Refinance Calculator

Refinancing your mortgage can get you a lower interest rate, lower payment amount, shorten your loan term, or even allow you to avoid mortgage insurance premiums. Try the Better Rate Mortgage Refinance Calculator and see just how much you could save! Just enter the values requested below and click the Calculate button. It’s that easy!

Current Loan

$
$ Mo
%

Refinanced Loan

%
$

By refinancing your current loan balance of $20,000 at 4% over 5 years, you will decrease your monthly payments by $332 and add 29 months to the loan term. The total interest paid over the life of the loan will increase by $761.

Current Loan $700 per month
  • Monthly Payment
  • $700
  • Term
  • 2.6 Years Fixed
  • Interest Rate
  • 5%
Monthly Payment
$700
  • Pay-off Date
  • August 25, 2024
Refinanced Loan $368 per month
  • Monthly Payment
  • $368
  • Term
  • 5 Year Fixed
  • Interest Rate
  • 4%
Monthly Payment
$368
  • Pay-off Date
  • January 25, 2027
  • Refinancing Costs
  • $0

Year Principal Interest Total
2021$1,518.41$323.24$1,841.65
2022$3,748.94$671.03$4,419.97
2023$3,901.67$518.29$4,419.97
2024$4,060.63$359.33$4,419.97
2025$4,226.07$193.89$4,419.97
2026$2,544.28$34.04$2,578.31
  • Total Principal
  • $20,000
  • Total Interest
  • $2,099
  • Total Paid
  • $22,099

Click below to print or share a link to the mortgage calculator (with all your numbers pre-filled) below!

The information provided by this calculator is for illustrative purposes only. The default figures shown are hypothetical and may not be applicable to your individual situation. Be sure to consult a financial professional prior to relying on the results. The calculated results are intended for illustrative purposes only and accuracy is not guaranteed.

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