Mortgage Refinance Calculator Excel

Mortgage Refinance Calculator excel to calculate refinance payments and see how much you can save by refinancing your house. Use our refinance calculator to estimate your new monthly mortgage payment, interest savings, and get an amortization schedule with principal, interest, and monthly payment.

Refinance Calculator
Remaining Balance	$	Interest Rate
Current Monthly Payment	$	New Interest Rate
New Loan Terms	years	Closing Cost	$
Other Expenses	$	Check Local Mortgage Rates

Mortgage Refinance Calculator Results
New Monthly Payment:			$714.88
Payoff Date:			Aug, 2038
Closing Cost:			$0.00
Other Expenses:			$0.00
Interest Savings:			$21,570.05
Total Savings:			$21,570.05
Mortgage Refinance Amortization Schedule
Payment Date	Payment #	Interest Paid	Principal Paid	Total Payment	Remaining Balance
Sep, 2023	1	$291.67	$423.22	$714.88	$99,576.78
Oct, 2023	2	$290.43	$424.45	$714.88	$99,152.33
Nov, 2023	3	$289.19	$425.69	$714.88	$98,726.65
Dec, 2023	4	$287.95	$426.93	$714.88	$98,299.72
Jan, 2024	5	$286.71	$428.18	$714.88	$97,871.54
Feb, 2024	6	$285.46	$429.42	$714.88	$97,442.12
Mar, 2024	7	$284.21	$430.68	$714.88	$97,011.44
Apr, 2024	8	$282.95	$431.93	$714.88	$96,579.51
May, 2024	9	$281.69	$433.19	$714.88	$96,146.32
Jun, 2024	10	$280.43	$434.46	$714.88	$95,711.86
Jul, 2024	11	$279.16	$435.72	$714.88	$95,276.14
Aug, 2024	12	$277.89	$436.99	$714.88	$94,839.14
Sep, 2024	13	$276.61	$438.27	$714.88	$94,400.87
Oct, 2024	14	$275.34	$439.55	$714.88	$93,961.33
Nov, 2024	15	$274.05	$440.83	$714.88	$93,520.50
Dec, 2024	16	$272.77	$442.11	$714.88	$93,078.39
Jan, 2025	17	$271.48	$443.40	$714.88	$92,634.98
Feb, 2025	18	$270.19	$444.70	$714.88	$92,190.28
Mar, 2025	19	$268.89	$445.99	$714.88	$91,744.29
Apr, 2025	20	$267.59	$447.30	$714.88	$91,296.99
May, 2025	21	$266.28	$448.60	$714.88	$90,848.40
Jun, 2025	22	$264.97	$449.91	$714.88	$90,398.49
Jul, 2025	23	$263.66	$451.22	$714.88	$89,947.27
Aug, 2025	24	$262.35	$452.54	$714.88	$89,494.73
Sep, 2025	25	$261.03	$453.86	$714.88	$89,040.87
Oct, 2025	26	$259.70	$455.18	$714.88	$88,585.69
Nov, 2025	27	$258.37	$456.51	$714.88	$88,129.19
Dec, 2025	28	$257.04	$457.84	$714.88	$87,671.35
Jan, 2026	29	$255.71	$459.17	$714.88	$87,212.17
Feb, 2026	30	$254.37	$460.51	$714.88	$86,751.66
Mar, 2026	31	$253.03	$461.86	$714.88	$86,289.80
Apr, 2026	32	$251.68	$463.20	$714.88	$85,826.60
May, 2026	33	$250.33	$464.55	$714.88	$85,362.04
Jun, 2026	34	$248.97	$465.91	$714.88	$84,896.13
Jul, 2026	35	$247.61	$467.27	$714.88	$84,428.86
Aug, 2026	36	$246.25	$468.63	$714.88	$83,960.23
Sep, 2026	37	$244.88	$470.00	$714.88	$83,490.23
Oct, 2026	38	$243.51	$471.37	$714.88	$83,018.87
Nov, 2026	39	$242.14	$472.74	$714.88	$82,546.12
Dec, 2026	40	$240.76	$474.12	$714.88	$82,072.00
Jan, 2027	41	$239.38	$475.51	$714.88	$81,596.49
Feb, 2027	42	$237.99	$476.89	$714.88	$81,119.60
Mar, 2027	43	$236.60	$478.28	$714.88	$80,641.32
Apr, 2027	44	$235.20	$479.68	$714.88	$80,161.64
May, 2027	45	$233.80	$481.08	$714.88	$79,680.56
Jun, 2027	46	$232.40	$482.48	$714.88	$79,198.08
Jul, 2027	47	$230.99	$483.89	$714.88	$78,714.19
Aug, 2027	48	$229.58	$485.30	$714.88	$78,228.89
Sep, 2027	49	$228.17	$486.71	$714.88	$77,742.18
Oct, 2027	50	$226.75	$488.13	$714.88	$77,254.04
Nov, 2027	51	$225.32	$489.56	$714.88	$76,764.48
