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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:
Jan, 2039
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
Feb, 2024 1 $291.67 $423.22 $714.88 $99,576.78
Mar, 2024 2 $290.43 $424.45 $714.88 $99,152.33
Apr, 2024 3 $289.19 $425.69 $714.88 $98,726.65
May, 2024 4 $287.95 $426.93 $714.88 $98,299.72
Jun, 2024 5 $286.71 $428.18 $714.88 $97,871.54
Jul, 2024 6 $285.46 $429.42 $714.88 $97,442.12
Aug, 2024 7 $284.21 $430.68 $714.88 $97,011.44
Sep, 2024 8 $282.95 $431.93 $714.88 $96,579.51
Oct, 2024 9 $281.69 $433.19 $714.88 $96,146.32
Nov, 2024 10 $280.43 $434.46 $714.88 $95,711.86
Dec, 2024 11 $279.16 $435.72 $714.88 $95,276.14
Jan, 2025 12 $277.89 $436.99 $714.88 $94,839.14
Feb, 2025 13 $276.61 $438.27 $714.88 $94,400.87
Mar, 2025 14 $275.34 $439.55 $714.88 $93,961.33
Apr, 2025 15 $274.05 $440.83 $714.88 $93,520.50
May, 2025 16 $272.77 $442.11 $714.88 $93,078.39
Jun, 2025 17 $271.48 $443.40 $714.88 $92,634.98
Jul, 2025 18 $270.19 $444.70 $714.88 $92,190.28
Aug, 2025 19 $268.89 $445.99 $714.88 $91,744.29
Sep, 2025 20 $267.59 $447.30 $714.88 $91,296.99
Oct, 2025 21 $266.28 $448.60 $714.88 $90,848.40
Nov, 2025 22 $264.97 $449.91 $714.88 $90,398.49
Dec, 2025 23 $263.66 $451.22 $714.88 $89,947.27
Jan, 2026 24 $262.35 $452.54 $714.88 $89,494.73
Feb, 2026 25 $261.03 $453.86 $714.88 $89,040.87
Mar, 2026 26 $259.70 $455.18 $714.88 $88,585.69
Apr, 2026 27 $258.37 $456.51 $714.88 $88,129.19
May, 2026 28 $257.04 $457.84 $714.88 $87,671.35
Jun, 2026 29 $255.71 $459.17 $714.88 $87,212.17
Jul, 2026 30 $254.37 $460.51 $714.88 $86,751.66
Aug, 2026 31 $253.03 $461.86 $714.88 $86,289.80
Sep, 2026 32 $251.68 $463.20 $714.88 $85,826.60
Oct, 2026 33 $250.33 $464.55 $714.88 $85,362.04
Nov, 2026 34 $248.97 $465.91 $714.88 $84,896.13
Dec, 2026 35 $247.61 $467.27 $714.88 $84,428.86
Jan, 2027 36 $246.25 $468.63 $714.88 $83,960.23
Feb, 2027 37 $244.88 $470.00 $714.88 $83,490.23
Mar, 2027 38 $243.51 $471.37 $714.88 $83,018.87
Apr, 2027 39 $242.14 $472.74 $714.88 $82,546.12
May, 2027 40 $240.76 $474.12 $714.88 $82,072.00
Jun, 2027 41 $239.38 $475.51 $714.88 $81,596.49
Jul, 2027 42 $237.99 $476.89 $714.88 $81,119.60
Aug, 2027 43 $236.60 $478.28 $714.88 $80,641.32
Sep, 2027 44 $235.20 $479.68 $714.88 $80,161.64
Oct, 2027 45 $233.80 $481.08 $714.88 $79,680.56
Nov, 2027 46 $232.40 $482.48 $714.88 $79,198.08
Dec, 2027 47 $230.99 $483.89 $714.88 $78,714.19
Jan, 2028 48 $229.58 $485.30 $714.88 $78,228.89
Feb, 2028 49 $228.17 $486.71 $714.88 $77,742.18
Mar, 2028 50 $226.75 $488.13 $714.88 $77,254.04
Apr, 2028 51 $225.32 $489.56 $714.88 $76,764.48
May, 2028 52 $223.90 $490.99 $714.88 $76,273.50
Jun, 2028 53 $222.46 $492.42 $714.88 $75,781.08
Jul, 2028 54 $221.03 $493.85 $714.88 $75,287.22
Aug, 2028 55 $219.59 $495.29 $714.88 $74,791.93
Sep, 2028 56 $218.14 $496.74 $714.88 $74,295.19
Oct, 2028 57 $216.69 $498.19 $714.88 $73,797.00
Nov, 2028 58 $215.24 $499.64 $714.88 $73,297.36
Dec, 2028 59 $213.78 $501.10 $714.88 $72,796.26
