Mortgage Refinance Calculator
Enter details about your current mortgage (remaining balance, monthly payment, interest rate, and months remaining) and the new refinance loan (interest rate, new term in months, up-front costs). Click CALCULATE to see monthly savings, break-even point, total interest comparisons, and more!
Current Mortgage (Remaining)
Refinanced / New Loan
About Our Free Mortgage Refinance Calculator
Thinking about a refinance? Our Mortgage Refinance Calculator lets you compare your current mortgage to a potential new loan, factoring in up-front costs. We calculate monthly savings, the break-even point, and total interest differences to help you decide if refinancing saves you money.
How It Works (Simplified):
- 1. We compute your new monthly payment with the standard mortgage formula for your remaining balance, new rate, and new term.
- 2. Monthly savings = old payment − new payment.
- 3. Break-even months = total refi cost ÷ monthly savings.
- 4. We also compare total interest over the remaining life of the current loan vs. the new loan, minus refi costs, to show potential lifetime savings.
For more finance calculators, visit Apex Calculator.