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Finance

Refinance Mortgage Calculator

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Use this refinance mortgage calculator to model a new loan after refinancing. Enter your remaining balance (as home price minus down payment), the new interest rate, and desired term to see the updated monthly payment and total interest—then compare against your current loan before paying closing costs.

Refinancing replaces your existing loan with a new one. The break-even point depends on closing costs divided by monthly savings—this calculator shows the new payment but does not compute break-even automatically.

Cash-out refinances increase your loan balance; rate-and-term refinances change rate or length without taking cash. Enter the balance you expect after closing for an accurate estimate.

100% Client-Side

Your data never leaves your computer.

How to use this tool

Set home price to your remaining loan balance and down payment to zero—or enter the home value and use down payment to represent equity. Enter the new rate and term offered by your refinance lender, then compare the result to your current payment.

Worked example

Example: refinancing a $280,000 remaining balance from 7.25% to 6.0% over 30 years drops the principal-and-interest payment from about $1,911 to roughly $1,679—a $232/month savings before closing costs.

When to use this

  • Checking payment savings when market rates drop.
  • Comparing a 30-year refi vs switching to a 15-year term.
  • Estimating payments before applying with your current servicer.
  • Modeling a refi after paying down principal for better LTV.

Common examples

  • Buying a $350,000 home with 20% down ($70,000), 6.5% APR, 30 years, $4,200/year tax and $1,800/year insurance → principal and interest near $1,770/month; total housing payment near $2,270/month before PMI.
  • Buying a $500,000 home with 10% down ($50,000), 7% APR, 30 years, $6,000/year tax, $2,400/year insurance, and $150/month HOA → P&I near $2,994/month; estimated total near $3,844/month.
  • First-time buyer: $275,000 home with 5% down ($13,750), 6.75% APR, 30 years, modest tax and insurance → P&I near $1,694/month; total near $2,094/month—PMI often applies below 20% down.
  • $425,000 home with 15% down, 6.75% APR, 30 years → P&I near $2,350/month before tax and insurance.
  • Refinance scenario: $280,000 remaining balance at 5.9% for 25 years → compare to current 6.5% payment on the same balance.

What people search for

Common mistakes

  • Refinancing into a new 30-year term and resetting the clock without noticing total interest.
  • Ignoring thousands in closing costs when monthly savings look attractive.
  • Using original purchase price instead of current remaining balance.
  • Assuming appraisal value matches the balance you need to refinance.

Related long-tail tasks

  • calculate refi break even on closing costs
  • compare rate and term vs cash out refi
  • see savings from 7% to 6% refinance
  • estimate new payment after removing PMI
  • decide between refi and extra payments

How it works

Enter the home price, down payment, interest rate, and term. The calculator derives the loan amount and uses the standard amortizing loan formula for principal and interest. Optional annual property tax, home insurance, and monthly HOA fees are added to estimate a total monthly payment. Fees, PMI, and taxes beyond your inputs are not included.

Limitations

Monthly payment estimates exclude HOA, PMI changes, escrow adjustments, and property tax reassessments. Not a loan offer or pre-approval.

Privacy and file handling

Your data is processed in your browser and is not uploaded to our server.

Accuracy & methodology

This section documents how the calculator works, what it leaves out, and when results were last reviewed. Figures are educational estimates—not professional advice—and are not labeled "current" unless tied to automatically updated reference data.

Formula source or methodology
Loan amount = home price − down payment. Monthly principal & interest uses the standard amortizing loan payment formula (same as loan calculator). Optional annual property tax, insurance, and HOA are divided by 12 and added to P&I for total monthly housing payment.
Jurisdiction
General mortgage math (not country-specific underwriting rules)
Unit system
Currency for price, down payment, tax, insurance, HOA; years for term; percent for rate
Rounding method
Currency amounts round to two decimal places (half up via Math.round × 100 / 100).
Assumptions
  • Fixed annual interest rate for the full term
  • Level monthly payments (fully amortizing)
  • Down payment is a dollar amount, not a separate percent field
Known omissions
  • Not tax, legal, investment, or lending advice. Confirm material decisions with qualified professionals.
  • Origination fees, points, PMI/MIP, and lender-specific charges unless a field exists
  • Property taxes, insurance, and HOA unless explicitly entered
  • Prepayment penalties and variable or adjustable rates after the initial period
  • Tax deductibility of interest
Test cases (automated)
  • Typical home price, down payment, rate, and term return positive P&I and total interest
  • Down payment greater than home price is rejected
Version & last verified

Logic version 1.0. Content and formulas last verified .

Important notice

Results are estimates for educational purposes and are not financial advice. Taxes, insurance, HOA fees, and lender-specific costs may not be included. Consult a qualified financial professional for personal guidance.

Related Mortgage Calculator guides

These pages use the same mortgage calculator with guides tailored to specific search intents.

Frequently asked questions

How do I enter my loan for a refinance estimate?

Use your remaining principal balance as the loan amount—set home price to that balance and down payment to zero, or adjust home price and down payment to reflect current equity.

Does this include closing costs?

No. Closing costs are paid separately at refinance and affect how long it takes for savings to break even. Compare monthly savings here against total closing costs from your lender.

Should I refinance to a shorter term?

Shorter terms raise the monthly payment but cut total interest. Run the same balance at 15 and 30 years to compare, or see the dedicated mortgage refinance calculator for side-by-side scenarios.

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