# Re-finance My Mortgage Calculation

# Mortgage Refinance Calculator

This online refinance calculator will help you easily compare your current mortgage loan with other refinancing options.

# Results...

Current Loan | Refinanced Loan | |
---|---|---|

Monthly Payment | 700.00 | 368.33 |

Total Interest | 1,338.98 | 2,099.83 |

Total Payments | 21,338.98 | 22,099.83 |

By refinancing your current loan balance of **20,000.00** at **5%** over **5 years**, you will decrease your monthly payments by **331.67**.

*Modify the values and click the calculate button to use*

### Mortgage Refinancing Definition, Examples

Mortgage refinancing is the process of replacing your mortgage or mortgages on your property with a new mortgage.

**Example:**

John has a mortgage for $100,000 with Bank X at an interest rate of 5.30%.

John discovers he can obtain a mortgage for $100,000 with Bank Y at an interest rate of 3.50%.

John then takes out a loan with Bank Y for $100,000 at 3.50% interest,

Bank Y will use to $100,000 to pay off Bank X.

John is under no further obligation to Bank X, since they have been paid in full, and he will now pay Bank Y.