	29	$563.98	$1,174.53	$1,738.50	$217,139.45
Mar, 2028	30	$560.94	$1,177.56	$1,738.50	$215,961.89
Apr, 2028	31	$557.90	$1,180.60	$1,738.50	$214,781.29
May, 2028	32	$554.85	$1,183.65	$1,738.50	$213,597.64
Jun, 2028	33	$551.79	$1,186.71	$1,738.50	$212,410.93
Jul, 2028	34	$548.73	$1,189.77	$1,738.50	$211,221.15
Aug, 2028	35	$545.65	$1,192.85	$1,738.50	$210,028.30
Sep, 2028	36	$542.57	$1,195.93	$1,738.50	$208,832.37
Oct, 2028	37	$539.48	$1,199.02	$1,738.50	$207,633.35
Nov, 2028	38	$536.39	$1,202.12	$1,738.50	$206,431.24
Dec, 2028	39	$533.28	$1,205.22	$1,738.50	$205,226.01
Jan, 2029	40	$530.17	$1,208.34	$1,738.50	$204,017.68
Feb, 2029	41	$527.05	$1,211.46	$1,738.50	$202,806.22
Mar, 2029	42	$523.92	$1,214.59	$1,738.50	$201,591.63
Apr, 2029	43	$520.78	$1,217.72	$1,738.50	$200,373.91
May, 2029	44	$517.63	$1,220.87	$1,738.50	$199,153.04
Jun, 2029	45	$514.48	$1,224.02	$1,738.50	$197,929.01
Jul, 2029	46	$511.32	$1,227.19	$1,738.50	$196,701.83
Aug, 2029	47	$508.15	$1,230.36	$1,738.50	$195,471.47
Sep, 2029	48	$504.97	$1,233.54	$1,738.50	$194,237.93
Oct, 2029	49	$501.78	$1,236.72	$1,738.50	$193,001.21
Nov, 2029	50	$498.59	$1,239.92	$1,738.50	$191,761.30
Dec, 2029	51	$495.38	$1,243.12	$1,738.50	$190,518.18
Jan, 2030	52	$492.17	$1,246.33	$1,738.50	$189,271.85
Feb, 2030	53	$488.95	$1,249.55	$1,738.50	$188,022.29
Mar, 2030	54	$485.72	$1,252.78	$1,738.50	$186,769.52
Apr, 2030	55	$482.49	$1,256.02	$1,738.50	$185,513.50
May, 2030	56	$479.24	$1,259.26	$1,738.50	$184,254.24
Jun, 2030	57	$475.99	$1,262.51	$1,738.50	$182,991.73
Jul, 2030	58	$472.73	$1,265.77	$1,738.50	$181,725.95
Aug, 2030	59	$469.46	$1,269.04	$1,738.50	$180,456.91
Sep, 2030	60	$466.18	$1,272.32	$1,738.50	$179,184.59
Oct, 2030	61	$462.89	$1,275.61	$1,738.50	$177,908.98
Nov, 2030	62	$459.60	$1,278.90	$1,738.50	$176,630.07
Dec, 2030	63	$456.29	$1,282.21	$1,738.50	$175,347.86
Jan, 2031	64	$452.98	$1,285.52	$1,738.50	$174,062.34
Feb, 2031	65	$449.66	$1,288.84	$1,738.50	$172,773.50
Mar, 2031	66	$446.33	$1,292.17	$1,738.50	$171,481.33
Apr, 2031	67	$442.99	$1,295.51	$1,738.50	$170,185.82
May, 2031	68	$439.65	$1,298.86	$1,738.50	$168,886.96
Jun, 2031	69	$436.29	$1,302.21	$1,738.50	$167,584.75
Jul, 2031	70	$432.93	$1,305.58	$1,738.50	$166,279.17
Aug, 2031	71	$429.55	$1,308.95	$1,738.50	$164,970.22
Sep, 2031	72	$426.17	$1,312.33	$1,738.50	$163,657.89
Oct, 2031	73	$422.78	$1,315.72	$1,738.50	$162,342.17
Nov, 2031	74	$419.38	$1,319.12	$1,738.50	$161,023.06
Dec, 2031	75	$415.98	$1,322.53	$1,738.50	$159,700.53
Jan, 2032	76	$412.56	$1,325.94	$1,738.50	$158,374.58
Feb, 2032	77	$409.13	$1,329.37	$1,738.50	$157,045.22
Mar, 2032	78	$405.70	$1,332.80	$1,738.50	$155,712.41
Apr, 2032	79	$402.26	$1,336.25	$1,738.50	$154,376.17
