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Mortgage Refinance Calculator

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Since a house is the largest purchase most of us will ever make, determining the total cost of your mortgage becomes crucial. However, few people know how to calculate their monthly payments. This is where our free mortgage calculator comes in. It doesn’t matter if you live in Washington, Massachusetts or New Jersey, it will help you estimate your monthly payments and see how paying extra each month helps your home equity.

Recalculate your savings

Calculate Monthly Payment

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	Monthly Payment	Total Loan Amount
Current Loan
New Loan

How were your savings calculated?

This calculation assumes a 2.63% APR and a 5-1 Year ARM loan.
Monthly Savings: The difference between your current payment and the new payment we’ve calulated for you.
Interest Savings: The difference in the total amount paid to each lender over the course of the loan.

DISPLAYING RESULTS FOR:

Choose a lender below and lock in your estimated payment of [estmopayment] or less

Amortization / Payment Scheduler

Your estimated loan payoff date
Dec 04, 2054

Mortgage Calculator Help

Our online mortgage calculator runs complex formulas to determine how much you can expect to pay per month, thus allowing you to take better care of your personal finances. Just insert a few pieces of information and it will show you what you want to know in no time flat. Additionally, our Amortization/Payment Scheduler will allow you to calculate the payoff date for your loan.

Here’s what information you need in order to use our calculator:

Home price

The total amount of money you expect to pay for a home (including the amount you borrow)

Down payment

The down payment is an initial amount paid at the time of the purchase. At least 20% down typically lets you avoid mortgage insurance. Don’t forget that the down payment includes the deposit!

Mortgage Amount

To find out the mortgage amount, just subtract the down payment from the home price. This number will be the outstanding balance on your mortgage, if you’re refinancing.

Mortgage Term (Years)

This is the length of the mortgage you’re considering. The 30-year fixed rate mortgage has become extremely popular lately, as 30-year fixed mortgage rates dropped to near historic lows. But don’t forget that a loan that lasts only 15 years has some advantages as well.

Interest Rate

You can use the internet to check the interest rate on your new mortgage. Just go to one of the numerous refinancing websites out there and find your area in their mortgage rate (bank rate) tables. Once you have a projected rate, which may be different from your real-life rate, you can insert it into the calculator.

Today’s rates are low, but, if you want to find the best rates, you have to shop around!

Mortgage Start Date

Just enter the month, day and year when you started or will start your mortgage payments.

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