Refinance Calculator

Refinance Calculator

Current Monthly Payment:
Balance Left on Mortgage:
Years Left on Current Loan:
Current Interest Rate:
New Interest Rate:
New Loan Term (Years):
Total Cost of Refinance:
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Refinance Definition

Our free refinance calculator takes the complexity and guesswork out of finding your best options for selecting a loan by isolating the principal and interest payment for comparison calculations. With this calculator, you can quickly view the effects of changing the interest rate or loan term on the overall payment and total interest liability.

Elements of a Mortgage Payment

When looking at a mortgage payment, there are often several components that must be considered for a proper analysis. The main part of the payment, and the part that offers an opportunity for both long and short term cost savings, is the principal and interest payment. In addition to the principal and interest, a typical mortgage payment might include payments made to an escrow account for real estate taxes, homeowners insurance and private mortgage insurance. Since these items are usually not negotiable, you will want to focus on the principal and interest payment when considering a refinance.

Overview and Usage of the Refinance Calculator

The refinance calculator allows you to enter the following parameters:

  1. Current Monthly Payment
  2. Balance Left on Mortgage
  3. Years Left on Current Loan
  4. Current Interest Rate
  5. New Interest Rate
  6. New Loan Term (Years)
  7. Total Cost of Refinance

After entering the information into these fields, clicking on the “Calculate” button will produce a results page which includes:

  • New Payment
  • Monthly Savings
  • Months to Recoup Costs

Important Considerations for Input Parameters

With the list of input fields consisting of seven items, you will want to section these out into terms that can be modified and terms that are fixed. The fixed terms will include:

  • Current Monthly Payment
  • Balance Left on Mortgage
  • Years Left on Current Loan
  • Current Interest Rate

Enter these items using the current values for your existing loan. The remaining three terms, new interest rate, new loan term and total cost of refinance, can all be modified to produce various results for your overall interest expense and amount of your monthly payment. Consider the effects of modifying each case.

  • For the new interest rate, finding a loan with a lower interest rate will lower your total out of pocket interest expense over the course of the loan as well as lower your monthly payment.
  • The new loan term can be modified to either raise your monthly payment and reduce total interest expense, or lower the monthly payment at the cost of increased interest over the course of the loan.
  • The total cost of the refinance is an overhead value that is added to the principal of the loan. Since different mortgage suppliers and products have difference costs, this calculator allows you to consider this effect in your calculations.

Using this calculator to analyze various loan options, you can enter into a loan agreement with complete confidence of reaching the best deal for your personal financial situation.

How to Calculate Refinance

Let's be honest - sometimes the best refinance calculator is the one that is easy to use and doesn't require us to even know what the refinance formula is in the first place! But if you want to know the exact formula for calculating refinance then please check out the "Formula" box above.

Add a Free Refinance Calculator Widget to Your Site!

You can get a free online refinance calculator for your website and you don't even have to download the refinance calculator - you can just copy and paste! The refinance calculator exactly as you see it above is 100% free for you to use. If you want to customize the colors, size, and more to better fit your site, then pricing starts at just $29.99 for a one time purchase. Click the "Customize" button above to learn more!