May, 2032	80	$398.81	$1,339.70	$1,738.50	$153,036.47
Jun, 2032	81	$395.34	$1,343.16	$1,738.50	$151,693.31
Jul, 2032	82	$391.87	$1,346.63	$1,738.50	$150,346.68
Aug, 2032	83	$388.40	$1,350.11	$1,738.50	$148,996.57
Sep, 2032	84	$384.91	$1,353.60	$1,738.50	$147,642.98
Oct, 2032	85	$381.41	$1,357.09	$1,738.50	$146,285.89
Nov, 2032	86	$377.91	$1,360.60	$1,738.50	$144,925.29
Dec, 2032	87	$374.39	$1,364.11	$1,738.50	$143,561.18
Jan, 2033	88	$370.87	$1,367.64	$1,738.50	$142,193.54
Feb, 2033	89	$367.33	$1,371.17	$1,738.50	$140,822.37
Mar, 2033	90	$363.79	$1,374.71	$1,738.50	$139,447.66
Apr, 2033	91	$360.24	$1,378.26	$1,738.50	$138,069.39
May, 2033	92	$356.68	$1,381.82	$1,738.50	$136,687.57
Jun, 2033	93	$353.11	$1,385.39	$1,738.50	$135,302.18
Jul, 2033	94	$349.53	$1,388.97	$1,738.50	$133,913.20
Aug, 2033	95	$345.94	$1,392.56	$1,738.50	$132,520.64
Sep, 2033	96	$342.34	$1,396.16	$1,738.50	$131,124.48
Oct, 2033	97	$338.74	$1,399.76	$1,738.50	$129,724.72
Nov, 2033	98	$335.12	$1,403.38	$1,738.50	$128,321.34
Dec, 2033	99	$331.50	$1,407.01	$1,738.50	$126,914.33
Jan, 2034	100	$327.86	$1,410.64	$1,738.50	$125,503.69
Feb, 2034	101	$324.22	$1,414.29	$1,738.50	$124,089.41
Mar, 2034	102	$320.56	$1,417.94	$1,738.50	$122,671.47
Apr, 2034	103	$316.90	$1,421.60	$1,738.50	$121,249.86
May, 2034	104	$313.23	$1,425.27	$1,738.50	$119,824.59
Jun, 2034	105	$309.55	$1,428.96	$1,738.50	$118,395.63
Jul, 2034	106	$305.86	$1,432.65	$1,738.50	$116,962.99
Aug, 2034	107	$302.15	$1,436.35	$1,738.50	$115,526.64
Sep, 2034	108	$298.44	$1,440.06	$1,738.50	$114,086.58
Oct, 2034	109	$294.72	$1,443.78	$1,738.50	$112,642.80
Nov, 2034	110	$290.99	$1,447.51	$1,738.50	$111,195.29
Dec, 2034	111	$287.25	$1,451.25	$1,738.50	$109,744.04
Jan, 2035	112	$283.51	$1,455.00	$1,738.50	$108,289.04
Feb, 2035	113	$279.75	$1,458.76	$1,738.50	$106,830.29
Mar, 2035	114	$275.98	$1,462.52	$1,738.50	$105,367.76
Apr, 2035	115	$272.20	$1,466.30	$1,738.50	$103,901.46
May, 2035	116	$268.41	$1,470.09	$1,738.50	$102,431.37
Jun, 2035	117	$264.61	$1,473.89	$1,738.50	$100,957.48
Jul, 2035	118	$260.81	$1,477.70	$1,738.50	$99,479.78
Aug, 2035	119	$256.99	$1,481.51	$1,738.50	$97,998.27
Sep, 2035	120	$253.16	$1,485.34	$1,738.50	$96,512.93
Oct, 2035	121	$249.33	$1,489.18	$1,738.50	$95,023.75
Nov, 2035	122	$245.48	$1,493.03	$1,738.50	$93,530.72
Dec, 2035	123	$241.62	$1,496.88	$1,738.50	$92,033.84
Jan, 2036	124	$237.75	$1,500.75	$1,738.50	$90,533.09
Feb, 2036	125	$233.88	$1,504.63	$1,738.50	$89,028.47
Mar, 2036	126	$229.99	$1,508.51	$1,738.50	$87,519.95
Apr, 2036	127	$226.09	$1,512.41	$1,738.50	$86,007.54
May, 2036	128	$222.19	$1,516.32	$1,738.50	$84,491.23
Jun, 2036	129	$218.27	$1,520.23	$1,738.50	$82,970.99
