Mortgage Refinance Calculator

Whether you’re considering refinancing for the first time or you’re a seasoned property owner, understanding the potential savings and impacts on your investment’s return is essential.

Our Mortgage Refinance Calculator is designed to effortlessly guide you through evaluating whether refinancing is a financially beneficial decision for you.

For a deeper dive into how the calculator operates and the meaning behind each input, be sure to visit our “How It Works” section.

Current Mortgage Details

New Mortgage Terms

Property and Rental Information

Economic Indicators

Refinance Summary


Long-term Financial Impact


Cash Flow Analysis


Investment Performance Metrics


Using the Mortgage Refinance Calculator

Input Current Mortgage Details

To start, you’ll need to enter the details of your current mortgage. This includes the Outstanding Balance, which is the amount you still owe; the Interest Rate, or the annual percentage rate you’re currently being charged; the Remaining Term, specifying how long you have left to pay off your mortgage in years or months; and your Monthly Mortgage Payment, the total amount you pay each month towards your mortgage, covering both the principal and the interest.

Provide New Mortgage Terms

Next, specify the terms of the new mortgage you’re considering. This involves the New Loan Amount, which might be more than your current outstanding balance if you’re looking to cash out equity; the Interest Rate of the new mortgage; the Term, indicating the new loan’s duration in years or months; and Closing Costs, encompassing all fees associated with the new mortgage, like appraisal fees, title insurance, origination fees, and legal expenses.

Fill in Property and Rental Information

This step requires information about your property and any rental income it generates. Input the Current Property Value, your best estimate of the market value of the property; Annual Property Tax, the total property tax paid yearly; Homeowner’s Insurance, the annual cost of insuring the property; HOA Fees, if your property is part of a homeowners’ association; Maintenance and Repairs, an annual estimate of what you spend maintaining and repairing the property; Rental Income, the monthly income the property generates; and the Vacancy Rate, the percentage of the year the property is not rented out.

Consider Economic Indicators

Adjust for economic factors that could influence your decision. This includes the Inflation Rate, the rate at which the general level of prices for goods and services is rising, and subsequently, purchasing power is falling; the Property Appreciation Rate, your expectation for how much the property’s value will increase each year; and the Rental Increase Rate, the rate at which you expect your rental income to grow annually.

Analyze Outputs

Finally, review the calculator’s outputs to understand the impact of refinancing. The Refinance Summary gives you a glimpse of your new monthly mortgage payment, how much you could potentially save each month, and the break-even point, which is how long it will take for the savings from the lower monthly payments to outweigh the closing costs. The Long-term Financial Impact section provides a comparison of the total cost over the life of your current and new mortgages, including interest savings. The Cash Flow Analysis helps you understand your monthly and annual cash flow from the property after accounting for the new mortgage payment and other expenses. Lastly, the Investment Performance Metrics evaluate the profitability of the refinancing through metrics like Return on Investment (ROI), Net Present Value (NPV), and Internal Rate of Return (IRR), offering a comprehensive view of how refinancing might benefit your financial situation.

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