Refinance Calculator

See how much you can save with our intuitive refinance calculator! Enter your current mortgage balance, how much you'd like to cash out (if applicable), and you'll know almost instantaneously how much you'll pay each month and how much you'll spend over the life of the loan. Of course, check out the current refinance rates to see how they compare to your existing loan.

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$1,122.61

New Monthly Payment
 

$154,140

Total Interest Paid
 

$404,140

Total of 360 Payments
 
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Sep, 2021 Aug, 2051
Loan Closing Loan Payoff

Compare Virginia Refinance Rates

740-850 FICO UP TO 2.0 POINTS

SEP 25, 2021

 
2.993%
APR
$1,038
per month
30 Year
Fixed
Rate: 2.875%
Fees: $3,832
Points: 1.533
Lock: 30 days
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2.881%
APR
$1,021
per month
30 Year
Fixed
Rate: 2.750%
Fees: $4,270
Points: 1.708
Lock: 45 days
View Details
3.024%
APR
$1,038
per month
30 Year
Fixed
Rate: 2.875%
Fees: $4,828
Points: 1.931
Lock: 45 days
View Details
2.783%
APR
$1,005
per month
30 Year
Fixed
Rate: 2.625%
Fees: $5,200
Points: 1.880
Lock: 45 days
View Details
2.977%
APR
$1,031
per month
30 Year
Fixed
Rate: 2.825%
Fees: $4,942
Points: 1.977
Lock: 60 days
View Details
3.272%
APR
$1,071
per month
30 Year
Fixed
Rate: 3.125%
Fees: $4,688
Points: 1.375
Lock: 30 days
View Details
2.945%
APR
$1,021
per month
30 Year
Fixed
Rate: 2.750%
Fees: $6,376
Points: 1.899
Lock: 30 days
View Details
3.398%
APR
$1,089
per month
30 Year
Fixed
Rate: 3.250%
Fees: $4,688
Points: 1.375
Lock: 30 days
View Details
3.017%
APR
$1,038
per month
30 Year
Fixed
Rate: 2.875%
Fees: $4,588
Points: 1.495
Lock: 45 days
View Details
2.881%
APR
$1,021
per month
30 Year
Fixed
Rate: 2.750%
Fees: $4,270
Points: 1.708
Lock: 45 days
View Details
3.024%
APR
$1,038
per month
30 Year
Fixed
Rate: 2.875%
Fees: $4,828
Points: 1.931
Lock: 45 days
View Details
2.645%
APR
$988
per month
30 Year
Fixed
Rate: 2.500%
Fees: $4,790
Points: 1.916
Lock: 30 days
View Details
2.993%
APR
$1,038
per month
30 Year
Fixed
Rate: 2.875%
Fees: $3,832
Points: 1.533
Lock: 30 days
View Details
2.626%
APR
$988
per month
30 Year
Fixed
Rate: 2.500%
Fees: $4,158
Points: 1.663
Lock: 30 days
View Details
2.722%
APR
$1,005
per month
30 Year
Fixed
Rate: 2.625%
Fees: $3,178
Points: 1.271
Lock: 45 days
View Details
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Amortization Schedule

