Mortgage Refinance Calculator

Use our mortgage refinance calculator to compare your current home loan with a potential new mortgage. 

How to Use the Mortgage Refinance Calculator? 

HOW IT WORKS

Enter your remaining balance, current payment and interest rate, then adjust the new rate and loan term to see how refinancing could change your monthly principal and interest payment.

  • Enter Your Current Monthly Payment

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    Start with the principal and interest portion of your current mortgage payment.

    Your total monthly mortgage payment may also include property taxes, homeowners insurance, mortgage insurance, or HOA fees.

    For this calculator, use only the amount going toward principal and interest.

    For example, if your total monthly payment is $2,850 but $450 of that goes toward taxes and insurance, you would enter $2,400 as your current monthly payment.

    You can usually find this breakdown on your most recent mortgage statement.

  • Enter Your Current Mortgage Balance

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    Next, enter the amount you still owe on your mortgage.

    This is your remaining principal balance, not the original amount you borrowed and not the estimated value of your home.

    For example, if you originally borrowed $400,000 and your mortgage statement shows that your remaining principal balance is $342,500, enter $342,500.

    Your current balance is important because it determines approximately how much would need to be refinanced into the new loan.

  • Add Your Current Interest Rate

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    Enter the interest rate on your existing mortgage.

    For example, if your current mortgage rate is 7.25%, enter: 7.25

    Use the actual interest rate on your mortgage rather than the APR.

    The interest rate is what the calculator uses to compare the cost of your current loan with a potential refinance.

    You can usually find your current rate on your mortgage statement, closing documents, or online mortgage account.

  • Enter the Number of Years Remaining on Your Current Loan

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    Enter approximately how many years you have left before your existing mortgage is scheduled to be paid off.

    If you are not sure, check the maturity date on your mortgage statement or loan documents.

    This matters because refinancing into a new loan can change your repayment timeline.

    For example, refinancing a mortgage with 22 years remaining into a new 30-year loan could lower the monthly payment but extend how long you are making mortgage payments.

  • Enter a Potential New Interest Rate

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    Now enter the mortgage rate you want to compare with your existing loan.

    For example, if your current rate is 7.25% and you want to see what your payment might look like at 6.25%, enter 6.25 as the new interest rate.

    You can adjust this number several times to see how different rates could affect your estimated payment.

    Keep in mind that the rate you actually qualify for can depend on factors such as your credit profile, loan amount, property type, available equity, loan program, and current market conditions.

  • Choose Your New Loan Term

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    Enter the term you want to use for the potential refinance.

    Common mortgage terms include:

    - 30 years: typically produces a lower monthly payment but spreads repayment over a longer period.

    - 20 years: may provide a middle ground between payment size and total repayment period.

    - 15 years: usually results in a higher monthly payment but can reduce the amount of interest paid over the life of the loan.

    You do not necessarily have to refinance into the same term as your original mortgage.

    For example, if you currently have 24 years remaining, you could compare what happens with a new 30-year loan versus a 20-year or 15-year loan.

Start your pre approval

View instant live rates and review the right mortgage path with a loan officer.

  • No impact on credit
  • Takes 1 min
  • No docs needed