Jan, 2029 60 $212.32 $502.56 $714.88 $72,293.70
Feb, 2029 61 $210.86 $504.03 $714.88 $71,789.68
Mar, 2029 62 $209.39 $505.50 $714.88 $71,284.18
Apr, 2029 63 $207.91 $506.97 $714.88 $70,777.21
May, 2029 64 $206.43 $508.45 $714.88 $70,268.76
Jun, 2029 65 $204.95 $509.93 $714.88 $69,758.83
Jul, 2029 66 $203.46 $511.42 $714.88 $69,247.41
Aug, 2029 67 $201.97 $512.91 $714.88 $68,734.50
Sep, 2029 68 $200.48 $514.41 $714.88 $68,220.09
Oct, 2029 69 $198.98 $515.91 $714.88 $67,704.18
Nov, 2029 70 $197.47 $517.41 $714.88 $67,186.77
Dec, 2029 71 $195.96 $518.92 $714.88 $66,667.85
Jan, 2030 72 $194.45 $520.43 $714.88 $66,147.42
Feb, 2030 73 $192.93 $521.95 $714.88 $65,625.46
Mar, 2030 74 $191.41 $523.47 $714.88 $65,101.99
Apr, 2030 75 $189.88 $525.00 $714.88 $64,576.99
May, 2030 76 $188.35 $526.53 $714.88 $64,050.45
Jun, 2030 77 $186.81 $528.07 $714.88 $63,522.39
Jul, 2030 78 $185.27 $529.61 $714.88 $62,992.78
Aug, 2030 79 $183.73 $531.15 $714.88 $62,461.62
Sep, 2030 80 $182.18 $532.70 $714.88 $61,928.92
Oct, 2030 81 $180.63 $534.26 $714.88 $61,394.66
Nov, 2030 82 $179.07 $535.81 $714.88 $60,858.85
Dec, 2030 83 $177.50 $537.38 $714.88 $60,321.47
Jan, 2031 84 $175.94 $538.94 $714.88 $59,782.53
Feb, 2031 85 $174.37 $540.52 $714.88 $59,242.01
Mar, 2031 86 $172.79 $542.09 $714.88 $58,699.92
Apr, 2031 87 $171.21 $543.67 $714.88 $58,156.24
May, 2031 88 $169.62 $545.26 $714.88 $57,610.98
Jun, 2031 89 $168.03 $546.85 $714.88 $57,064.13
Jul, 2031 90 $166.44 $548.45 $714.88 $56,515.69
Aug, 2031 91 $164.84 $550.05 $714.88 $55,965.64
Sep, 2031 92 $163.23 $551.65 $714.88 $55,413.99
Oct, 2031 93 $161.62 $553.26 $714.88 $54,860.73
Nov, 2031 94 $160.01 $554.87 $714.88 $54,305.86
Dec, 2031 95 $158.39 $556.49 $714.88 $53,749.37
Jan, 2032 96 $156.77 $558.11 $714.88 $53,191.26
Feb, 2032 97 $155.14 $559.74 $714.88 $52,631.52
Mar, 2032 98 $153.51 $561.37 $714.88 $52,070.14
Apr, 2032 99 $151.87 $563.01 $714.88 $51,507.13
May, 2032 100 $150.23 $564.65 $714.88 $50,942.48
Jun, 2032 101 $148.58 $566.30 $714.88 $50,376.18
Jul, 2032 102 $146.93 $567.95 $714.88 $49,808.22
Aug, 2032 103 $145.27 $569.61 $714.88 $49,238.62
Sep, 2032 104 $143.61 $571.27 $714.88 $48,667.35
Oct, 2032 105 $141.95 $572.94 $714.88 $48,094.41
Nov, 2032 106 $140.28 $574.61 $714.88 $47,519.80
Dec, 2032 107 $138.60 $576.28 $714.88 $46,943.52
Jan, 2033 108 $136.92 $577.96 $714.88 $46,365.56
Feb, 2033 109 $135.23 $579.65 $714.88 $45,785.91
Mar, 2033 110 $133.54 $581.34 $714.88 $45,204.57
Apr, 2033 111 $131.85 $583.04 $714.88 $44,621.53
May, 2033 112 $130.15 $584.74 $714.88 $44,036.79
Jun, 2033 113 $128.44 $586.44 $714.88 $43,450.35
Jul, 2033 114 $126.73 $588.15 $714.88 $42,862.20
Aug, 2033 115 $125.01 $589.87 $714.88 $42,272.33
Sep, 2033 116 $123.29 $591.59 $714.88 $41,680.74
Oct, 2033 117 $121.57 $593.31 $714.88 $41,087.43
Nov, 2033 118 $119.84 $595.04 $714.88 $40,492.38
Dec, 2033 119 $118.10 $596.78 $714.88 $39,895.60
Jan, 2034 120 $116.36 $598.52 $714.88 $39,297.08
Feb, 2034 121 $114.62 $600.27 $714.88 $38,696.82
