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Mortgage Refinance Calculator

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

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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)

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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.

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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.