Mortgage Refinance Calculator

Mortgage Refinance Calculator helps US homeowners compare their current mortgage with a proposed refinance loan—including cash-out refinance, closing costs, payment break-even period, Loan-to-Value (LTV), monthly and yearly amortization schedules, and PDF or CSV export.

SHOULD YOU REFINANCE YOUR MORTGAGE?
A lower interest rate does not automatically mean refinancing will save you money overall. Extending your loan term or paying high closing costs can increase your total financing cost even when your monthly mortgage payment drops. This mortgage refi calculator compares the remaining cost of your current home loan side-by-side with your projected refinance loan so you can see the true numbers before you decide.

SIDE-BY-SIDE CURRENT VS. NEW MORTGAGE COMPARISON
Enter your current home value, remaining mortgage balance, current interest rate, and remaining loan term. Then enter your proposed refinance interest rate, new loan term (such as refinancing from a 30-year to a 15-year term), closing costs, and optional cash-out amount to view:
• Current vs. New Monthly Payment: See your current mortgage payment, estimated new monthly payment, and exact monthly payment difference.
• Total Interest & Financing-Cost Difference: Compare the remaining interest on your current mortgage against the projected interest and net financing-cost difference of the new refinance loan.

REFINANCE BREAK-EVEN POINT & CLOSING COSTS ANALYSIS
• Payment Break-Even Period: Calculate how many months it will take for your monthly payment savings to recover your upfront refinance closing costs.
• Closing Cost Trade-Offs: Evaluate how lender fees and closing costs impact your net refinance savings over the life of the loan.

CASH-OUT REFINANCE, HOME EQUITY & LTV CALCULATOR
Planning to tap into your home equity? Model a cash-out refi and see how pulling cash out affects your loan balance and equity position:
• Optional Cash-Out Amount: Add a cash-out amount to your proposed refinance calculation.
• Home Equity & LTV Ratio: Instantly view your estimated home equity, Current Loan-to-Value (LTV), and Estimated New LTV after refinancing.

OPTIONAL PROPERTY TAXES, INSURANCE & HOA FEES
Estimate your broader monthly housing cost associated with the refinance by including optional monthly property expenses:
• Monthly Property Taxes
• Homeowners Insurance
• Monthly HOA Fees (Homeowners Association)

AMORTIZATION SCHEDULES & PDF / CSV EXPORT
• Monthly & Yearly Amortization Views: Review the projected refinance payment schedule month-by-month or year-by-year to see how every payment is allocated toward principal and interest.
• PDF & CSV Export: Save, print, or share your complete mortgage refinance analysis and amortization schedule using built-in PDF or CSV export options.

Important Information: Mortgage Refinance Calculator is an informational financial planning tool and does not provide mortgage lending, loan approval, live lender rate quotes, or financial advice. Actual mortgage rates, closing costs, taxes, insurance, loan terms, and approval requirements vary by lender and location.