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Mortgage Refinancing & Equity Calculator

What you can do with this calculator

  • Should I refinance?
    A calculator can't tell you this, but you we can sure as heckfire help you find if it's financially feasible.
  • Estimate the penalty for ending a mortgage term early
    The exact pre-payment penalty amount varies from lender to lender. However, the amount can often be estimated by using a well known formula. (i.e., the greater of the IRD or three months interest.)
  • Find how changing your mortgage affects interest paid
    Change the parameters of your mortgage to increase or decrease payments, shorten your mortgage, or change rates. This calculator will show you difference in interest paid, savings on monthly payments, et al.
  • Determine the degree to which debt consolidation helps you
    This calculator lets you use equity in your home to consolidate debts into your mortgage, at a lower interest rate.
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Refinance Calculator

Current Mortgage and Home Details

Please enter the specific details of your current mortgage below.

Property value $
Current mortgage balance $
Current mortgage rate   %
Length of term remaining   months
Mortgage payment $
 
Pre-payment penalty
(Optional field)		 $
Note: If you do not know the penalty amount for ending your mortgage term early, leave this field empty and we will estimate the penalty for you. If there is no penalty for ending your term, manually enter "0".

Refinanced Mortgage Parameters

Please click the links below to indicate how you would like to change your existing mortgage. Please note that you may change the mortgage rate and one of either the payment amount or amortization period.

 Change your mortgage rate
New mortgage rate   %
 Change your payment amount
Preferred mortgage payment $
 Change your amortization period
Preferred amortization period   years
Click here to start consolidating debt
 
Summary of refinance calculations

Summary of Calculations

  • Your current mortgage would be paid in full in approximately 26.4 years. It would cost $30,016.26 in interest over the 26 months remaining in your term. At the same rate, the interest you would pay from now to the end of the amortization would be $215,827.13.
  • You have approximately $150,000.00 of equity in your home. Following federal lending guidelines, up to $60,000.00 of this equity could be available for use during refinancing.
  • We estimate that the penalty for breaking your mortgage term early would be approximately $3,410.04. For the exact amount, you must contact your current lender.
  • After applying the refinance penalty to the mortgage balance, you would have $56,589.96 in equity left for debt consolidation purposes.

Refinanced Mortgage Details

  • Your mortgage after refinancing would have a balance of $303,410.04. Your monthly payments would be about $1,645.93 per month, and it would take approximately 26.4 years to pay it down.
  • By refinancing, the total amount of interest paid on your mortgage will increase by $341.51 over the remainder of your term and will increase by $2,521.33 over the full amortization of the mortgage. Your monthly payment will increase by $18.27.
Calculation details side-by-side

Calculation details side-by-side

Before Refinancing
Mortgage Details
Property value $450,000.00
Mortgage balance $300,000.00
Years left 26.4 years
Interest rate 4.59% APR
 
Total equity $150,000.00
Usable equity $60,000.00
 
Average monthly payment $1,627.66
(-$18.27/month)
Interest over remaining term $30,016.26
(-$341.51)
Interest over amortization $215,827.13
(-$2,521.33)
After Refinancing
Mortgage Details
Property value $450,000.00
Mortgage balance $303,410.04
Years left 26.4 years
Interest rate 4.59% APR
 
Total equity $146,589.96
Remaining usable equity $56,589.96
 
Average monthly payment $1,645.93
(+$18.27/month)
Interest over remaining term $30,357.77
(+$341.51)
Interest over amortization $218,348.46
(+$2,521.33)
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