Dec, 2027	52	$223.90	$490.99	$714.88	$76,273.50
Jan, 2028	53	$222.46	$492.42	$714.88	$75,781.08
Feb, 2028	54	$221.03	$493.85	$714.88	$75,287.22
Mar, 2028	55	$219.59	$495.29	$714.88	$74,791.93
Apr, 2028	56	$218.14	$496.74	$714.88	$74,295.19
May, 2028	57	$216.69	$498.19	$714.88	$73,797.00
Jun, 2028	58	$215.24	$499.64	$714.88	$73,297.36
Jul, 2028	59	$213.78	$501.10	$714.88	$72,796.26
Aug, 2028	60	$212.32	$502.56	$714.88	$72,293.70
Sep, 2028	61	$210.86	$504.03	$714.88	$71,789.68
Oct, 2028	62	$209.39	$505.50	$714.88	$71,284.18
Nov, 2028	63	$207.91	$506.97	$714.88	$70,777.21
Dec, 2028	64	$206.43	$508.45	$714.88	$70,268.76
Jan, 2029	65	$204.95	$509.93	$714.88	$69,758.83
Feb, 2029	66	$203.46	$511.42	$714.88	$69,247.41
Mar, 2029	67	$201.97	$512.91	$714.88	$68,734.50
Apr, 2029	68	$200.48	$514.41	$714.88	$68,220.09
May, 2029	69	$198.98	$515.91	$714.88	$67,704.18
Jun, 2029	70	$197.47	$517.41	$714.88	$67,186.77
Jul, 2029	71	$195.96	$518.92	$714.88	$66,667.85
Aug, 2029	72	$194.45	$520.43	$714.88	$66,147.42
Sep, 2029	73	$192.93	$521.95	$714.88	$65,625.46
Oct, 2029	74	$191.41	$523.47	$714.88	$65,101.99
Nov, 2029	75	$189.88	$525.00	$714.88	$64,576.99
Dec, 2029	76	$188.35	$526.53	$714.88	$64,050.45
Jan, 2030	77	$186.81	$528.07	$714.88	$63,522.39
Feb, 2030	78	$185.27	$529.61	$714.88	$62,992.78
Mar, 2030	79	$183.73	$531.15	$714.88	$62,461.62
Apr, 2030	80	$182.18	$532.70	$714.88	$61,928.92
May, 2030	81	$180.63	$534.26	$714.88	$61,394.66
Jun, 2030	82	$179.07	$535.81	$714.88	$60,858.85
Jul, 2030	83	$177.50	$537.38	$714.88	$60,321.47
Aug, 2030	84	$175.94	$538.94	$714.88	$59,782.53
Sep, 2030	85	$174.37	$540.52	$714.88	$59,242.01
Oct, 2030	86	$172.79	$542.09	$714.88	$58,699.92
Nov, 2030	87	$171.21	$543.67	$714.88	$58,156.24
Dec, 2030	88	$169.62	$545.26	$714.88	$57,610.98
Jan, 2031	89	$168.03	$546.85	$714.88	$57,064.13
Feb, 2031	90	$166.44	$548.45	$714.88	$56,515.69
Mar, 2031	91	$164.84	$550.05	$714.88	$55,965.64
Apr, 2031	92	$163.23	$551.65	$714.88	$55,413.99
May, 2031	93	$161.62	$553.26	$714.88	$54,860.73
Jun, 2031	94	$160.01	$554.87	$714.88	$54,305.86
Jul, 2031	95	$158.39	$556.49	$714.88	$53,749.37
Aug, 2031	96	$156.77	$558.11	$714.88	$53,191.26
Sep, 2031	97	$155.14	$559.74	$714.88	$52,631.52
Oct, 2031	98	$153.51	$561.37	$714.88	$52,070.14
Nov, 2031	99	$151.87	$563.01	$714.88	$51,507.13
Dec, 2031	100	$150.23	$564.65	$714.88	$50,942.48
Jan, 2032	101	$148.58	$566.30	$714.88	$50,376.18
Feb, 2032	102	$146.93	$567.95	$714.88	$49,808.22
Mar, 2032	103	$145.27	$569.61	$714.88	$49,238.62
Apr, 2032	104	$143.61	$571.27	$714.88	$48,667.35
May, 2032	105	$141.95	$572.94	$714.88	$48,094.41
Jun, 2032	106	$140.28	$574.61	$714.88	$47,519.80
Jul, 2032	107	$138.60	$576.28	$714.88	$46,943.52
Aug, 2032	108	$136.92	$577.96	$714.88	$46,365.56
Sep, 2032	109	$135.23	$579.65	$714.88	$45,785.91
Oct, 2032	110	$133.54	$581.34	$714.88	$45,204.57
Nov, 2032	111	$131.85	$583.04	$714.88	$44,621.53
Dec, 2032	112	$130.15	$584.74	$714.88	$44,036.79
Jan, 2033	113	$128.44	$586.44	$714.88	$43,450.35
Feb, 2033	114	$126.73	$588.15	$714.88	$42,862.20
Mar, 2033	115	$125.01	$589.87	$714.88	$42,272.33
Apr, 2033	116	$123.29	$591.59	$714.88	$41,680.74
May, 2033	117	$121.57	$593.31	$714.88	$41,087.43
Jun, 2033	118	$119.84	$595.04	$714.88	$40,492.38
Jul, 2033	119	$118.10	$596.78	$714.88	$39,895.60
