fincalculator
Refinance Calculator
Use this free Refinance Calculator to see if refinancing your mortgage makes financial sense. Simple, accurate, and easy to use online.
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Fincalculator
INPUT VALUES
Home Price400000
Down Payment80000
Interest Rate6.5
Loan Term30
Property Tax (/yr)4000
Home Insurance (/yr)1200
Mortgage Refinance Calculator
The Refinance Calculator analyzes whether replacing your current mortgage with a new one makes financial sense. It looks beyond just the interest rate difference and factors in closing costs and the time you plan to stay in the home.
It calculates the 'Break-Even Point': how many months it will take for the monthly savings to pay for the cost of refinancing.
Why You Need This Tool
- Break-Even AnalysisKnow exactly when you start actually saving money.
- Cash-Out PotentialSee how taking cash out affects your new payment.
- Term ReductionCompare switching from a 30-year to a 15-year loan.
The Mathematics Behind It
Savings = (Old Payment - New Payment) * Months
How to Use This Calculator
1. Original Lease Stats
Balance, Rate, and Payment.
2. New Loan Stats
Rate, Term, and Closing Costs.
Understanding Your Results
Monthly Savings
Reduction in your monthly bill.
Total Save/Loss
Lifetime savings (or cost) of switching.
Common Mistakes to Avoid
- Ignoring Closing Costs: Refinancing isn't free. It usually costs 2-5% of the loan amount.
- Extending the Term: Lowering your payment by resetting to a new 30-year loan might cost you more in the long run.
Frequently Asked Questions
Is it worth refinancing for 0.5%?
Depends on the loan size. For large loans, yes; for small ones, closing costs might eat the savings.