Free online calculator
Mortgage Refinance Calculator
Compare current mortgage payment with refinance scenario and estimate monthly savings.
Quick Answer
How It Works
Both scenarios use amortization math and compare monthly payment difference.
- Enter current loan balance, rate, and remaining term.
- Enter refinance rate and new term.
- Review monthly payment change and estimated savings.
Examples use USD-style formatting. Tax rates, fees, and legal rules vary by country and change over time — treat results as estimates and confirm important numbers with a qualified professional.
Interactive Calculator
Current monthly payment: 1583.10
Refinance monthly payment: 1430.94
Estimated monthly savings: 152.15
Example Use Case
Lower rate or longer term can reduce monthly payment, but total interest can still vary.
Detailed Guide
Refinance estimates are useful for testing monthly payment changes under new rate/term scenarios.
Monthly savings alone can be misleading without considering fees and total interest impact.
Break-even timing is a critical decision factor for refinance viability.
Use this as a comparison baseline before lender-specific cost validation.
Assumptions and Limits
Simplified comparison excludes closing costs and cash-out effects.
Common Mistakes to Avoid
- Comparing payments without considering refinance fees.
- Ignoring total interest over full term.
- Using outdated current balance estimates.
FAQ
Can I use this calculator for free?
Yes. This tool is free and designed for practical day-to-day decisions.
Why might results differ from another website?
Differences usually come from rounding rules, assumptions, or region-specific formulas.
Is this suitable for legal or financial advice?
No. Treat outputs as guidance and validate with qualified professionals for final decisions.
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How we choose formulas and check results: Methodology · Last reviewed 2026-07-25