Aug, 2033	120	$116.36	$598.52	$714.88	$39,297.08
Sep, 2033	121	$114.62	$600.27	$714.88	$38,696.82
Oct, 2033	122	$112.87	$602.02	$714.88	$38,094.80
Nov, 2033	123	$111.11	$603.77	$714.88	$37,491.03
Dec, 2033	124	$109.35	$605.53	$714.88	$36,885.50
Jan, 2034	125	$107.58	$607.30	$714.88	$36,278.20
Feb, 2034	126	$105.81	$609.07	$714.88	$35,669.12
Mar, 2034	127	$104.03	$610.85	$714.88	$35,058.28
Apr, 2034	128	$102.25	$612.63	$714.88	$34,445.65
May, 2034	129	$100.47	$614.42	$714.88	$33,831.23
Jun, 2034	130	$98.67	$616.21	$714.88	$33,215.02
Jul, 2034	131	$96.88	$618.01	$714.88	$32,597.02
Aug, 2034	132	$95.07	$619.81	$714.88	$31,977.21
Sep, 2034	133	$93.27	$621.62	$714.88	$31,355.59
Oct, 2034	134	$91.45	$623.43	$714.88	$30,732.17
Nov, 2034	135	$89.64	$625.25	$714.88	$30,106.92
Dec, 2034	136	$87.81	$627.07	$714.88	$29,479.85
Jan, 2035	137	$85.98	$628.90	$714.88	$28,850.95
Feb, 2035	138	$84.15	$630.73	$714.88	$28,220.21
Mar, 2035	139	$82.31	$632.57	$714.88	$27,587.64
Apr, 2035	140	$80.46	$634.42	$714.88	$26,953.22
May, 2035	141	$78.61	$636.27	$714.88	$26,316.95
Jun, 2035	142	$76.76	$638.12	$714.88	$25,678.83
Jul, 2035	143	$74.90	$639.99	$714.88	$25,038.84
Aug, 2035	144	$73.03	$641.85	$714.88	$24,396.99
Sep, 2035	145	$71.16	$643.72	$714.88	$23,753.27
Oct, 2035	146	$69.28	$645.60	$714.88	$23,107.66
Nov, 2035	147	$67.40	$647.49	$714.88	$22,460.18
Dec, 2035	148	$65.51	$649.37	$714.88	$21,810.80
Jan, 2036	149	$63.61	$651.27	$714.88	$21,159.54
Feb, 2036	150	$61.72	$653.17	$714.88	$20,506.37
Mar, 2036	151	$59.81	$655.07	$714.88	$19,851.30
Apr, 2036	152	$57.90	$656.98	$714.88	$19,194.31
May, 2036	153	$55.98	$658.90	$714.88	$18,535.41
Jun, 2036	154	$54.06	$660.82	$714.88	$17,874.59
Jul, 2036	155	$52.13	$662.75	$714.88	$17,211.85
Aug, 2036	156	$50.20	$664.68	$714.88	$16,547.16
Sep, 2036	157	$48.26	$666.62	$714.88	$15,880.54
Oct, 2036	158	$46.32	$668.56	$714.88	$15,211.98
Nov, 2036	159	$44.37	$670.51	$714.88	$14,541.47
Dec, 2036	160	$42.41	$672.47	$714.88	$13,869.00
Jan, 2037	161	$40.45	$674.43	$714.88	$13,194.56
Feb, 2037	162	$38.48	$676.40	$714.88	$12,518.17
Mar, 2037	163	$36.51	$678.37	$714.88	$11,839.79
Apr, 2037	164	$34.53	$680.35	$714.88	$11,159.45
May, 2037	165	$32.55	$682.33	$714.88	$10,477.11
Jun, 2037	166	$30.56	$684.32	$714.88	$9,792.79
Jul, 2037	167	$28.56	$686.32	$714.88	$9,106.47
Aug, 2037	168	$26.56	$688.32	$714.88	$8,418.14
Sep, 2037	169	$24.55	$690.33	$714.88	$7,727.81
Oct, 2037	170	$22.54	$692.34	$714.88	$7,035.47
Nov, 2037	171	$20.52	$694.36	$714.88	$6,341.11
Dec, 2037	172	$18.49	$696.39	$714.88	$5,644.72
Jan, 2038	173	$16.46	$698.42	$714.88	$4,946.30
Feb, 2038	174	$14.43	$700.46	$714.88	$4,245.85
Mar, 2038	175	$12.38	$702.50	$714.88	$3,543.35
Apr, 2038	176	$10.33	$704.55	$714.88	$2,838.80
May, 2038	177	$8.28	$706.60	$714.88	$2,132.20
Jun, 2038	178	$6.22	$708.66	$714.88	$1,423.53
Jul, 2038	179	$4.15	$710.73	$714.88	$712.80
Aug, 2038	180	$2.08	$712.80	$714.88	$0.00
Original vs. Mortgage Refinance
	Original	Mortgage Refinance
Monthly Payment	$715.43	$714.88
Total Interest	$50,248.90	$28,678.86
Total Principal	$100,000.00	$100,000.00
Total Payment	$150,248.90	$128,678.86
Closing Cost	$0	$0.00
Other Expenses	$0	$0.00
Total Interest Savings	$0	$21,570.05
Total Savings	$0	$21,570.05
Payoff Date	Mar, 2041	Aug, 2038

