Mortgage Refinance Calculator

Interactive tool

The live form, validation, and result state for Mortgage Refinance Calculator load after the page scripts run. The content below summarizes how the tool works and links to related pages in the catalog.

Compare staying with your current mortgage versus refinancing using a new rate, new term, closing costs, cash-out, and optional extra monthly payments.

How to use Mortgage Refinance Calculator

1. 1

   Enter your inputs into the Mortgage Refinance Calculator form.

2. 2

   Adjust optional settings so the scenario matches your real-world case.

3. 3

   Review the result, then tweak one variable at a time to compare outcomes.

4. 4

   Keep your best scenario as a baseline for future decisions.

Housing decisions depend on local costs, lender rules, and market conditions. Validate these estimates with location-specific quotes.

Best use cases

Worked example

Refinance breakeven example

A homeowner can compare whether a lower rate offsets refinance costs fast enough to justify replacing the existing loan.

• Enter the current balance, current rate, and remaining years first so the stay-put option is realistic.
• Add the proposed refinance rate, new term, and closing costs to compare payment change and breakeven timing.
• Test both upfront-fee and rolled-in-fee scenarios before treating the refinance as a win.

Refinance decisions are stronger when payment savings, breakeven timing, and total borrowing cost are all reviewed together.

Methodology

• The tool compares the remaining path on the current mortgage against a new amortized loan built from the refinance rate, term, fees, and cash-out assumptions.
• Breakeven timing is estimated by comparing refinance closing costs against the modeled monthly payment change.
• When a frame of extra principal is included, the payoff schedule is recalculated to show how that strategy changes monthly savings and long-run interest.