Mortgage Refinance Calculator - Compare Your Current Mortgage with Refinance Options
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Mortgage Refinance Calculator
Calculate your potential savings with a mortgage refinance and view amortization schedule
Refinance Calculator
Amortization Schedule
Cost Analysis
Loan Comparison
Mortgage Refinance Calculator
Compare your current mortgage with a refinance option to see potential savings. Enter your current mortgage details and proposed refinance terms.
Your Refinance Results
Current Payment
$0.00
Monthly principal and interest
New Payment
$0.00
Monthly principal and interest
Monthly Savings
$0.00
Amount saved each month
Break-Even Point
0 months
Time to recover closing costs
Total Current Loan Cost
$0.00
Remaining payments on current loan
Total New Loan Cost
$0.00
Total payments on new loan
Total Interest Savings
$0.00
Amount saved over loan life
Recommendation
Based on your numbers...
Our analysis of your refinance option
Payment Comparison
Interest Savings Over Time
Amortization Schedule
View the complete amortization schedule for your proposed refinance loan, showing how each payment is allocated between principal and interest over time.
Amortization Schedule
This table shows how each payment is split between principal and interest over the life of your loan.
Payment Date
Payment Amount
Principal
Interest
Total Interest
Balance
Principal vs Interest Over Time
Refinance Cost Analysis
Detailed breakdown of all costs associated with refinancing and how they impact your overall savings.
Cost Analysis Results
Total Closing Costs
$0.00
All fees associated with refinancing
Monthly Savings
$0.00
Reduction in monthly payment
Break-Even Period
0 months
Time to recover closing costs
Net Savings (5 years)
$0.00
Estimated savings after 5 years
Closing Cost Breakdown
Savings Over Time
Loan Comparison Tool
Compare multiple loan options side by side to determine which refinance option is best for your situation.
Loan Comparison Results
Option 1 Payment
$0.00
Monthly principal and interest
Option 2 Payment
$0.00
Monthly principal and interest
Payment Difference
$0.00
Monthly savings between options
Recommended Option
Based on your numbers...
Our analysis of both options
Loan Comparison
Total Cost Comparison
Understanding Mortgage Refinancing
Mortgage refinancing involves replacing your existing mortgage with a new loan, typically to secure a lower interest rate, reduce monthly payments, change the loan term, or tap into home equity.
When to Consider Refinancing
Refinancing might be a good option if:
Interest rates have dropped significantly since you obtained your original mortgage
Your credit score has improved, qualifying you for better rates
You want to change your loan term (e.g., from 30 years to 15 years)
You need to access home equity for major expenses like home improvements or debt consolidation
You want to switch from an adjustable-rate mortgage (ARM) to a fixed-rate mortgage
Key Refinancing Considerations
Before refinancing, consider these important factors:
Closing costs: Typically 2-5% of the loan amount, these can significantly impact your savings
Break-even point: The time it takes for monthly savings to exceed closing costs
Loan term: Extending your loan term may lower payments but increase total interest paid
Equity position: Most lenders require at least 20% equity for the best rates
Your financial goals: Whether you prioritize lower payments, faster payoff, or cash access
Types of Mortgage Refinancing
Several refinance options are available:
Rate-and-term refinance: Changes the interest rate, loan term, or both
Cash-out refinance: Allows you to borrow more than you owe and receive the difference in cash
Cash-in refinance: You bring money to closing to increase your equity and potentially qualify for better terms
Streamline refinance: Simplified process available for some government-backed loans
Use this calculator to compare your current mortgage with potential refinance options and determine if refinancing makes financial sense for your situation.
Frequently Asked Questions About Mortgage Refinancing
What is mortgage refinancing?
Mortgage refinancing is the process of replacing your existing mortgage with a new loan, typically with different terms. People refinance to secure a lower interest rate, change the loan duration, convert between fixed and adjustable rates, or access home equity.
How much does it cost to refinance a mortgage?
Refinancing typically costs 2-5% of the loan amount. These costs may include application fees, origination fees, appraisal fees, title search and insurance, survey fee, attorney review fees, and recording fees. Some lenders offer "no-closing-cost" refinances, but these usually have higher interest rates.
What is the break-even point in refinancing?
The break-even point is when your monthly savings from refinancing equal the closing costs you paid. For example, if your closing costs were $6,000 and you save $200 per month, your break-even point would be 30 months ($6,000 ÷ $200 = 30).
How does refinancing affect my credit score?
Refinancing may temporarily lower your credit score by a few points due to the hard inquiry from the lender and the creation of a new credit account. However, this impact is usually temporary, and your score should recover within several months.
Can I refinance with bad credit?
It's possible but more challenging to refinance with bad credit. You may need to accept a higher interest rate or explore government programs like FHA streamline refinancing. Improving your credit score before applying will help you secure better terms.
How long does the refinancing process take?
The refinancing process typically takes 30-45 days from application to closing, though it can vary based on the lender, your financial situation, and market conditions. Some streamline refinance programs may be faster.