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.

Current Loan:
Refinanced Loan:
Refinancing Costs: Often, Number of points is 2 or cost amount is 2% of the mortgage balance)


 Current LoanRefinanced Loan
Monthly Payment700.00368.33
Total Interest1,338.982,099.83
Total Payments21,338.9822,099.83

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.


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.