Refinance Mortgage Calculator

Refinance Mortgage Calculator to calculate refinance payments and see how much you can save by refinancing your house. Use our refinance calculator to estimate your new monthly mortgage payment, interest savings, and get an amortization schedule with principal, interest, and monthly payment.

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

Mortgage Refinance Calculator
New Monthly Payment:			$714.88
Payoff Date:			Jun, 2040
Closing Cost:			$0.00
Other Expenses:			$0.00
Interest Savings:			$21,570.05
Total Savings:			$21,570.05
Mortgage Refinance Amortization Schedule
Payment Date	Payment #	Interest Paid	Principal Paid	Total Payment	Remaining Balance
Jul, 2025	1	$291.67	$423.22	$714.88	$99,576.78
Aug, 2025	2	$290.43	$424.45	$714.88	$99,152.33
Sep, 2025	3	$289.19	$425.69	$714.88	$98,726.65
Oct, 2025	4	$287.95	$426.93	$714.88	$98,299.72
Nov, 2025	5	$286.71	$428.18	$714.88	$97,871.54
Dec, 2025	6	$285.46	$429.42	$714.88	$97,442.12
Jan, 2026	7	$284.21	$430.68	$714.88	$97,011.44
Feb, 2026	8	$282.95	$431.93	$714.88	$96,579.51
Mar, 2026	9	$281.69	$433.19	$714.88	$96,146.32
Apr, 2026	10	$280.43	$434.46	$714.88	$95,711.86
May, 2026	11	$279.16	$435.72	$714.88	$95,276.14
Jun, 2026	12	$277.89	$436.99	$714.88	$94,839.14
Jul, 2026	13	$276.61	$438.27	$714.88	$94,400.87
Aug, 2026	14	$275.34	$439.55	$714.88	$93,961.33
Sep, 2026	15	$274.05	$440.83	$714.88	$93,520.50
Oct, 2026	16	$272.77	$442.11	$714.88	$93,078.39
Nov, 2026	17	$271.48	$443.40	$714.88	$92,634.98
Dec, 2026	18	$270.19	$444.70	$714.88	$92,190.28
Jan, 2027	19	$268.89	$445.99	$714.88	$91,744.29
Feb, 2027	20	$267.59	$447.30	$714.88	$91,296.99
Mar, 2027	21	$266.28	$448.60	$714.88	$90,848.40
Apr, 2027	22	$264.97	$449.91	$714.88	$90,398.49
May, 2027	23	$263.66	$451.22	$714.88	$89,947.27
Jun, 2027	24	$262.35	$452.54	$714.88	$89,494.73
Jul, 2027	25	$261.03	$453.86	$714.88	$89,040.87
Aug, 2027	26	$259.70	$455.18	$714.88	$88,585.69
Sep, 2027	27	$258.37	$456.51	$714.88	$88,129.19
Oct, 2027	28	$257.04	$457.84	$714.88	$87,671.35
Nov, 2027	29	$255.71	$459.17	$714.88	$87,212.17
Dec, 2027	30	$254.37	$460.51	$714.88	$86,751.66
Jan, 2028	31	$253.03	$461.86	$714.88	$86,289.80
Feb, 2028	32	$251.68	$463.20	$714.88	$85,826.60
Mar, 2028	33	$250.33	$464.55	$714.88	$85,362.04
Apr, 2028	34	$248.97	$465.91	$714.88	$84,896.13
May, 2028	35	$247.61	$467.27	$714.88	$84,428.86
Jun, 2028	36	$246.25	$468.63	$714.88	$83,960.23
Jul, 2028	37	$244.88	$470.00	$714.88	$83,490.23
Aug, 2028	38	$243.51	$471.37	$714.88	$83,018.87
Sep, 2028	39	$242.14	$472.74	$714.88	$82,546.12
Oct, 2028	40	$240.76	$474.12	$714.88	$82,072.00
Nov, 2028	41	$239.38	$475.51	$714.88	$81,596.49
Dec, 2028	42	$237.99	$476.89	$714.88	$81,119.60
Jan, 2029	43	$236.60	$478.28	$714.88	$80,641.32
Feb, 2029	44	$235.20	$479.68	$714.88	$80,161.64
Mar, 2029	45	$233.80	$481.08	$714.88	$79,680.56
Apr, 2029	46	$232.40	$482.48	$714.88	$79,198.08
May, 2029	47	$230.99	$483.89	$714.88	$78,714.19
Jun, 2029	48	$229.58	$485.30	$714.88	$78,228.89
Jul, 2029	49	$228.17	$486.71	$714.88	$77,742.18
Aug, 2029	50	$226.75	$488.13	$714.88	$77,254.04
Sep, 2029	51	$225.32	$489.56	$714.88	$76,764.48
Oct, 2029	52	$223.90	$490.99	$714.88	$76,273.50
Nov, 2029	53	$222.46	$492.42	$714.88	$75,781.08