Date Interest Principal Balance
Sep, 2021 $729 $393 $249,607
Oct, 2021 $728 $395 $249,212
Nov, 2021 $727 $396 $248,816
Dec, 2021 $726 $397 $248,419
2021 $2,910 $1,581 $248,419
Jan, 2022 $725 $398 $248,021
Feb, 2022 $723 $399 $247,622
Mar, 2022 $722 $400 $247,222
Apr, 2022 $721 $402 $246,820
May, 2022 $720 $403 $246,417
Jun, 2022 $719 $404 $246,014
Jul, 2022 $718 $405 $245,608
Aug, 2022 $716 $406 $245,202
Sep, 2022 $715 $407 $244,795
Oct, 2022 $714 $409 $244,386
Nov, 2022 $713 $410 $243,976
Dec, 2022 $712 $411 $243,565
2022 $8,617 $4,854 $243,565
Jan, 2023 $710 $412 $243,153
Feb, 2023 $709 $413 $242,740
Mar, 2023 $708 $415 $242,325
Apr, 2023 $707 $416 $241,909
May, 2023 $706 $417 $241,492
Jun, 2023 $704 $418 $241,074
Jul, 2023 $703 $419 $240,654
Aug, 2023 $702 $421 $240,234
Sep, 2023 $701 $422 $239,812
Oct, 2023 $699 $423 $239,389
Nov, 2023 $698 $424 $238,964
Dec, 2023 $697 $426 $238,539
2023 $8,445 $5,027 $238,539
Jan, 2024 $696 $427 $238,112
Feb, 2024 $694 $428 $237,684
Mar, 2024 $693 $429 $237,254
Apr, 2024 $692 $431 $236,824
May, 2024 $691 $432 $236,392
Jun, 2024 $689 $433 $235,959
Jul, 2024 $688 $434 $235,524
Aug, 2024 $687 $436 $235,089
Sep, 2024 $686 $437 $234,652
Oct, 2024 $684 $438 $234,213
Nov, 2024 $683 $439 $233,774
Dec, 2024 $682 $441 $233,333
2024 $8,266 $5,205 $233,333
Jan, 2025 $681 $442 $232,891
Feb, 2025 $679 $443 $232,448
Mar, 2025 $678 $445 $232,003
Apr, 2025 $677 $446 $231,557
May, 2025 $675 $447 $231,110
Jun, 2025 $674 $449 $230,661
Jul, 2025 $673 $450 $230,212
Aug, 2025 $671 $451 $229,760
Sep, 2025 $670 $452 $229,308
Oct, 2025 $669 $454 $228,854
Nov, 2025 $667 $455 $228,399
Dec, 2025 $666 $456 $227,943
2025 $8,081 $5,391 $227,943
Jan, 2026 $665 $458 $227,485
Feb, 2026 $663 $459 $227,026
Mar, 2026 $662 $460 $226,565
Apr, 2026 $661 $462 $226,103
May, 2026 $659 $463 $225,640
Jun, 2026 $658 $464 $225,176
Jul, 2026 $657 $466 $224,710
Aug, 2026 $655 $467 $224,243
Sep, 2026 $654 $469 $223,774
Oct, 2026 $653 $470 $223,304
Nov, 2026 $651 $471 $222,833
Dec, 2026 $650 $473 $222,360
2026 $7,889 $5,582 $222,360
Jan, 2027 $649 $474 $221,886
Feb, 2027 $647 $475 $221,411
Mar, 2027 $646 $477 $220,934
Apr, 2027 $644 $478 $220,456
May, 2027 $643 $480 $219,976
Jun, 2027 $642 $481 $219,495
Jul, 2027 $640 $482 $219,013
Aug, 2027 $639 $484 $218,529
Sep, 2027 $637 $485 $218,044
Oct, 2027 $636 $487 $217,557
Nov, 2027 $635 $488 $217,069
Dec, 2027 $633 $489 $216,579
2027 $7,690 $5,781 $216,579
Jan, 2028 $632 $491 $216,088
Feb, 2028 $630 $492 $215,596
Mar, 2028 $629 $494 $215,102
Apr, 2028 $627 $495 $214,607
May, 2028 $626 $497 $214,110
Jun, 2028 $624 $498 $213,612
Jul, 2028 $623 $500 $213,113
Aug, 2028 $622 $501 $212,612
Sep, 2028 $620 $502 $212,109
Oct, 2028 $619 $504 $211,605
Nov, 2028 $617 $505 $211,100
Dec, 2028 $616 $507 $210,593
2028 $7,485 $5,986 $210,593
