Mortgage Refinance Calculator
Compare your current mortgage payment against a new rate to see your potential monthly and 5-year savings.
Type exact values (cents included) or drag a slider to get close. To fine-tune, click the slider and press Left arrow keyRight arrow key on your keyboard: each press moves mortgage amounts by $100 and interest rates by 0.01%.
Type an exact value from $50,000 to $1,500,000. Dragging the slider moves quickly. With the slider focused, press the left or right arrow key to move in steps of $100.
Type an exact value from 2.00% to 10.00%. Dragging the slider moves quickly. With the slider focused, press the left or right arrow key to move in steps of 0.01%.
Type an exact value from 2.00% to 8.00%. Dragging the slider moves quickly. With the slider focused, press the left or right arrow key to move in steps of 0.01%.
Breaking a mortgage early may trigger a penalty — use the Penalty calculator, then let's confirm the net benefit for your exact situation.
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Get Exact Numbers — Free CallHow the Mortgage Refinance Calculator Works
Refinancing can lower your payment, shorten your amortization, or free up equity — but it only makes sense if the savings outweigh any penalty for breaking your current term early.
This calculator compares your current balance and rate against a new rate at the same amortization, so you can see the payment difference before deciding whether to move forward.
4 Steps to Your Results
This is your mortgage’s current standing balance and the rate you’re paying today.
From a renewal offer, a competing lender, or a rate you’ve seen advertised.
Keeping the same amortization gives the cleanest apples-to-apples payment comparison.
Current vs. new monthly payment, and the total savings projected over 5 years.
A $450,000 balance moving from a 5.79% current rate to a 4.29% new rate, over a 20-year remaining amortization, drops the payment from about $3,152/month to $2,787/month.
That’s a monthly savings of about $365 — roughly $21,897 over five years — before accounting for any penalty to break the current mortgage.
Before acting on a refinance like this, run the numbers through the Penalty calculator to confirm the switch is worth it after that cost.
Frequently Asked Questions
If you’re breaking your current term early, usually yes — either three months’ interest or an interest rate differential (IRD), depending on your mortgage type. Use the Penalty calculator to estimate it.
Want the Exact Numbers?
Every estimate here is OAC — let's confirm exactly what you qualify for with a free, no-obligation call.
