Mortgage Refinance Calculator
Refinancing replaces your mortgage with a new one, usually to get a lower rate or to borrow against your equity. Lenders typically lend up to 80% of the home’s value. Enter the penalty your lender quoted; we don’t guess it.
Your home and mortgage
New monthly payment
$2,613.71
- Equity you could access (80% of value)
- $300,000
- New mortgage
- $477,500
- Penalty and fees
- $7,500
- Current payment (estimated)
- $2,897.62
Switching rates alone (no extra borrowing) saves about $227.45 a month, so the penalty and fees pay for themselves in about 33 months.
Estimates with semi-annual compounding. Penalty is the figure you entered, not our estimate.
Amortization schedule
First 2 years| Year | Paid | Interest | Principal | Extra | Balance |
|---|---|---|---|---|---|
| Year 1 | $31,364.52 | $20,559.31 | $10,805.21 | $0.00 | $466,694.79 |
| Year 2 | $31,364.52 | $20,079.75 | $11,284.77 | $0.00 | $455,410.02 |
Rate held at 4.39% for the whole amortization. Estimate only.
Calculations are estimates for general educational use and are not financial, mortgage, tax or legal advice, a lending offer or approval. Actual payments, qualification, rates, insurance, taxes and fees depend on your lender, contract and circumstances. Projections hold your entered rate constant after the term; future rates may differ.
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