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Refinance Calculator

The refinance calculator is useful for those who already have a mortgage and looking to refinance their home. You will get a comparison table that compares your original mortgage against refinancing. You can export the refinance amortization schedule to excel or download it as a pdf file. For new homeowners, please use the conventional mortgage calculator with PMI to calculate monthly mortgage payments.

What is refinance?

Refinance is to pay off your mortgage and replace it with a new loan. When you refinance, your bank or lender will pay off your existing mortgage and generate a new mortgage. The new mortgage will have a different interest rate, monthly payments, or even a new term. The main reason for refinancing is to save money on the mortgage for the long term.

• Lower Interest Rate - If the interest rate has declined since you got your mortgage, by refinancing, you may be able to get a much lower interest rate for your new loan, and hence save money on interest payments.
• Switch from ARM to fixed interest rate - If you have an adjustable-rate mortgage, and are no longer comfortable with rising payments, you can switch to a fixed interest mortgage by refinancing.
• Change Loan Terms - If you are starting with a 30-year mortgage, and want to pay off your mortgage earlier, you can refinance to a 15-year mortgage with a lower interest rate. Another way to pay off a mortgage faster is to make extra payments towards the principal of your existing mortgage.
• Cash-Out Refinance - A type of refinancing that allows you to refinance a mortgage into a new loan that is greater than the outstanding balance of your current mortgage. You can then pocket the difference between the new loan and the remaining balance of your current mortgage. You can use the cash to make home improvements to increase the value of your home, and use the cash to pay off other debt with a higher interest rate, such as credit card debts.

How does refinancing work?

Refinance has a similar process as when you applied for your first mortgage. You shop around for lenders that give you the best interest rate or you can stay with your current lender. Staying with your current lender may save you some paperwork since they already have all of your information, but they may not offer you the best rate. After you find a lender, they will ask you for the same type of information as to when you first bought your home.

• Credit Score - Lenders will check your credit score and see if you are qualified for refinancing, and credit score is one of the keys to determining what kind of interest rate you will be getting.