Jan, 2029 $614 $508 $210,084
Feb, 2029 $613 $510 $209,575
Mar, 2029 $611 $511 $209,063
Apr, 2029 $610 $513 $208,550
May, 2029 $608 $514 $208,036
Jun, 2029 $607 $516 $207,520
Jul, 2029 $605 $517 $207,003
Aug, 2029 $604 $519 $206,484
Sep, 2029 $602 $520 $205,964
Oct, 2029 $601 $522 $205,442
Nov, 2029 $599 $523 $204,918
Dec, 2029 $598 $525 $204,393
2029 $7,272 $6,199 $204,393
Jan, 2030 $596 $526 $203,867
Feb, 2030 $595 $528 $203,339
Mar, 2030 $593 $530 $202,809
Apr, 2030 $592 $531 $202,278
May, 2030 $590 $533 $201,746
Jun, 2030 $588 $534 $201,211
Jul, 2030 $587 $536 $200,676
Aug, 2030 $585 $537 $200,138
Sep, 2030 $584 $539 $199,600
Oct, 2030 $582 $540 $199,059
Nov, 2030 $581 $542 $198,517
Dec, 2030 $579 $544 $197,973
2030 $7,051 $6,420 $197,973
Jan, 2031 $577 $545 $197,428
Feb, 2031 $576 $547 $196,882
Mar, 2031 $574 $548 $196,333
Apr, 2031 $573 $550 $195,783
May, 2031 $571 $552 $195,232
Jun, 2031 $569 $553 $194,678
Jul, 2031 $568 $555 $194,124
Aug, 2031 $566 $556 $193,567
Sep, 2031 $565 $558 $193,009
Oct, 2031 $563 $560 $192,449
Nov, 2031 $561 $561 $191,888
Dec, 2031 $560 $563 $191,325
2031 $6,823 $6,648 $191,325
Jan, 2032 $558 $565 $190,761
Feb, 2032 $556 $566 $190,194
Mar, 2032 $555 $568 $189,627
Apr, 2032 $553 $570 $189,057
May, 2032 $551 $571 $188,486
Jun, 2032 $550 $573 $187,913
Jul, 2032 $548 $575 $187,338
Aug, 2032 $546 $576 $186,762
Sep, 2032 $545 $578 $186,184
Oct, 2032 $543 $580 $185,605
Nov, 2032 $541 $581 $185,023
Dec, 2032 $540 $583 $184,441
2032 $6,587 $6,885 $184,441
Jan, 2033 $538 $585 $183,856
Feb, 2033 $536 $586 $183,270
Mar, 2033 $535 $588 $182,681
Apr, 2033 $533 $590 $182,092
May, 2033 $531 $592 $181,500
Jun, 2033 $529 $593 $180,907
Jul, 2033 $528 $595 $180,312
Aug, 2033 $526 $597 $179,715
Sep, 2033 $524 $598 $179,117
Oct, 2033 $522 $600 $178,517
Nov, 2033 $521 $602 $177,915
Dec, 2033 $519 $604 $177,311
2033 $6,342 $7,130 $177,311
Jan, 2034 $517 $605 $176,706
Feb, 2034 $515 $607 $176,098
Mar, 2034 $514 $609 $175,489
Apr, 2034 $512 $611 $174,879
May, 2034 $510 $613 $174,266
Jun, 2034 $508 $614 $173,652
Jul, 2034 $506 $616 $173,036
Aug, 2034 $505 $618 $172,418
Sep, 2034 $503 $620 $171,798
Oct, 2034 $501 $622 $171,176
Nov, 2034 $499 $623 $170,553
Dec, 2034 $497 $625 $169,928
2034 $6,088 $7,383 $169,928
Jan, 2035 $496 $627 $169,301
Feb, 2035 $494 $629 $168,672
Mar, 2035 $492 $631 $168,041
Apr, 2035 $490 $632 $167,409
May, 2035 $488 $634 $166,775
Jun, 2035 $486 $636 $166,138
Jul, 2035 $485 $638 $165,500
Aug, 2035 $483 $640 $164,860
Sep, 2035 $481 $642 $164,219
Oct, 2035 $479 $644 $163,575
Nov, 2035 $477 $646 $162,929
Dec, 2035 $475 $647 $162,282
2035 $5,826 $7,646 $162,282
Jan, 2036 $473 $649 $161,633
Feb, 2036 $471 $651 $160,982
Mar, 2036 $470 $653 $160,329
Apr, 2036 $468 $655 $159,674
May, 2036 $466 $657 $159,017
Jun, 2036 $464 $659 $158,358