Mar, 2034 122 $112.87 $602.02 $714.88 $38,094.80
Apr, 2034 123 $111.11 $603.77 $714.88 $37,491.03
May, 2034 124 $109.35 $605.53 $714.88 $36,885.50
Jun, 2034 125 $107.58 $607.30 $714.88 $36,278.20
Jul, 2034 126 $105.81 $609.07 $714.88 $35,669.12
Aug, 2034 127 $104.03 $610.85 $714.88 $35,058.28
Sep, 2034 128 $102.25 $612.63 $714.88 $34,445.65
Oct, 2034 129 $100.47 $614.42 $714.88 $33,831.23
Nov, 2034 130 $98.67 $616.21 $714.88 $33,215.02
Dec, 2034 131 $96.88 $618.01 $714.88 $32,597.02
Jan, 2035 132 $95.07 $619.81 $714.88 $31,977.21
Feb, 2035 133 $93.27 $621.62 $714.88 $31,355.59
Mar, 2035 134 $91.45 $623.43 $714.88 $30,732.17
Apr, 2035 135 $89.64 $625.25 $714.88 $30,106.92
May, 2035 136 $87.81 $627.07 $714.88 $29,479.85
Jun, 2035 137 $85.98 $628.90 $714.88 $28,850.95
Jul, 2035 138 $84.15 $630.73 $714.88 $28,220.21
Aug, 2035 139 $82.31 $632.57 $714.88 $27,587.64
Sep, 2035 140 $80.46 $634.42 $714.88 $26,953.22
Oct, 2035 141 $78.61 $636.27 $714.88 $26,316.95
Nov, 2035 142 $76.76 $638.12 $714.88 $25,678.83
Dec, 2035 143 $74.90 $639.99 $714.88 $25,038.84
Jan, 2036 144 $73.03 $641.85 $714.88 $24,396.99
Feb, 2036 145 $71.16 $643.72 $714.88 $23,753.27
Mar, 2036 146 $69.28 $645.60 $714.88 $23,107.66
Apr, 2036 147 $67.40 $647.49 $714.88 $22,460.18
May, 2036 148 $65.51 $649.37 $714.88 $21,810.80
Jun, 2036 149 $63.61 $651.27 $714.88 $21,159.54
Jul, 2036 150 $61.72 $653.17 $714.88 $20,506.37
Aug, 2036 151 $59.81 $655.07 $714.88 $19,851.30
Sep, 2036 152 $57.90 $656.98 $714.88 $19,194.31
Oct, 2036 153 $55.98 $658.90 $714.88 $18,535.41
Nov, 2036 154 $54.06 $660.82 $714.88 $17,874.59
Dec, 2036 155 $52.13 $662.75 $714.88 $17,211.85
Jan, 2037 156 $50.20 $664.68 $714.88 $16,547.16
Feb, 2037 157 $48.26 $666.62 $714.88 $15,880.54
Mar, 2037 158 $46.32 $668.56 $714.88 $15,211.98
Apr, 2037 159 $44.37 $670.51 $714.88 $14,541.47
May, 2037 160 $42.41 $672.47 $714.88 $13,869.00
Jun, 2037 161 $40.45 $674.43 $714.88 $13,194.56
Jul, 2037 162 $38.48 $676.40 $714.88 $12,518.17
Aug, 2037 163 $36.51 $678.37 $714.88 $11,839.79
Sep, 2037 164 $34.53 $680.35 $714.88 $11,159.45
Oct, 2037 165 $32.55 $682.33 $714.88 $10,477.11
Nov, 2037 166 $30.56 $684.32 $714.88 $9,792.79
Dec, 2037 167 $28.56 $686.32 $714.88 $9,106.47
Jan, 2038 168 $26.56 $688.32 $714.88 $8,418.14
Feb, 2038 169 $24.55 $690.33 $714.88 $7,727.81
Mar, 2038 170 $22.54 $692.34 $714.88 $7,035.47
Apr, 2038 171 $20.52 $694.36 $714.88 $6,341.11
May, 2038 172 $18.49 $696.39 $714.88 $5,644.72
Jun, 2038 173 $16.46 $698.42 $714.88 $4,946.30
Jul, 2038 174 $14.43 $700.46 $714.88 $4,245.85
Aug, 2038 175 $12.38 $702.50 $714.88 $3,543.35
Sep, 2038 176 $10.33 $704.55 $714.88 $2,838.80
Oct, 2038 177 $8.28 $706.60 $714.88 $2,132.20
Nov, 2038 178 $6.22 $708.66 $714.88 $1,423.53
Dec, 2038 179 $4.15 $710.73 $714.88 $712.80
Jan, 2039 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 Aug, 2041 Jan, 2039

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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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