Mortgage Refinance Calculator

Mortgage Refinance Calculator

Estimate the new principal-and-interest payment after refinancing and compare it with your current mortgage payment.

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Ɔkwan bɛn so na wobu eyi?

The calculation amortizes the remaining balance over the new term at the new fixed rate. Closing costs, cash-out proceeds, escrow and prepayment penalties are excluded unless added to the new balance.

Refinance payment formulaNew payment = P × r(1 + r)ⁿ ÷ ((1 + r)ⁿ − 1)

Nhwɛso a mfaso wɔ so

Refinancing a $280,000 balance at 5.5% for 25 years produces an estimated principal-and-interest payment near $1,720 per month before closing costs.

Nea wɔabu afi mu

Remaining loan balanceNew annual rateNea wɔabu afi mu
$224,000.005.5%$1,271.85
$280,000.005.5%$1,589.81
$336,000.005.5%$1,907.77

Nsusuwii, nea nea afi mu aba kyerɛ ne mfomso a ɛtaa ba

Akontaabu nsusuwii

  • Rates and recurring amounts stay constant for the period represented by the formula.
  • Inputs use the same monthly or annual time basis stated in each field label.
  • Taxes, fees and contractual rules are excluded unless the calculator explicitly asks for them.

Sɛnea wobɛte nea afi mu aba no ase

  • Use the headline as a planning estimate and compare it with the detailed totals.
  • Run a baseline plus favorable and conservative scenarios before deciding.
  • Confirm important results against a lender, payroll statement, tax authority or signed contract as applicable.

Mfomso a ɛtaa ba a ɛsɛ sɛ wokwati

  • Mixing annual rates with monthly amounts or entering a percentage as a decimal.
  • Leaving out fees, taxes, changing rates or timing differences that apply to the real decision.
  • Treating approval guidelines, market returns or future appreciation as guarantees.