Jul, 2036 $462 $661 $157,697
Aug, 2036 $460 $663 $157,034
Sep, 2036 $458 $665 $156,370
Oct, 2036 $456 $667 $155,703
Nov, 2036 $454 $668 $155,035
Dec, 2036 $452 $670 $154,364
2036 $5,554 $7,918 $154,364
Jan, 2037 $450 $672 $153,692
Feb, 2037 $448 $674 $153,018
Mar, 2037 $446 $676 $152,341
Apr, 2037 $444 $678 $151,663
May, 2037 $442 $680 $150,983
Jun, 2037 $440 $682 $150,301
Jul, 2037 $438 $684 $149,616
Aug, 2037 $436 $686 $148,930
Sep, 2037 $434 $688 $148,242
Oct, 2037 $432 $690 $147,552
Nov, 2037 $430 $692 $146,859
Dec, 2037 $428 $694 $146,165
2037 $5,272 $8,199 $146,165
Jan, 2038 $426 $696 $145,469
Feb, 2038 $424 $698 $144,770
Mar, 2038 $422 $700 $144,070
Apr, 2038 $420 $702 $143,368
May, 2038 $418 $704 $142,663
Jun, 2038 $416 $707 $141,957
Jul, 2038 $414 $709 $141,248
Aug, 2038 $412 $711 $140,538
Sep, 2038 $410 $713 $139,825
Oct, 2038 $408 $715 $139,110
Nov, 2038 $406 $717 $138,393
Dec, 2038 $404 $719 $137,674
2038 $4,980 $8,491 $137,674
Jan, 2039 $402 $721 $136,953
Feb, 2039 $399 $723 $136,230
Mar, 2039 $397 $725 $135,505
Apr, 2039 $395 $727 $134,777
May, 2039 $393 $730 $134,048
Jun, 2039 $391 $732 $133,316
Jul, 2039 $389 $734 $132,582
Aug, 2039 $387 $736 $131,846
Sep, 2039 $385 $738 $131,108
Oct, 2039 $382 $740 $130,368
Nov, 2039 $380 $742 $129,626
Dec, 2039 $378 $745 $128,881
2039 $4,678 $8,793 $128,881
Jan, 2040 $376 $747 $128,135
Feb, 2040 $374 $749 $127,386
Mar, 2040 $372 $751 $126,635
Apr, 2040 $369 $753 $125,881
May, 2040 $367 $755 $125,126
Jun, 2040 $365 $758 $124,368
Jul, 2040 $363 $760 $123,608
Aug, 2040 $361 $762 $122,846
Sep, 2040 $358 $764 $122,082
Oct, 2040 $356 $767 $121,315
Nov, 2040 $354 $769 $120,547
Dec, 2040 $352 $771 $119,776
2040 $4,366 $9,106 $119,776
Jan, 2041 $349 $773 $119,002
Feb, 2041 $347 $776 $118,227
Mar, 2041 $345 $778 $117,449
Apr, 2041 $343 $780 $116,669
May, 2041 $340 $782 $115,887
Jun, 2041 $338 $785 $115,102
Jul, 2041 $336 $787 $114,315
Aug, 2041 $333 $789 $113,526
Sep, 2041 $331 $791 $112,735
Oct, 2041 $329 $794 $111,941
Nov, 2041 $326 $796 $111,145
Dec, 2041 $324 $798 $110,346
2041 $4,042 $9,430 $110,346
Jan, 2042 $322 $801 $109,545
Feb, 2042 $320 $803 $108,742
Mar, 2042 $317 $805 $107,937
Apr, 2042 $315 $808 $107,129
May, 2042 $312 $810 $106,319
Jun, 2042 $310 $813 $105,506
Jul, 2042 $308 $815 $104,691
Aug, 2042 $305 $817 $103,874
Sep, 2042 $303 $820 $103,055
Oct, 2042 $301 $822 $102,233
Nov, 2042 $298 $824 $101,408
Dec, 2042 $296 $827 $100,581
2042 $3,706 $9,765 $100,581
Jan, 2043 $293 $829 $99,752
Feb, 2043 $291 $832 $98,920
Mar, 2043 $289 $834 $98,086
Apr, 2043 $286 $837 $97,250
May, 2043 $284 $839 $96,411
Jun, 2043 $281 $841 $95,569
Jul, 2043 $279 $844 $94,725
Aug, 2043 $276 $846 $93,879
Sep, 2043 $274 $849 $93,030
Oct, 2043 $271 $851 $92,179
Nov, 2043 $269 $854 $91,325
Dec, 2043 $266 $856 $90,469
2043 $3,359 $10,112 $90,469