Dec, 2029	54	$221.03	$493.85	$714.88	$75,287.22
Jan, 2030	55	$219.59	$495.29	$714.88	$74,791.93
Feb, 2030	56	$218.14	$496.74	$714.88	$74,295.19
Mar, 2030	57	$216.69	$498.19	$714.88	$73,797.00
Apr, 2030	58	$215.24	$499.64	$714.88	$73,297.36
May, 2030	59	$213.78	$501.10	$714.88	$72,796.26
Jun, 2030	60	$212.32	$502.56	$714.88	$72,293.70
Jul, 2030	61	$210.86	$504.03	$714.88	$71,789.68
Aug, 2030	62	$209.39	$505.50	$714.88	$71,284.18
Sep, 2030	63	$207.91	$506.97	$714.88	$70,777.21
Oct, 2030	64	$206.43	$508.45	$714.88	$70,268.76
Nov, 2030	65	$204.95	$509.93	$714.88	$69,758.83
Dec, 2030	66	$203.46	$511.42	$714.88	$69,247.41
Jan, 2031	67	$201.97	$512.91	$714.88	$68,734.50
Feb, 2031	68	$200.48	$514.41	$714.88	$68,220.09
Mar, 2031	69	$198.98	$515.91	$714.88	$67,704.18
Apr, 2031	70	$197.47	$517.41	$714.88	$67,186.77
May, 2031	71	$195.96	$518.92	$714.88	$66,667.85
Jun, 2031	72	$194.45	$520.43	$714.88	$66,147.42
Jul, 2031	73	$192.93	$521.95	$714.88	$65,625.46
Aug, 2031	74	$191.41	$523.47	$714.88	$65,101.99
Sep, 2031	75	$189.88	$525.00	$714.88	$64,576.99
Oct, 2031	76	$188.35	$526.53	$714.88	$64,050.45
Nov, 2031	77	$186.81	$528.07	$714.88	$63,522.39
Dec, 2031	78	$185.27	$529.61	$714.88	$62,992.78
Jan, 2032	79	$183.73	$531.15	$714.88	$62,461.62
Feb, 2032	80	$182.18	$532.70	$714.88	$61,928.92
Mar, 2032	81	$180.63	$534.26	$714.88	$61,394.66
Apr, 2032	82	$179.07	$535.81	$714.88	$60,858.85
May, 2032	83	$177.50	$537.38	$714.88	$60,321.47
Jun, 2032	84	$175.94	$538.94	$714.88	$59,782.53
Jul, 2032	85	$174.37	$540.52	$714.88	$59,242.01
Aug, 2032	86	$172.79	$542.09	$714.88	$58,699.92
Sep, 2032	87	$171.21	$543.67	$714.88	$58,156.24
Oct, 2032	88	$169.62	$545.26	$714.88	$57,610.98
Nov, 2032	89	$168.03	$546.85	$714.88	$57,064.13
Dec, 2032	90	$166.44	$548.45	$714.88	$56,515.69
Jan, 2033	91	$164.84	$550.05	$714.88	$55,965.64
Feb, 2033	92	$163.23	$551.65	$714.88	$55,413.99
Mar, 2033	93	$161.62	$553.26	$714.88	$54,860.73
Apr, 2033	94	$160.01	$554.87	$714.88	$54,305.86
May, 2033	95	$158.39	$556.49	$714.88	$53,749.37
Jun, 2033	96	$156.77	$558.11	$714.88	$53,191.26
Jul, 2033	97	$155.14	$559.74	$714.88	$52,631.52
Aug, 2033	98	$153.51	$561.37	$714.88	$52,070.14
Sep, 2033	99	$151.87	$563.01	$714.88	$51,507.13
Oct, 2033	100	$150.23	$564.65	$714.88	$50,942.48
Nov, 2033	101	$148.58	$566.30	$714.88	$50,376.18
Dec, 2033	102	$146.93	$567.95	$714.88	$49,808.22
Jan, 2034	103	$145.27	$569.61	$714.88	$49,238.62
Feb, 2034	104	$143.61	$571.27	$714.88	$48,667.35
Mar, 2034	105	$141.95	$572.94	$714.88	$48,094.41
Apr, 2034	106	$140.28	$574.61	$714.88	$47,519.80
May, 2034	107	$138.60	$576.28	$714.88	$46,943.52
Jun, 2034	108	$136.92	$577.96	$714.88	$46,365.56
Jul, 2034	109	$135.23	$579.65	$714.88	$45,785.91
Aug, 2034	110	$133.54	$581.34	$714.88	$45,204.57
Sep, 2034	111	$131.85	$583.04	$714.88	$44,621.53
Oct, 2034	112	$130.15	$584.74	$714.88	$44,036.79
Nov, 2034	113	$128.44	$586.44	$714.88	$43,450.35
Dec, 2034	114	$126.73	$588.15	$714.88	$42,862.20
Jan, 2035	115	$125.01	$589.87	$714.88	$42,272.33
Feb, 2035	116	$123.29	$591.59	$714.88	$41,680.74
Mar, 2035	117	$121.57	$593.31	$714.88	$41,087.43
Apr, 2035	118	$119.84	$595.04	$714.88	$40,492.38
May, 2035	119	$118.10	$596.78	$714.88	$39,895.60
Jun, 2035	120	$116.36	$598.52	$714.88	$39,297.08
