Mortgage Refinance Calculator
Compare your current mortgage with a proposed refinance. Estimate the payment change, potential monthly savings and how long it could take to recover the refinance costs.
YOUR MORTGAGE. YOUR NEXT MOVE.
Mortgage Refinance
Calculator
A clear comparison.
A more informed next step.
Compare your current mortgage with a proposed refinance. See the payment change, potential savings and time to recover the costs.
Illustrative inputs, not a rate quote. Payment estimates compare principal and interest; taxes, insurance and other expenses may change independently.
Review your refinance options ↗UNDERSTAND THE NUMBERS
A clearer view of the tradeoffs.
Start with what remains
Enter your current principal balance, interest rate and remaining loan term in years and months. The calculator uses these details to estimate your current principal-and-interest payment.
Compare the proposed terms
Enter the new interest rate, loan term and estimated closing costs. Choose whether to pay costs separately or include them in the new loan amount.
Look beyond the monthly payment
Review payment savings alongside the break-even point and lifetime comparison. A lower payment does not automatically mean a lower total cost, especially with a longer term.
COSTS & TIMING
How long will you keep the mortgage?
See the change in your payment.
The monthly comparison estimates principal and interest for your current balance over the remaining term and for the new loan over its proposed term. Escrowed taxes and insurance may change independently.
Understand the time to recover costs.
When you pay closing costs separately, the calculator divides those costs by positive monthly savings. Use that simple break-even period alongside your plans for the home and mortgage.
A refinance can change the payoff date as well as the payment. Consider the remaining term, total estimated payments, available cash and your future plans for the property.
Which loan balance should I enter?
Use your current principal balance and the time remaining on the existing loan. This calculator uses that balance for the new loan, adding closing costs only when “Include in loan amount” is selected. There is no separate cash-out amount field.
What changes when I include closing costs in the loan?
The new principal increases by the closing costs entered. The calculator then recalculates the payment and lifetime comparison and hides the simple break-even result, which is shown for costs paid separately.
What does the lifetime savings figure compare?
It compares the estimated payments remaining on your current loan with all estimated payments over the new term, including closing costs paid separately. Review this with the monthly change and payoff dates; a new longer term can change the overall result.
What else should I consider before refinancing?
Consider how long you expect to keep the new mortgage, whether the term extends your payoff date, how costs will be paid, and whether mortgage insurance or escrow expenses would change. Review current pricing and your complete scenario with Sean before deciding.
LOCAL KNOWLEDGE. PERSONAL GUIDANCE.
Review your refinance
with a clear plan.
Compare current pricing, closing costs and the proposed loan term before deciding whether the potential benefit fits your plans.
MORE WAYS TO PLAN
Review Your Refinance Options
How to Use the Refinance Calculator
- Enter your current principal balance, interest rate and remaining loan term.
- Enter the proposed loan amount, interest rate and term.
- Include estimated closing costs.
- Note whether costs would be paid separately or added to the new loan.
- Compare monthly and long-term results using the same assumptions.
Use your current principal-and-interest payment when possible. Escrowed taxes and insurance may change independently of the refinance.
Understanding the Result
Monthly payment change
Compares the estimated principal-and-interest payments for the current and proposed loans.
Monthly savings
A lower payment does not automatically mean a lower lifetime cost, especially if the new loan restarts a longer term.
Simple break-even period
Divides estimated refinance costs by estimated monthly savings. It is a useful screen, but it does not include every financial factor.
Total interest comparison
Review this alongside the monthly payment, remaining term and your future plans for the property.
Worked Example
Illustrative example only—not a rate quote.
Assume a homeowner has a $400,000 balance, 28 years remaining, a 7.00% rate and estimated principal and interest of $2,718 per month. A proposed $400,000 loan at an illustrative 6.25% over the same 28-year term would have estimated principal and interest of approximately $2,524 per month.
That is estimated monthly savings of about $195. With $6,000 in closing costs paid separately, the simple break-even period would be approximately 31 months.
Questions to Consider Before Refinancing
- How long do you expect to keep the new mortgage?
- Are closing costs being paid separately or added to the balance?
- Does the new term extend the payoff date?
- Would the refinance remove mortgage insurance or change escrow expenses?
- Are you taking cash out or only changing the rate and term?
Review Your Refinance Options
Compare current pricing, closing costs and the proposed loan term before deciding whether the potential benefit fits your plans.