Jan, 2044 $264 $859 $89,610
Feb, 2044 $261 $861 $88,749
Mar, 2044 $259 $864 $87,885
Apr, 2044 $256 $866 $87,019
May, 2044 $254 $869 $86,150
Jun, 2044 $251 $871 $85,279
Jul, 2044 $249 $874 $84,405
Aug, 2044 $246 $876 $83,529
Sep, 2044 $244 $879 $82,650
Oct, 2044 $241 $882 $81,768
Nov, 2044 $238 $884 $80,884
Dec, 2044 $236 $887 $79,997
2044 $2,999 $10,472 $79,997
Jan, 2045 $233 $889 $79,108
Feb, 2045 $231 $892 $78,216
Mar, 2045 $228 $894 $77,322
Apr, 2045 $226 $897 $76,424
May, 2045 $223 $900 $75,525
Jun, 2045 $220 $902 $74,622
Jul, 2045 $218 $905 $73,717
Aug, 2045 $215 $908 $72,810
Sep, 2045 $212 $910 $71,900
Oct, 2045 $210 $913 $70,987
Nov, 2045 $207 $916 $70,071
Dec, 2045 $204 $918 $69,153
2045 $2,627 $10,844 $69,153
Jan, 2046 $202 $921 $68,232
Feb, 2046 $199 $924 $67,308
Mar, 2046 $196 $926 $66,382
Apr, 2046 $194 $929 $65,453
May, 2046 $191 $932 $64,521
Jun, 2046 $188 $934 $63,587
Jul, 2046 $185 $937 $62,650
Aug, 2046 $183 $940 $61,710
Sep, 2046 $180 $943 $60,767
Oct, 2046 $177 $945 $59,822
Nov, 2046 $174 $948 $58,874
Dec, 2046 $172 $951 $57,923
2046 $2,241 $11,230 $57,923
Jan, 2047 $169 $954 $56,969
Feb, 2047 $166 $956 $56,013
Mar, 2047 $163 $959 $55,054
Apr, 2047 $161 $962 $54,092
May, 2047 $158 $965 $53,127
Jun, 2047 $155 $968 $52,159
Jul, 2047 $152 $970 $51,189
Aug, 2047 $149 $973 $50,215
Sep, 2047 $146 $976 $49,239
Oct, 2047 $144 $979 $48,260
Nov, 2047 $141 $982 $47,278
Dec, 2047 $138 $985 $46,294
2047 $1,842 $11,629 $46,294
Jan, 2048 $135 $988 $45,306
Feb, 2048 $132 $990 $44,315
Mar, 2048 $129 $993 $43,322
Apr, 2048 $126 $996 $42,326
May, 2048 $123 $999 $41,327
Jun, 2048 $121 $1,002 $40,325
Jul, 2048 $118 $1,005 $39,320
Aug, 2048 $115 $1,008 $38,312
Sep, 2048 $112 $1,011 $37,301
Oct, 2048 $109 $1,014 $36,287
Nov, 2048 $106 $1,017 $35,270
Dec, 2048 $103 $1,020 $34,250
2048 $1,428 $12,043 $34,250
Jan, 2049 $100 $1,023 $33,228
Feb, 2049 $97 $1,026 $32,202
Mar, 2049 $94 $1,029 $31,173
Apr, 2049 $91 $1,032 $30,142
May, 2049 $88 $1,035 $29,107
Jun, 2049 $85 $1,038 $28,069
Jul, 2049 $82 $1,041 $27,029
Aug, 2049 $79 $1,044 $25,985
Sep, 2049 $76 $1,047 $24,938
Oct, 2049 $73 $1,050 $23,888
Nov, 2049 $70 $1,053 $22,835
Dec, 2049 $67 $1,056 $21,779
2049 $1,000 $12,471 $21,779
Jan, 2050 $64 $1,059 $20,720
Feb, 2050 $60 $1,062 $19,658
Mar, 2050 $57 $1,065 $18,593
Apr, 2050 $54 $1,068 $17,524
May, 2050 $51 $1,071 $16,453
Jun, 2050 $48 $1,075 $15,378
Jul, 2050 $45 $1,078 $14,300
Aug, 2050 $42 $1,081 $13,219
Sep, 2050 $39 $1,084 $12,135
Oct, 2050 $35 $1,087 $11,048
Nov, 2050 $32 $1,090 $9,958
Dec, 2050 $29 $1,094 $8,864
2050 $556 $12,915 $8,864
Jan, 2051 $26 $1,097 $7,767
Feb, 2051 $23 $1,100 $6,667
Mar, 2051 $19 $1,103 $5,564
Apr, 2051 $16 $1,106 $4,458
May, 2051 $13 $1,110 $3,348
Jun, 2051 $10 $1,113 $2,235
Jul, 2051 $7 $1,116 $1,119
Aug, 2051 $3 $1,119 $0
2051 $117 $8,864 $0