Jul, 2035	121	$114.62	$600.27	$714.88	$38,696.82
Aug, 2035	122	$112.87	$602.02	$714.88	$38,094.80
Sep, 2035	123	$111.11	$603.77	$714.88	$37,491.03
Oct, 2035	124	$109.35	$605.53	$714.88	$36,885.50
Nov, 2035	125	$107.58	$607.30	$714.88	$36,278.20
Dec, 2035	126	$105.81	$609.07	$714.88	$35,669.12
Jan, 2036	127	$104.03	$610.85	$714.88	$35,058.28
Feb, 2036	128	$102.25	$612.63	$714.88	$34,445.65
Mar, 2036	129	$100.47	$614.42	$714.88	$33,831.23
Apr, 2036	130	$98.67	$616.21	$714.88	$33,215.02
May, 2036	131	$96.88	$618.01	$714.88	$32,597.02
Jun, 2036	132	$95.07	$619.81	$714.88	$31,977.21
Jul, 2036	133	$93.27	$621.62	$714.88	$31,355.59
Aug, 2036	134	$91.45	$623.43	$714.88	$30,732.17
Sep, 2036	135	$89.64	$625.25	$714.88	$30,106.92
Oct, 2036	136	$87.81	$627.07	$714.88	$29,479.85
Nov, 2036	137	$85.98	$628.90	$714.88	$28,850.95
Dec, 2036	138	$84.15	$630.73	$714.88	$28,220.21
Jan, 2037	139	$82.31	$632.57	$714.88	$27,587.64
Feb, 2037	140	$80.46	$634.42	$714.88	$26,953.22
Mar, 2037	141	$78.61	$636.27	$714.88	$26,316.95
Apr, 2037	142	$76.76	$638.12	$714.88	$25,678.83
May, 2037	143	$74.90	$639.99	$714.88	$25,038.84
Jun, 2037	144	$73.03	$641.85	$714.88	$24,396.99
Jul, 2037	145	$71.16	$643.72	$714.88	$23,753.27
Aug, 2037	146	$69.28	$645.60	$714.88	$23,107.66
Sep, 2037	147	$67.40	$647.49	$714.88	$22,460.18
Oct, 2037	148	$65.51	$649.37	$714.88	$21,810.80
Nov, 2037	149	$63.61	$651.27	$714.88	$21,159.54
Dec, 2037	150	$61.72	$653.17	$714.88	$20,506.37
Jan, 2038	151	$59.81	$655.07	$714.88	$19,851.30
Feb, 2038	152	$57.90	$656.98	$714.88	$19,194.31
Mar, 2038	153	$55.98	$658.90	$714.88	$18,535.41
Apr, 2038	154	$54.06	$660.82	$714.88	$17,874.59
May, 2038	155	$52.13	$662.75	$714.88	$17,211.85
Jun, 2038	156	$50.20	$664.68	$714.88	$16,547.16
Jul, 2038	157	$48.26	$666.62	$714.88	$15,880.54
Aug, 2038	158	$46.32	$668.56	$714.88	$15,211.98
Sep, 2038	159	$44.37	$670.51	$714.88	$14,541.47
Oct, 2038	160	$42.41	$672.47	$714.88	$13,869.00
Nov, 2038	161	$40.45	$674.43	$714.88	$13,194.56
Dec, 2038	162	$38.48	$676.40	$714.88	$12,518.17
Jan, 2039	163	$36.51	$678.37	$714.88	$11,839.79
Feb, 2039	164	$34.53	$680.35	$714.88	$11,159.45
Mar, 2039	165	$32.55	$682.33	$714.88	$10,477.11
Apr, 2039	166	$30.56	$684.32	$714.88	$9,792.79
May, 2039	167	$28.56	$686.32	$714.88	$9,106.47
Jun, 2039	168	$26.56	$688.32	$714.88	$8,418.14
Jul, 2039	169	$24.55	$690.33	$714.88	$7,727.81
Aug, 2039	170	$22.54	$692.34	$714.88	$7,035.47
Sep, 2039	171	$20.52	$694.36	$714.88	$6,341.11
Oct, 2039	172	$18.49	$696.39	$714.88	$5,644.72
Nov, 2039	173	$16.46	$698.42	$714.88	$4,946.30
Dec, 2039	174	$14.43	$700.46	$714.88	$4,245.85
Jan, 2040	175	$12.38	$702.50	$714.88	$3,543.35
Feb, 2040	176	$10.33	$704.55	$714.88	$2,838.80
Mar, 2040	177	$8.28	$706.60	$714.88	$2,132.20
Apr, 2040	178	$6.22	$708.66	$714.88	$1,423.53
May, 2040	179	$4.15	$710.73	$714.88	$712.80
Jun, 2040	180	$2.08	$712.80	$714.88	$0.00
Mortgage vs. Refinance
	Original	Mortgage Refinance
Monthly Payment	$715.43	$714.88
Total Interest	$50,248.90	$28,678.86
Total Principal	$100,000.00	$100,000.00
Total Payment	$150,248.90	$128,678.86
Closing Cost	$0	$0.00
Other Expenses	$0	$0.00
Total Interest Savings	$0	$21,570.05
Total Savings	$0	$21,570.05
Payoff Date	Jan, 2043	Jun, 2040