• Income Check - You will need to provide your most recent pay stubs, W-2 statements or 1099, tax returns from the last 2 or 3 years, and bank statements to make sure you can afford the closing costs.


• Employment history - Some lenders check your employment history to see if you have stable jobs. If you are self-employed, they may require more documents from you than if you were working for a company.


• Substantial Home Equity - The more equity you have in your home, the better. Some lenders require the borrower to have at least a 20% equity in their homes in order to refinance, while other lenders may require less than 20%, but then you may have to pay a higher interest rate and pay extra each month for mortgage insurance or PMI.


• Debt-to-income ratio - Lenders look at your DTI ratio to check how much debt you have and to determine if you can repay the mortgage. The lower your DTI, the better. If you have a high DTI, you will need to check with the bank to see what kind of DTI they can accept.

Once you get approved from the lender, they will pay off your mortgage, and you will get a new refinanced mortgage with the new lender.

How much does it cost to refinance?

Just like when you purchased your home, you have to pay closing close to get a mortgage, there are closing costs to refinance as well. Following are the standard fees that you should expect to pay.

• Application Fee - This is the fee that you pay when you apply for refinancing. Some banks or lenders may be willing to waive this fee to get you as a customer.


• Origination Fee - Some lenders require you to pay for a loan origination fee, it could be up to 1.5% of the amount that you are looking to refinance.


• Appraisal fee - The bank will hire an appraiser to evaluate your house before the loan process begins, and you have to pay the appraisal fee. The appraisal fee varies from city to city, you may be charged anywhere from $250 - $600.


• Attorney fees - Some states require you to have an attorney in the refinancing process. Even if you live in a state that doesn't require a lawyer, it is helpful to hire one to review all the documents and the mortgage terms to make sure there are no surprises down the road. Attorney fees vary from state to state, expect to pay $500-$1200 depending on where you are located.


• Title search and insurance fees - You will have to pay for a new title search and insurance fees. The costs will be in the range of $500 - $1,000.

There might be other fees that your lender charges, such as credit report fees and recording fees. The total costs to refinance a mortgage could be in the range of 2%-5% of your loan amount depending on your loan size and the lender that you are working with. It's always a good idea to shop around to find a lender that gives you the best interest rate with low closing costs. You can also negotiate with your lender, as they can often waive some of the fees.

How long does it take to refinance a house?

Refinance goes through the same process as a mortgage, it takes the bank or the lender time to verify your income, employment history, credit score, title search, underwriting, and closing. It may take anywhere from 1 month to 2 months depending on how fast your lender processes your application. It is always a good idea to provide all the documents the bank asks for to avoid any delays. Keep in touch with the loan processor so you know where you are standing and make sure they are not waiting on you for any document.

Should I refinance?

Is refinancing worth it, should I refinance, or when to refinance are the kind of questions that many homeowners ask themselves when the interest rate goes down. Here are a few situations that will make refinancing worth the effort.

• Interest Rates Go Down - If interest rates go down dramatically, refinance will reduce the total costs of your mortgage, and help you build your equity in your home faster.


• Improved Credit Score - If your credit score has improved substantially since you bought the house, then refinancing is a good idea because the best rates and terms are given to borrowers with good credit scores.


• Changing Terms - If you want to shorten your 30-year term to a 15-year term, or switch from an ARM to a fixed interest rate, then refinancing is a good option as it will reduce your total payments.


• Reducing Other Debts - If you have other debts with a much higher interest rate, using a cash-out refinance mortgage is a good way to reduce your debt. Of course, you will need to have good equity in your house to cash out a meaningful amount.

On the other hand, if the interest rate doesn't drop that much, and the costs to refinance are higher or close to the interest savings, then refinance might not make sense.

When to refinance?

Another thing to take into account is how long does it take to break even on your refinance. Does it take 5 years to break even? 10 years? If you are planning to move to another house soon, then refinancing is not a good idea because you won't have time to recoup the costs to refinance. If you are planning to live in your current house for a long time, longer than the breakeven period, then refinancing is a good idea. With our refinance calculator, you can see exactly how much you can save so you can decide whether or not to refinance your mortgage. Not only does it show the total interest savings, but it will also generate a refinance amortization schedule with the new monthly payments so that you can compare it to your current mortgage. Our mortgage refinance breakeven calculator will show you exactly how long it takes to break even based on your refinance costs, interest rate, terms, and refinance balance.

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