Refinance Calculator


A refinance calculator is an excellent tool for comparing the terms of your existing mortgage against a new loan.

When using a calculator, it's helpful to have a current mortgage statement handy, as well as all of the information you've gathered from the lending institutions you're considering.

Before you start, gather the following information for your current home loan:

  • Original loan amount


  • Interest rate (APR)


  • Term length (typically 15-30 years)


  • Term remaining (for example, if you have a 30-year mortgage and have made payments for 2-1/2 years, the term remaining would be 27 years, 6 months.)


  • Principal balance

To make an accurate comparison, you'll also need to enter the refinancing terms of the lending institution you're considering:

  • Amount refinanced (principal balance, plus any additional cash out amount)


  • Interest rate


  • Term length


  • Fees (application fees, filing fees, loan origination fees, points, etc.)


    • Note: The calculator may ask if you'll be paying the fees by check, or if they will be rolled into the loan. Consider tabulating results both ways to evaluate the advantages of paying these fees in full.

    After the results are calculated, you'll receive an instant comparison of how the loan you're considering stacks up against your current mortgage. The results will display:
    • The interest you'll pay for the new loan and for the full term of your existing loan


    • The amount of your new monthly payment


    • A net estimated savings that reflects the bottom line

    After evaluating these numbers, you'll be better equipped to determine whether a refinance is the best course of action for your financial situation.



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