Home Refinance Calculator

Use the current mortgage balance and principal-and-interest payment to compare refinancing from today forward. Keep escrow, taxes and insurance outside the loan payment comparison.

Enter all amounts in one currency. Currency selection changes labels, not amounts or jurisdiction. No conversion is performed.

Mortgage interest scenarios use the stated monthly-rate approximation. Selecting CAD does not apply Canadian semiannual mortgage compounding; use lender terms to check an actual mortgage quote.

Range: 0–1,000,000,000
Range: 0–100
Range: 0–1,000,000,000
Range: 0–100
Range: 1–600; whole numbers
Range: 0–1,000,000,000

Enter your values to see an estimate. Enter 0 for amounts that do not apply.

How this calculator works

Simulate the current balance at its current rate and payment, then amortize the same balance at the new rate and term. Cash refinancing fees increase the replacement cost. Simple fee recovery is cash fees divided by monthly payment reduction, when positive.

Worked example

A remaining 1,200 mortgage at 0% paid at 200 monthly ends in six months. Refinancing at 0% over 12 months lowers the payment to 100; with 60 cash fees, total remaining cost rises from 1,200 to 1,260.

Assumptions and limits

Excludes escrow changes, penalties, cash-out, financed fees and future rate changes. Simple fee recovery is not a total-cost break-even date. Total savings are unavailable if the current loan does not repay within 600 months; extending a term can increase cost despite a lower payment.

How to choose your inputs

Use the balance remaining today and the current principal-and-interest payment; remove escrow and property charges from that payment. Enter the replacement quote’s fixed nominal rate, full repayment months and fees paid separately in cash. Use another model if the quote increases principal through financed fees or cash taken out.

How to interpret your result

Read payment reduction separately from total remaining cost. Simple fee recovery divides fees by a monthly payment difference, but it does not compare equity or all costs at a sale date. A longer new term may recover fees through smaller payments while still increasing lifetime cost; compare both terms and your intended holding period.

Primary references

This educational estimate uses your inputs. It is not individualized financial, tax, insurance, or investment advice, a lender offer, approval decision, or a promise of future results.

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