Jul, 2036	130	$214.34	$1,524.16	$1,738.50	$81,446.83
Aug, 2036	131	$210.40	$1,528.10	$1,738.50	$79,918.73
Sep, 2036	132	$206.46	$1,532.05	$1,738.50	$78,386.69
Oct, 2036	133	$202.50	$1,536.00	$1,738.50	$76,850.68
Nov, 2036	134	$198.53	$1,539.97	$1,738.50	$75,310.71
Dec, 2036	135	$194.55	$1,543.95	$1,738.50	$73,766.76
Jan, 2037	136	$190.56	$1,547.94	$1,738.50	$72,218.82
Feb, 2037	137	$186.57	$1,551.94	$1,738.50	$70,666.88
Mar, 2037	138	$182.56	$1,555.95	$1,738.50	$69,110.94
Apr, 2037	139	$178.54	$1,559.97	$1,738.50	$67,550.97
May, 2037	140	$174.51	$1,564.00	$1,738.50	$65,986.97
Jun, 2037	141	$170.47	$1,568.04	$1,738.50	$64,418.94
Jul, 2037	142	$166.42	$1,572.09	$1,738.50	$62,846.85
Aug, 2037	143	$162.35	$1,576.15	$1,738.50	$61,270.70
Sep, 2037	144	$158.28	$1,580.22	$1,738.50	$59,690.48
Oct, 2037	145	$154.20	$1,584.30	$1,738.50	$58,106.18
Nov, 2037	146	$150.11	$1,588.40	$1,738.50	$56,517.78
Dec, 2037	147	$146.00	$1,592.50	$1,738.50	$54,925.28
Jan, 2038	148	$141.89	$1,596.61	$1,738.50	$53,328.67
Feb, 2038	149	$137.77	$1,600.74	$1,738.50	$51,727.93
Mar, 2038	150	$133.63	$1,604.87	$1,738.50	$50,123.06
Apr, 2038	151	$129.48	$1,609.02	$1,738.50	$48,514.04
May, 2038	152	$125.33	$1,613.18	$1,738.50	$46,900.87
Jun, 2038	153	$121.16	$1,617.34	$1,738.50	$45,283.52
Jul, 2038	154	$116.98	$1,621.52	$1,738.50	$43,662.00
Aug, 2038	155	$112.79	$1,625.71	$1,738.50	$42,036.29
Sep, 2038	156	$108.59	$1,629.91	$1,738.50	$40,406.38
Oct, 2038	157	$104.38	$1,634.12	$1,738.50	$38,772.26
Nov, 2038	158	$100.16	$1,638.34	$1,738.50	$37,133.92
Dec, 2038	159	$95.93	$1,642.57	$1,738.50	$35,491.35
Jan, 2039	160	$91.69	$1,646.82	$1,738.50	$33,844.53
Feb, 2039	161	$87.43	$1,651.07	$1,738.50	$32,193.46
Mar, 2039	162	$83.17	$1,655.34	$1,738.50	$30,538.12
Apr, 2039	163	$78.89	$1,659.61	$1,738.50	$28,878.51
May, 2039	164	$74.60	$1,663.90	$1,738.50	$27,214.61
Jun, 2039	165	$70.30	$1,668.20	$1,738.50	$25,546.41
Jul, 2039	166	$65.99	$1,672.51	$1,738.50	$23,873.90
Aug, 2039	167	$61.67	$1,676.83	$1,738.50	$22,197.07
Sep, 2039	168	$57.34	$1,681.16	$1,738.50	$20,515.91
Oct, 2039	169	$53.00	$1,685.50	$1,738.50	$18,830.41
Nov, 2039	170	$48.65	$1,689.86	$1,738.50	$17,140.55
Dec, 2039	171	$44.28	$1,694.22	$1,738.50	$15,446.33
Jan, 2040	172	$39.90	$1,698.60	$1,738.50	$13,747.73
Feb, 2040	173	$35.51	$1,702.99	$1,738.50	$12,044.74
Mar, 2040	174	$31.12	$1,707.39	$1,738.50	$10,337.35
Apr, 2040	175	$26.70	$1,711.80	$1,738.50	$8,625.55
May, 2040	176	$22.28	$1,716.22	$1,738.50	$6,909.33
Jun, 2040	177	$17.85	$1,720.65	$1,738.50	$5,188.68
Jul, 2040	178	$13.40	$1,725.10	$1,738.50	$3,463.58
Aug, 2040	179	$8.95	$1,729.56	$1,738.50	$1,734.02
Sep, 2040	180	$4.48	$1,734.02	$1,738.50	$0.00

