How to Use the Refinance Calculator

Our Refinance Calculator is a versatile tool to help you evaluate the benefits of refinancing your loans, whether for a home mortgage, auto loan, or other financing needs in the U.S. Follow these step-by-step instructions to calculate your new payments, savings, and more.

Step 1: Enter Your Current Loan Balance

Input the remaining balance on your current loan. For example, enter “200000” for $200,000, a key starting point for a refinance calculator mortgage.

Step 2: Specify Your Current Interest Rate

Enter the annual interest rate of your current loan. For example, input “5.0” for 5%, which the refinance calculator uses to compute your current payments.

Step 3: Set the Current Loan Term Remaining

Input the remaining term of your current loan, either in years or months. For example, enter “20” for 20 years, a common scenario for a refinance calculator 30 year fixed.

Step 4: Review Your Current Monthly Payment

The calculator will display your current monthly payment based on your inputs, such as “$1320.66”. You can adjust this if needed, a feature useful for a refinance calculator house.

Step 5: Input the New Interest Rate

Enter the new interest rate for your refinanced loan. For example, input “3.5” for 3.5%, a key factor in calculating savings with the Refinance Calculator.

Step 6: Define New Interest Rate Scenarios

Input high and low interest rate scenarios to see how your payments might vary. For example, enter “4.5” for a high rate and “2.5” for a low rate, a feature similar to those in a refinance calculator zillow.

Step 7: Set the New Loan Term

Input the term of your new loan, either in years or months. For example, enter “15” for 15 years, which is useful for scenarios like a refinance calculator 30 year fixed.

Step 8: Select Payment Frequency

Choose your payment frequency: monthly, biweekly, or weekly, a feature that makes this tool adaptable for international use like a refinance calculator canada or refinance calculator australia.

Step 9: Input Closing Costs

Enter the closing costs for refinancing, such as “3000” for $3,000, which helps calculate your break-even point.

Step 10: Specify Cash Out Amount

Input any cash out amount you plan to take, such as “0” or “10000” for $10,000, a common feature in refinancing calculations.

Step 11: Add Extra Payment (Optional)

Input any extra payment per payment period to pay off your loan faster, such as “0” or “200” for $200, a feature useful for both a refinance calculator car and mortgage loans.

Step 12: Calculate Your Refinance

Click the Calculate button to see your results with the refinance calculator.

Step 13: Review Your Results

• New Payment: Your new payment per period (monthly, biweekly, or weekly), such as “$1,479.38”.
• Total Interest Savings: The amount you’ll save on interest, like “$47,518.80”.
• Total Cost of Refinance: The overall cost, including interest and closing costs, such as “$269,588.40”.
• Break-Even Point: How long it takes to recoup closing costs, like “6 months”.
• Payoff Date: When you’ll pay off the new loan, such as “May 23, 2040”.
• High Rate Scenario: Payment at a higher rate, such as “$1,620.66 at 4.5%”.
• Low Rate Scenario: Payment at a lower rate, such as “$1,342.05 at 2.5%”.

Step 14: Explore the Comparison Chart

The Current vs. New Loan Comparison section shows a bar chart comparing your current and new monthly payments and total interest, a feature similar to those in a refinance calculator anz.

Step 15: Review Amortization Schedule

The Amortization Schedule table provides a yearly breakdown of principal, interest, and remaining balance for the new loan. Download the data as a CSV file using the Download CSV button.

Step 16: Print or Reset

Click the Print button to print the schedule, or the Reset button to clear all inputs and start over with the refinance calculator auto or any other loan type.