This mortgage refinance calculator will help quantify the financial change from one mortgage to another in terms of the variance per payment, per year and over the lifetime of the loan at the proposed rate as well as the values if the original payment amount was continued. An example of this would be when downsizing a mortgage but keeping the original, higher, payment. This way the payback of the new mortgage would be accelerated resulting in interest payment savings.
Enter your information into the calculator below, and push Calculate.
Current Loan
Current loan amount
Current loan term years
Current loan rate
Proposed Loan
Proposed loan amount
Proposed loan term years
Proposed loan rate
Monthly Payment Summary
Current monthly payment
Proposed monthly payment
Variance per payment
Lifetime Payment Summary
Current loan full repayment
Proposed loan full repayment
Variance over full repayment
Years @ (current payment), per month
Years @ (proposed), per month
Loan payback full term variance years
Proposed loan full repayment
Variance over full repayment
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