Mortgage Refinance Calculator: Payment and Costs
Weigh your loan against a refinancing: monthly P&I, interest left, nominal totals and the picture at your horizon, fees paid upfront or rolled in.
What This Calculator Does
To refinance your mortgage with clear numbers, this calculator lines up two fixed-rate payment schedules and starts each from the principal you carry now. You choose whether net fees come from your own funds or get folded into the new loan. Pure future interest gets its own figure, separate from the P&I-plus-fee totals, which are nominal. Pick a horizon and it puts cash paid out and principal still owed next to each other. What it won't do: calculate loan approval or settlement payoffs, or tell you whether refinancing pays off economically.
Who Is This For
Homeowners and real estate professionals in Florida can run rate-and-term scenarios here. Inputs are nominal note rates, exact amortization terms and nonrefundable fees, whether confirmed or estimated, all applied to principal. What's left out? Cash-out refinancing, adjustable-rate loans, balloon payments and any quoted payoff balance that doesn't match your principal.
How It Works
Begin with your current balance plus the old and new nominal rates. Enter the term remaining on your existing loan, then the new term as whole years and 0–11 additional months. Key in the net fees directly, pick cash or financed, and set the length of time you expect to hold the loan. The results show P&I, future interest and total nominal outflow, along with the cash-fee recovery period, when it can be reached, and the outcome at your horizon. Each loan's payments stop at its own payoff.
Frequently Asked Questions
Will a smaller payment each month mean cheaper refinancing?
Not necessarily. A longer term can lower your P&I while raising both the interest still ahead and the nominal total you repay. Compare the raw interest difference, the P&I-plus-fee totals and the result at your horizon. No single figure proves a refinance is profitable.
Cash-paid or financed fees: what's the difference?
Timing and interest. Cash fees are a single payment at closing, and the modeled principal doesn't move. Financed fees get added to your current principal and are repaid through the new loan, interest included. They aren't counted again as a cash cost. In that mode there's no cash-fee recovery period. Financing them doesn't make them free.
Should the principal field match my lender's payoff quote?
No. That field takes the principal you currently owe. A payoff quote prepared for closing may tack on accrued interest and other charges, and neither is modeled here. Your new principal equals today's principal plus the fees you elected to finance. That's all it includes. Keep unrelated new-loan figures out of that box, and treat the modeled amount as no preview of your final closing statement.
What if the loans are paid off at different times?
The horizon you picked stays put. Once a loan is paid off, its payments simply stop, so the early monthly saving can't be stretched over months when that loan no longer exists. You'll see the horizon cash gap and the remaining principal as distinct figures. Read the payoff-adjusted difference as a nominal number. Actual future payoff charges aren't in it, and later payments aren't discounted for time.
What is the cash-fee recovery period actually measuring?
It counts the whole months a lower payment needs to win back fees you paid in cash. You only get it in cash mode. The fee is divided by the initial drop in P&I, which must be positive, and the count stands only if it lands on or before the earliest payoff date. Don't mistake it for economic break-even. It doesn't promise savings that last, either. Starting payments can fall while the balance you still owe ends up higher and the full schedule costs more. Finance the fees and the measure disappears.
Which costs and assumptions deserve a second look?
Fees first. Type in the refinance charges you can't get back, net of any credits you're able to apply. Leaving the fee blank signals unknown, not zero. Keep refundable escrow and prepaid housing expenses out of it; PMI, taxes, insurance and HOA dues aren't part of the model either. Your lender is the one to confirm rates on the note, the exact terms, real payments and the final payoff. Credits can move pricing, so ask for updated quotes and rerun the numbers. Don't try to back out the credit you'd need from rounded losses.