Mortgage Refinance Calculator

Select currency, enter value and click on calculate. Result will be displayed.
Currency:

Current Loan Information:

Total Loan Amount:
Annual Interest Rate:
%
Repayment Period:
Years
Number of Months Remaining:
Months

Refinancing Information:

Total Loan Amount:
Annual Interest Rate:
%
Repayment Period:
Years
Remaining Balance on Current Loan:
Monthly Payment:
Monthly Payment with Refinancing:
Total Cost of Refinanced Loan:
Savings / Loss by Refinancing :

A Mortgage Refinance Calculator is a tool that helps homeowners determine whether refinancing their mortgage is a good financial decision. Refinancing involves replacing your current mortgage with a new one, typically to secure a better interest rate, adjust the loan term, or change the type of loan.

The calculator helps you analyze key factors like:

Monthly Payments: It shows you how much your new monthly payment would be based on the refinanced loan.
Interest Savings: It calculates how much interest you'll save over the life of the loan with a lower interest rate or different loan term.
Break-even Point: It tells you how many months or years it will take for the savings from the new mortgage to cover the closing costs associated with refinancing.
Total Loan Costs: It helps determine if refinancing will ultimately save you money or if it will cost you more in the long run.
Key Information You Need to Enter:
Current Loan Balance: How much you still owe on your current mortgage.
Current Interest Rate: The interest rate on your existing mortgage.
New Interest Rate: The interest rate you're considering for the refinance.
Loan Term: The length of the new mortgage (typically 15, 20, or 30 years).
Closing Costs: Fees associated with refinancing the mortgage (typically 2%–5% of the loan balance).
How It Works:
Calculating the New Monthly Payment: The calculator will show you what your new monthly payment would be based on the new loan amount, interest rate, and term.
Interest Savings: The calculator compares how much you'll pay in interest over the life of the new loan versus the old loan, helping you determine if refinancing is worth it.
Break-even Analysis: It calculates how long it will take for the savings from a lower monthly payment to offset the closing costs.
Why Use It:
To see if refinancing makes sense: If the savings outweigh the costs, it could be a good idea.
To compare loan terms: It helps you choose between a 15-year or 30-year term, for example, based on how it will impact your monthly payments and long-term savings.
To understand the total cost: By factoring in closing costs, you can see how soon refinancing will be beneficial financially.