Refinance Calculator - Calculate Your Savings Instantly

Calculate your potential savings when refinancing your mortgage. See how much you could save each month and over the life of your loan.

Loan Details

Current Loan

$
$10,000$2,000,000
%
0.5%15%
1 year20 years40 years

New Loan

%
0.5%15%
1 year20 years40 years
$

New Monthly Payment

$0

Break Even Point

0 Months

Total Interest Savings

$0

Monthly Savings

$0

Payment Comparison

Loan Balance Comparison

Amortization Schedule Comparison

Yearly Summary
YearCurrent BalanceNew BalanceCurrent InterestNew InterestInterest Savings

Are you curious about whether refinancing your mortgage can actually save you money? Our Refinance Calculator will allow you to quickly find approximate monthly savings, interest savings, and projections about when you will achieve break-even if you refinance into a new loan. You will simply enter your existing loan information and compare it with new loan information to see if the refinance is worth it.

This Refinance Calculator is designed to give you fast and accurate information about options you have for refinancing your mortgage. Whether you're reducing your interest rate, shortening your loan term, or transferring ownership to someone else, this tool gives you a straightforward way to examine the long-term advantages.

Refinance Calculator

Why use a Refinance Calculator?

1.
See Monthly Payment Changes: Instantly compare your current payment with a new estimated payment.
2.
Find Your Break-Even Point: How many months will it take before the refinancing cost pays for itself?
3.
Understand Interest Savings: How much total interest will you save over the life of your loan?
4.
Compare Loan Terms: How does a 15-year loan compare against a 30-year loan?
5.
See Visual Loan Balance Chart: See clearly how your loan balance reduces over time.
6.
Amortization Schedule: Review yearly or monthly payments, principal, and savings.

Using this Refinance Calculator, every homeowner will be able to make smarter financial decisions and avoid guessing.

How the Refinance Calculator Works

Using our Refinance Calculator is very easy!

1.
Enter your Current Loan Details - Including your current loan balance, interest rate, and remaining term of the loan.
2.
Enter New Loan Details - Including new interest rate, loan term, and any applicable closing costs.
3.
Get Instant Results - View your new monthly payment, break-even points, and total projected savings.
4.
Review Scenarios through Comparisons - Use of bar graphs and amortization schedules to compare both scenarios.

This Refinance Calculator instantly shows whether refinancing is worth it, helping you make confident financial choices.

Advantages of Using a Refinance Calculator

Save Money on Interest - Lower rates can equate to thousands of savings.
Reduce Monthly Payments - Reduce your monthly mortgage payment and create more cash flow.
Pay Off Your Loan Faster - Refinancing into a shorter term can help build equity quickly.
Plan Your Finances - Know the exact date you will break even on your refinance cost.
Make Data Driven Decisions - No guesswork, just accurate numbers.

The Refinance Calculator is a powerful resource for anyone considering mortgage refinancing.

Our Refinance Calculator will provide you with all of the information you require to make the best been financial decision. By comparing your existing loan to a new loan, you can quickly see the possible amounts you can expect to save, how long the payoff process will take, and what long-term advantages you have. Whether your purpose is ultimately to save money, reduce payments, or payoff your home a little longer than you would like to, this Refinance Calculator is a very effective tool for planning your refinancing opportunity.

FAQs

A Refinance Calculator is an online tool that allows homeowners to analyze their present mortgage with a potential new loan. It can show the monthly savings, the interest savings, and the break-even point.

The Refinance Calculator provides a very accurate estimate based on the inputs you provide. Loan lender fees, taxes and insurance may cause your actual numbers to vary slighty.

A Refinance Calculator helps assess whether refinancing is a good financial decision. It prevents unnecessary refinancing when savings are minimal.

Yes, the Refinance Calculator can be used for adjustable rate, fixed rate and any term loans (15yr., 20yr., 30yr. etc).

The Refinance Calculator does this by dividing the closing cost by the savings from the monthly payment. What you get is number of months it takes to recoup any refinance cost.

There is no limit, but make sure to utilize the refinance calculator each time to ensure that the new terms provide a true financial benefit.