Refinance Calculator: New Payment vs. Your Current Loan
Compare monthly P&I side by side, interest still owed, nominal repayment totals and results at your chosen horizon, with fees paid in cash or financed.
What This Calculator Does
The mortgage refinance calculator on this page lays two fixed-rate monthly schedules side by side, each built on the principal you owe today. Net refinancing fees? You decide whether they come out of pocket or get financed. Future interest sits apart from the nominal P&I-plus-fees totals. At your chosen horizon, you see the cash difference between the two paths and the principal still owed on each loan. Some things it won't do: check loan approval, work out your closing payoff or measure economic profit.
Who Is This For
It's built for Florida homeowners and real estate professionals testing rate-and-term refinancing. Feed it nominal note rates and exact amortization terms. Fees go in nonrefundable, confirmed or still estimated, and every figure runs off the principal balance. Cash-out deals, adjustable rates, balloon payments and a quoted payoff balance that differs from the principal balance fall outside it.
How It Works
Enter today's principal, the nominal rate of each loan, and the remaining and new terms in whole years plus 0–11 months. Type net fees in explicitly, mark them cash or financed, add your planned holding period and confirm the scope matches your situation. Back come P&I, future interest and total nominal outflows side by side, any reachable cash-fee recovery, and results at your horizon. Either loan's payments stop at its payoff.
Frequently Asked Questions
If the monthly payment goes down, is the refinance actually cheaper?
Not necessarily. Stretching the term can lower P&I while future interest and the nominal repayment total rise. Compare the pure interest gap, the P&I-plus-fees totals and the horizon results; no lone number on the screen is a sign-off that refinancing will pay.
Cash-paid fees or financed fees: what changes?
Mainly when you pay, and how much interest rides on the fees. Cash fees leave your pocket in a lump sum at closing, and the modeled principal stays as it is. Financed fees join the current principal, so the new loan repays them with interest. They aren't counted again as cash costs, and the cash-fee recovery period doesn't apply. Financed doesn't mean free.
Is the principal I enter the same as a payoff quote?
No. You enter the principal you currently owe. A lender's payoff quote for closing can add accrued interest and other charges, and the tool leaves those out. The new principal equals current principal plus whichever fees you chose to finance, nothing more. Don't swap in an unrelated new-loan amount, and don't read the result as your final closing statement.
What happens if the loans pay off on different dates?
Your chosen horizon stays the same. Each loan's payments end on their own at that loan's payoff, so the opening monthly saving isn't multiplied across months after a loan is gone. The horizon cash gap and the principal still owed appear separately. The payoff-adjusted difference is nominal: it leaves out real payoff charges you may face later and ignores the time value of money.
What does the basic cash-fee recovery period tell me?
How many whole months your cash fee takes to come back through a lower payment, and it only exists in cash mode. The tool divides the cash fee by the initial P&I drop when that drop is positive, and shows the result only if it lands no later than whichever loan is paid off sooner. It is not an economic break-even, nor proof of lasting savings. Smaller starting payments can come with more debt left over and a costlier full schedule. Financed fees get no such measure.
Which costs and assumptions should I double-check?
Fees come first. Enter net nonrefundable refinance charges after subtracting any credits you can actually use; an empty fee field means unknown, not zero. Refundable escrow and prepaid housing costs stay out, and the comparison ignores PMI, taxes, insurance and HOA dues. Have your lender confirm the note rates, exact terms, real payments and final payoff. Credits can move your pricing, so get fresh quotes and run it again. A rounded loss won't reveal how big a credit you'd need.