Refinancing Calculator

The refinance calculator is useful for those who already have a mortgage and looking to refinance their home. You will get a comparison table that compares your original mortgage against refinancing. You can export the refinance amortization schedule to excel or download it as a pdf file. For new homeowners, please use the conventional mortgage calculator with PMI to calculate monthly mortgage payments.

What is refinance?

Refinance is to pay off your mortgage and replace it with a new loan. When you refinance, your bank or lender will pay off your existing mortgage and generate a new mortgage. The new mortgage will have a different interest rate, monthly payments, or even a new term. The main reason for refinancing is to save money on the mortgage for the long term.

• Lower Interest Rate - If the interest rate has declined since you got your mortgage, by refinancing, you may be able to get a much lower interest rate for your new loan, and hence save money on interest payments.
  
  
• Switch from ARM to fixed interest rate - If you have an adjustable-rate mortgage, and are no longer comfortable with rising payments, you can switch to a fixed interest mortgage by refinancing.
  
  
• Change Loan Terms - If you are starting with a 30-year mortgage, and want to pay off your mortgage earlier, you can refinance to a 15-year mortgage with a lower interest rate. Another way to pay off a mortgage faster is to make extra payments towards the principal of your existing mortgage.
  
  
• Cash-Out Refinance - A type of refinancing that allows you to refinance a mortgage into a new loan that is greater than the outstanding balance of your current mortgage.
  
  You can then pocket the difference between the new loan and the remaining balance of your current mortgage. You can use the cash to make home improvements to increase the value of your home, and use the cash to pay off other debt with a higher interest rate, such as credit card debts.

How does refinancing work?

Refinance has a similar process as when you applied for your first mortgage. You shop around for lenders that give you the best interest rate or you can stay with your current lender. Staying with your current lender may save you some paperwork since they already have all of your information, but they may not offer you the best rate. After you find a lender, they will ask you for the same type of information as to when you first bought your home.

• Credit Score - Lenders will check your credit score and see if you are qualified for refinancing, and credit score is one of the keys to determining what kind of interest rate you will be getting.


