The mortgage refinance calculator is used in conjunction with the article Mortgage Refinance. It helps us to quickly compare our existing loan against a newer lower-interest loan.

Assumptions and Disclaimer

Please read the article Mortgage Refinance to understand the scope and limitations of what this calculator does.

Scenarios

We'll look at a few scenarios:

• The current loan, continuing to making payments.
• The refinanced new loan, paying only the interest.
• The refinanced new loan, paying the interest plus some amount towards the principal, such that the monthly payment equals what we were paying with the old loan.

For each scenario, we'll calculate:

• The monthly payments.
• The total expense over the life of the loan.