Original Mortgage vs. Refinance
	Original Mortgage	Refinance
Monthly Payment	$1,246.87	$1,738.50
Total Interest	$129,601.78	$62,930.57
Total Principal	$250,000.00	$250,000.00
Total Payment	$379,601.78	$312,930.57
Closing Cost	$0	$900.00
Other Expenses	$0	$200.00
Total Interest Savings	$0	$66,671.21
Total Savings	$0	$65,571.21
Payoff Date	Feb, 2051	Sep, 2040

Should You Refinance Your Mortgage?

Refinancing a mortgage can be a powerful financial move that may save homeowners thousands of dollars in interest or a costly mistake. First, let's learn the benefits and risks of refinancing and decide whether it is a good idea to refinance.

What Is Mortgage Refinancing?

Refinancing means getting a new mortgage with better terms to replace your current mortgage. The new mortgage pays off your old mortgage, and you start making payments to the new mortgage with new terms and monthly payments.

Why Homeowners Refinance?

There are mainly 4 main reasons why homeowners refinance their mortgages.

Reasons to Refinance

Lower Interest Rate

One of the most common reasons homeowners refinance is to take advantage of a lower interest rate. A lower mortgage rate will lower the monthly payment and save homeowners interest over the term of the mortgage.

Reduce Loan Term

Another reason homeowners refinance is to reduce the mortgage term. By switch from a 30-year to a 15-year mortgage will pay off your home much faster and pay less interest overall.

Lower Monthly Payments

Some homeowners choose to refinance to lower the monthly payment. By getting a mortgage with a longer term or securing a lower interest rate loan can lower their monthly payments.

Switch Loan Type

Some homeowners have adjustable-rate mortgages (ARM) to take advantage of a lower initial rate and are now ready to move on to a fixed-rate mortgage for predictable payments.

Reasons Not to Refinance Your Mortgage

Refinancing isn't free, there are closing costs just like a mortgage which ranges from 2% to 5% of the new mortgage. Therefore, it is important that you calculate the numbers and check if refinancing will save you money after factoring the costs.

Downside of Refinancing

• High closing costs - A high closing costs may wipe out all the potential interest savings.
• Longer loan term - You will need to start over and a longer loan term may be more costly even with a lower interest rate.
• Break-even point: - If you plan to sell or move before in the near future, refinancing might cost you more than you save.

Doing the calculations manually may be tedious, that's when our refinance calculator comes in handy. Simply enter the information for your existing mortgage and the new loan, the mortgage refinance calculator will calculate the numbers and let you know whether it is worth it to refinance.

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