• Income Check - You will need to provide your most recent pay stubs, W-2 statements or 1099, tax returns from the last 2 or 3 years, and bank statements to make sure you can afford the closing costs.


• Employment history - Some lenders check your employment history to see if you have stable jobs. If you are self-employed, they may require more documents from you than if you were working for a company.


• Substantial Home Equity - The more equity you have in your home, the better. Some lenders require the borrower to have at least a 20% equity in their homes in order to refinance, while other lenders may require less than 20%, but then you may have to pay a higher interest rate and pay extra each month for mortgage insurance or PMI.


• Debt-to-income ratio - Lenders look at your DTI ratio to check how much debt you have and to determine if you can repay the mortgage. The lower your DTI, the better. If you have a high DTI, you will need to check with the bank to see what kind of DTI they can accept.

Once you get approved from the lender, they will pay off your mortgage, and you will get a new refinanced mortgage with the new lender.

How much does it cost to refinance?

Just like when you purchased your home, you have to pay closing close to get a mortgage, there are closing costs to refinance as well. Following are the standard fees that you should expect to pay.

• Application Fee - This is the fee that you pay when you apply for refinancing. Some banks or lenders may be willing to waive this fee to get you as a customer.


• Origination Fee - Some lenders require you to pay for a loan origination fee, it could be up to 1.5% of the amount that you are looking to refinance.


• Appraisal fee - The bank will hire an appraiser to evaluate your house before the loan process begins, and you have to pay the appraisal fee. The appraisal fee varies from city to city, you may be charged anywhere from $250 - $600.


• Attorney fees - Some states require you to have an attorney in the refinancing process. Even if you live in a state that doesn't require a lawyer, it is helpful to hire one to review all the documents and the mortgage terms to make sure there are no surprises down the road.
  
  Attorney fees vary from state to state, expect to pay $500-$1200 depending on where you are located.


• Title search and insurance fees - You will have to pay for a new title search and insurance fees. The costs will be in the range of $500 - $1,000.

There might be other fees that your lender charges, such as credit report fees and recording fees. The total costs to refinance a mortgage could be in the range of 2%-5% of your loan amount depending on your loan size and the lender that you are working with. It's always a good idea to shop around to find a lender that gives you the best interest rate with low closing costs. You can also negotiate with your lender, as they can often waive some of the fees.

How long does it take to refinance a house?

Refinance goes through the same process as a mortgage, it takes the bank or the lender time to verify your income, employment history, credit score, title search, underwriting, and closing. It may take anywhere from 1 month to 2 months depending on how fast your lender processes your application. It is always a good idea to provide all the documents the bank asks for to avoid any delays. Keep in touch with the loan processor so you know where you are standing and make sure they are not waiting on you for any document.

Should I refinance?

Is refinancing worth it, should I refinance, or when to refinance are the kind of questions that many homeowners ask themselves when the interest rate goes down. Here are a few situations that will make refinancing worth the effort.

• Interest Rates Go Down - If interest rates go down dramatically, refinance will reduce the total costs of your mortgage, and help you build your equity in your home faster.


• Improved Credit Score - If your credit score has improved substantially since you bought the house, then refinancing is a good idea because the best rates and terms are given to borrowers with good credit scores.


• Changing Terms - If you want to shorten your 30-year term to a 15-year term, or switch from an ARM to a fixed interest rate, then refinancing is a good option as it will reduce your total payments.


• Reducing Other Debts - If you have other debts with a much higher interest rate, using a cash-out refinance mortgage is a good way to reduce your debt. Of course, you will need to have good equity in your house to cash out a meaningful amount.

On the other hand, if the interest rate doesn't drop that much, and the costs to refinance are higher or close to the interest savings, then refinance might not make sense.

When to refinance?

Another thing to take into account is how long does it take to break even on your refinance. Does it take 5 years to break even? 10 years? If you are planning to move to another house soon, then refinancing is not a good idea because you won't have time to recoup the costs to refinance. If you are planning to live in your current house for a long time, longer than the breakeven period, then refinancing is a good idea. With our refinance calculator, you can see exactly how much you can save so you can decide whether or not to refinance your mortgage. Not only does it show the total interest savings, but it will also generate a refinance amortization schedule with the new monthly payments so that you can compare it to your current mortgage. Our mortgage refinance breakeven calculator will show you exactly how long it takes to break even based on your refinance costs, interest rate, terms, and refinance balance.