Mortgage Refinance Calculator

Use this calculator to compare the benefit of refinancing and keeping the current mortgage.

Current Loan

Current property value
Original loan amount
Original loan term (years)
Mortgage rate
Loan start date
Loan balance

New Loan

Cash out
(added to loan amount)
Loan amount
Loan term (years)  
Mortgage rate
Refinance fee
(added to loan amount)

Refinance Consideration

Current

New

Difference

Monthly payment
10-year payment
All future payment
All future interest
Cash out amount
Implicit interest rate

Future Monthly Payment Difference

This tool helps answer :

  1. Is it worth it to refinance a mortgage for a lower interest rate, with additional up-front loan fee?

  2. If I need extra cash now, is cash out from a mortgage refinance better than personal loan? What is the implicit interest rate of cash out?

Content created by

AlexCFA, FSA, FRM, MBA

Alex is a seasoned finance professional with over 15 years of experience in investment management, consulting, and financial technology. He began his career as a financial advisor and later led large-scale budgeting and risk management initiatives as an actuary and manager at KPMG and global insurance firms. He also brings extensive experience as both an investment analyst and a software engineer. Alex is a CFA® charterholder, Fellow of the Society of Actuaries (FSA), and Financial Risk Manager (FRM®). He holds an MBA from the Simon Business School at the University of Rochester.

Content published on 2024-04-01. Last reviewed and updated on 2025-11-02.