🏠 Mortgage Refinance Calculator

🏡 Mortgage Refinance Calculator

Current Loan Balance ($)

Current Interest Rate (%)

Current Loan Term (Years)

New Refinance Interest Rate (%)

New Loan Term (Years)

Home Value ($)

Mortgage Comparison

Current Monthly Payment: $

Refinanced Monthly Payment: $

Estimated Monthly Savings: $

Home Equity

Home Equity: $

Equity Percentage: %

🏠 How to Use the Mortgage Refinance Calculator (2026)

1. Enter Your Current Loan Balance

Begin by entering the remaining balance of your existing mortgage. This is the amount you still owe to your lender. The calculator uses this figure to estimate your current monthly mortgage payment and compare it with potential refinance options.

2. Provide Your Current Mortgage Interest Rate

Next, input the interest rate on your current mortgage loan. This information helps the calculator determine your existing monthly payment and estimate the total interest associated with your current loan.

3. Enter the New Refinance Interest Rate

Add the interest rate offered for the refinance loan. Many homeowners refinance to secure a lower interest rate, which can reduce monthly payments and lower the total interest paid over time.

4. Choose the New Loan Term

Enter the length of the new loan term in years, such as 15 or 30 years. The loan term affects both your monthly payment and the total interest you will pay over the life of the loan.

5. Include Estimated Closing Costs

Mortgage refinancing often involves closing costs, including lender fees, appraisal charges, and title services. Enter the estimated closing costs so the calculator can evaluate how long it will take to recover these expenses through monthly savings.

6. Click the Calculate Button

After filling in all the required fields, click the Calculate button. The calculator will instantly analyze the details and compare your current mortgage with the potential refinance loan.

7. Review Your Estimated Savings

The results section will display a summary of your current monthly payment, the estimated refinance payment, and your potential monthly savings. It will also estimate how many months it may take to recover the refinance closing costs, helping you decide whether refinancing is financially beneficial.