Frequently Asked Questions

When to refinance a mortgage?

Generally speaking, you should refinance your mortgage whenever it makes financial sense to do so. Homeowners tend to refinance for two reasons: to get cash out and to lower their mortgage costs.
A cash-out refinance permits people to take equity out of their home by getting a new mortgage for a higher value than the previous one. This new mortgage pays off the old one, and the bank gives the excess funds to you in cash. It often makes financial sense to do this when you're looking to pay off higher-interest debt like credit cards or personal loans.
The other reason to refinance is when interest rates are low. Given that rates are near record lows, many people will find it advantageous to refinance since they'll pay less interest on the loan.
In either event, you can see how much you'll pay with our refinance calculator!

How to refinance a mortgage?

Refinancing a mortgage has essentially the same steps as getting a new mortgage. The mortgage that you'll obtain will pay off your old loan, and the bank will send you any extra money (if you're doing a cash-out refinance). You'll need to apply with a bank, submit all the necessary documentation, and meet the same criteria as anyone else applying for a mortgage, including the minimum credit score and debt-to-income requirements. Refinancing typically also takes the same time to close, with 30-45 day timelines being standard.
It is worth noting that you can refinance all types of mortgages, including FHA, VA, and USDA loans. Therefore, no matter what kind of mortgage you have, you might be able to save money with today's refinance rates!

How much does it cost to refinance a mortgage?

