What is mortgage refinancing?

Refinancing is when you replace your current home loan with a new one, usually to get a better interest rate, lower monthly payments, or change your loan term.

When does refinancing make sense?

Refinancing may make sense if you can secure a lower interest rate, shorten your loan term, or switch from an adjustable-rate to a fixed-rate mortgage. Always consider the costs and benefits before deciding.

Does refinancing affect my credit score?

Refinancing can cause a temporary dip in your credit score due to the hard inquiry and new loan account, but your score can recover over time with timely payments.

What information do I need to use the calculator?

You’ll need your home price, down payment amount, desired interest rate, and loan term.

Does the calculator include taxes and insurance?

No, the calculator estimates principal and interest only. Actual payments may also include property taxes, homeowners' insurance, HOA fees, and PMI if your down payment is less than 20%.

Can I save or share my results?

Yes! Use the Copy, Export PDF, or Export Excel buttons to save your results or share them with others.

Refinance Calculator

Estimate your refinanced mortgage payments easily.

Calculator Inputs

Enter your loan details

Home Price ($)

The total purchase price of the home

Down Payment ($)

Typically 20% to avoid PMI

Interest Rate (APR %)

Annual percentage rate

Loan Term (years, 1–50)

years

Common in US: 15, 20, or 30 years

Your Results

Based on your inputs

Monthly Payment

$1,770

Total Interest

$357,125

Total Payment

$637,125

Balance Over Time

Remaining balance by year (30 years)

Principal vs Interest by Year

Principal and interest paid each year (30 years)

Yearly Breakdown

First 15 years. Download full schedule for all 30 years.

Year	Principal	Interest	Balance
1	$3,130	$18,108	$276,870
2	$3,339	$17,898	$273,531
3	$3,563	$17,675	$269,968
4	$3,801	$17,436	$266,167
5	$4,056	$17,181	$262,111
6	$4,328	$16,910	$257,783
7	$4,618	$16,620	$253,165
8	$4,927	$16,311	$248,239
9	$5,257	$15,981	$242,982
10	$5,609	$15,629	$237,373
11	$5,984	$15,253	$231,389
12	$6,385	$14,852	$225,004
13	$6,813	$14,425	$218,191
14	$7,269	$13,968	$210,922
15	$7,756	$13,482	$203,166

Amortization Schedule

First 15 months. Download full schedule for all 360 months.

Month	Payment	Principal	Interest	Balance
1	$1,770	$253	$1,517	$279,747
2	$1,770	$254	$1,515	$279,492
3	$1,770	$256	$1,514	$279,237
4	$1,770	$257	$1,513	$278,979
5	$1,770	$259	$1,511	$278,721
6	$1,770	$260	$1,510	$278,461
7	$1,770	$261	$1,508	$278,199
8	$1,770	$263	$1,507	$277,936
9	$1,770	$264	$1,505	$277,672
10	$1,770	$266	$1,504	$277,406
11	$1,770	$267	$1,503	$277,139
12	$1,770	$269	$1,501	$276,870
13	$1,770	$270	$1,500	$276,600
14	$1,770	$272	$1,498	$276,329
15	$1,770	$273	$1,497	$276,056

For educational and estimation purposes only; not financial or legal advice. Results are P&I only; actual payments may include property taxes, insurance, HOA, and PMI (typical if down <20%). U.S. conventional loans are often 15 or 30 years. Consult a qualified lender or advisor before making decisions.

Follow these steps to use the calculator:

Enter Your Loan Details
- Home Price ($): The total purchase price of your home.
- Down Payment ($): The amount of cash you’ll pay upfront. Typically, 20% is needed to avoid private mortgage insurance (PMI).
- Interest Rate (%): Your annual percentage rate (APR) for the new loan.
- Loan Term (years): The length of the mortgage (e.g., 15, 20, or 30 years).
Calculate
- Click “Calculate” to see your results. You can also reset to start over.
Review Your Results
- Monthly Payment: Your estimated new monthly mortgage payment.
- Total Interest: The total interest you’ll pay over the loan’s life.
- Total Payment: The sum of all your payments (principal + interest).
- Note: These estimates may not include property taxes, homeowners' insurance, HOA fees, or PMI if your down payment is less than 20%.
Visualize Your Loan
- Balance Over Time: See how your mortgage balance decreases each year.
- Principal vs Interest by Year: Understand how much of your payment goes to paying down the loan vs. interest, especially in the early years.
- Yearly Breakdown: A table showing, for the first 10 years, how much you’re paying in principal and interest and what your remaining balance will be.
- Amortization Schedule: A detailed, month-by-month breakdown for the first year—ideal for understanding payment structure.
Export or Share Results
- Use the Copy, Export PDF, or Export Excel options to save or share your calculations easily.

Understanding Mortgage Refinancing

Refinancing means replacing your current home loan with a new one, often to get a lower interest rate, change the loan term, or adjust your monthly payment. Many homeowners refinance to save money, reduce monthly costs, or pay off their mortgage faster. Refinancing can be complex, with factors like interest rates, loan terms, and closing costs all playing a role.

For example, if you have a $350,000 mortgage at a higher rate, refinancing could lower your monthly payment or the total interest paid over the loan. It is important to understand how the numbers work before making decisions. This calculator shows the real impact of refinancing, making it easier to plan and compare options.

How This Calculator Helps

This Refinance Calculator gives a clear picture of what refinancing could mean for your finances. By entering your home price, down payment, interest rate, and loan term, you’ll see:

Your estimated new monthly payment
The total interest paid over the life of the loan.
The total amount you’ll pay from start to finish

The calculator breaks down how much of each payment goes to principal versus interest and shows how your loan balance decreases over time. You can copy your results or export them as a PDF or Excel file for easy sharing or record-keeping. This makes it simple to compare scenarios and make informed choices.