The amount you pay to refinance your loan depends mostly on the terms of the new mortgage. When refinancing a mortgage, there are typically three sources of costs: closing fees, points, and appraisals.
Closing fees are fees that your bank and county charge to process the mortgage. For example, your county may charge a fee to process the change of lienholder. Or your lender may charge you for a title search. These fees often cost about 2-5% of the loan, depending on your lender and where you live.
Points are optional but, depending on your circumstances, they can be advantageous. One point equals 1% of your mortgage value. It is a form of prepaid interest that reduces your interest rate by 0.25%. Most of the time, you'll see an ad for a mortgage that reads something like "3.5% with one point." This ad means that to get the 3.5% rate, you'll need to pay 1% of your loan's balance at closing. If you accept a refinance offer with points, you'll add these.
Finally, since a refinanced mortgage is a new loan, you'll typically have to pay for an appraisal. Usually, this is only a few hundred, but it might be more depending on the property's size and location.

How soon can you refinance your mortgage?

The short answer is that you can refinance whenever you want! The longer answer depends on whether or not you're refinancing with a different lender. Your current bank will always accept full payment on the loan. If you refinance with a new lender, you can always refinance right away. However, if you use the same lender, they may have a waiting period before you can adjust the terms of your loan. This waiting period tends to be at least six months, but every financial institution is different. With that said, you should only refinance your mortgage, though, when a refinance calculator shows that it makes fiscal sense to do so!

Definitions

Property Value

You likely won't have done an appraisal of your property, so make this a best-guess effort. Take a look at some other homes in your area that have recently sold and find ones that are comparable to yours. Once you look at a few of those homes, you should start to get a broad sense of what your home is worth. Put what you think your home is worth in this field.

Mortgage Balance

Enter your current mortgage balance. This number should be the amount that will pay off your loan. You can frequently get the dollar value to enter here by looking for your mortgage payoff statement. Most banks will let you get it online. However, some banks will require you to call in to get a copy of this statement. If you don't have this number handy, you can always estimate it using the current balance as of your last mortgage statement. An approximation is typically good enough to understand if refinancing will save you money or not.

Cash Out

If you're doing a cash out refinance, enter the amount of money you'd like to receive in this field on our refinance calculator. A cash-out mortgage lets you take some of your home equity as cash, in addition to paying off your loan. For example, let's say you owe $250,000 on a $500,000 home. You could refinance that $250,000 and take an extra $50,000 cash to make your new mortgage $300,000 total. Taking money out frequently helps with consolidating debt.

Monthly Payment

Our refinance calculator will use the information you have provided to calculate your monthly payment. This amount represents the total you will pay every month - including interest and principal. When you refinance, you can also opt to have the bank pay your property taxes and homeowners' insurance as part of escrow. If you elect to do that, your monthly payment will include these components as well.

Loan Closing Date

The loan closing date reflects the month in which your loan will finalize, and the bank will transfer the money to escrow for purchasing the property. In particular, the loan closing date is the first day where your loan begins to accrue interest. As such, all interest calculations, principal calculations, and monthly payments start as of this day.

Loan Payoff Date

Your loan payoff date is the month in which you will reduce your mortgage balance down to zero. The refinance calculator will give you this date assuming that you make each monthly payment. If you can, though, you may wish to pay a little bit more each month (even if it's just $10, it can make a difference over the life of the loan). If you do so, you'll pay your refinanced mortgage off faster!

Total Interest Paid

The bank will charge interest on the loan balance. The "Total Interest Paid" field of the refinance calculator reflects the total amount of interest you'll pay in addition to the principal. This money is "lost" in the sense that it does not go towards building equity. The interest amount plus the principal is the total amount you'll pay over the life of the loan. As a quick example, suppose you have a loan for $200,000. The calculator determines that you'll pay $50,000 in interest. The total sum of all your payments will be $250,000 - the amount needed to pay off the principal in full and the accrued interest.
This refinance calculator should only be used to estimate your repayments since it doesn't include taxes or insurance.