Refinance Amortization 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.

$
$
$
 

$1,122.61

New Monthly Payment
 

$154,140

Total Interest Paid
 

$404,140

Total of 360 Payments
 
Loading chart. Please wait...
Jun, 2023 May, 2053
Loan Closing Loan Payoff

Compare Virginia Refinance Amortization Rates

740-850 FICO UP TO 2.0 POINTS

JUN 05, 2023

 
6.692%
APR
$1,581
per month
30 Year
Fixed
Rate: 6.500%
Fees: $0
Points: 2.000
Pts amt: $5,000
View Details
6.692%
APR
$1,581
per month
30 Year
Fixed
Rate: 6.500%
Fees: $0
Points: 2.000
Pts amt: $5,000
View Details
  • Get Your Custom Quote Online
  • Pre-Approval within 24 Hours
  • Offers Flexible Terms from 8 to 30 Years
  • Over 251k Positive Reviews, A+ Rating With BBB
View Details
  • 2023 FHA Loan tools and resources
  • Find answers to your mortgage questions
  • Easy to qualify, no obligation
View Details
Data provided by Icanbuy, LLC. Payments do not include amounts for taxes and insurance premiums. Click here for more information on rates and product details.

Amortization Schedule

Date Interest Principal Balance
Jun, 2023 $729 $393 $249,607
Jul, 2023 $728 $395 $249,212
Aug, 2023 $727 $396 $248,816
Sep, 2023 $726 $397 $248,419
Oct, 2023 $725 $398 $248,021
Nov, 2023 $723 $399 $247,622
Dec, 2023 $722 $400 $247,222
2023 $5,080 $2,778 $247,222
Jan, 2024 $721 $402 $246,820
Feb, 2024 $720 $403 $246,417
Mar, 2024 $719 $404 $246,014
Apr, 2024 $718 $405 $245,608
May, 2024 $716 $406 $245,202
Jun, 2024 $715 $407 $244,795
Jul, 2024 $714 $409 $244,386
Aug, 2024 $713 $410 $243,976
Sep, 2024 $712 $411 $243,565
Oct, 2024 $710 $412 $243,153
Nov, 2024 $709 $413 $242,740
Dec, 2024 $708 $415 $242,325
2024 $8,575 $4,897 $242,325
Jan, 2025 $707 $416 $241,909
Feb, 2025 $706 $417 $241,492
Mar, 2025 $704 $418 $241,074
Apr, 2025 $703 $419 $240,654
May, 2025 $702 $421 $240,234
Jun, 2025 $701 $422 $239,812
Jul, 2025 $699 $423 $239,389
Aug, 2025 $698 $424 $238,964
Sep, 2025 $697 $426 $238,539
Oct, 2025 $696 $427 $238,112
Nov, 2025 $694 $428 $237,684
Dec, 2025 $693 $429 $237,254
2025 $8,401 $5,071 $237,254
Jan, 2026 $692 $431 $236,824
Feb, 2026 $691 $432 $236,392
Mar, 2026 $689 $433 $235,959
Apr, 2026 $688 $434 $235,524
May, 2026 $687 $436 $235,089
Jun, 2026 $686 $437 $234,652
Jul, 2026 $684 $438 $234,213
Aug, 2026 $683 $439 $233,774
Sep, 2026 $682 $441 $233,333
Oct, 2026 $681 $442 $232,891
Nov, 2026 $679 $443 $232,448
Dec, 2026 $678 $445 $232,003
2026 $8,220 $5,251 $232,003
Jan, 2027 $677 $446 $231,557
Feb, 2027 $675 $447 $231,110
Mar, 2027 $674 $449 $230,661
Apr, 2027 $673 $450 $230,212
May, 2027 $671 $451 $229,760
Jun, 2027 $670 $452 $229,308
Jul, 2027 $669 $454 $228,854
Aug, 2027 $667 $455 $228,399
Sep, 2027 $666 $456 $227,943
Oct, 2027 $665 $458 $227,485
Nov, 2027 $663 $459 $227,026
Dec, 2027 $662 $460 $226,565
2027 $8,033 $5,438 $226,565
Jan, 2028 $661 $462 $226,103
Feb, 2028 $659 $463 $225,640
Mar, 2028 $658 $464 $225,176
Apr, 2028 $657 $466 $224,710
May, 2028 $655 $467 $224,243
Jun, 2028 $654 $469 $223,774
Jul, 2028 $653 $470 $223,304
Aug, 2028 $651 $471 $222,833
Sep, 2028 $650 $473 $222,360
Oct, 2028 $649 $474 $221,886
Nov, 2028 $647 $475 $221,411
Dec, 2028 $646 $477 $220,934
2028 $7,840 $5,631 $220,934
Jan, 2029 $644 $478 $220,456
Feb, 2029 $643 $480 $219,976
Mar, 2029 $642 $481 $219,495
Apr, 2029 $640 $482 $219,013
May, 2029 $639 $484 $218,529
Jun, 2029 $637 $485 $218,044
Jul, 2029 $636 $487 $217,557
Aug, 2029 $635 $488 $217,069
Sep, 2029 $633 $489 $216,579
Oct, 2029 $632 $491 $216,088
Nov, 2029 $630 $492 $215,596
Dec, 2029 $629 $494 $215,102
2029 $7,640 $5,832 $215,102
Jan, 2030 $627 $495 $214,607
Feb, 2030 $626 $497 $214,110
Mar, 2030 $624 $498 $213,612
Apr, 2030 $623 $500 $213,113
May, 2030 $622 $501 $212,612
Jun, 2030 $620 $502 $212,109
Jul, 2030 $619 $504 $211,605
Aug, 2030 $617 $505 $211,100
Sep, 2030 $616 $507 $210,593
Oct, 2030 $614 $508 $210,084
Nov, 2030 $613 $510 $209,575
Dec, 2030 $611 $511 $209,063
2030 $7,432 $6,039 $209,063
Jan, 2031 $610 $513 $208,550
Feb, 2031 $608 $514 $208,036
Mar, 2031 $607 $516 $207,520
Apr, 2031 $605 $517 $207,003
May, 2031 $604 $519 $206,484
Jun, 2031 $602 $520 $205,964
Jul, 2031 $601 $522 $205,442
Aug, 2031 $599 $523 $204,918
Sep, 2031 $598 $525 $204,393
Oct, 2031 $596 $526 $203,867
Nov, 2031 $595 $528 $203,339
Dec, 2031 $593 $530 $202,809
2031 $7,218 $6,254 $202,809
Jan, 2032 $592 $531 $202,278
Feb, 2032 $590 $533 $201,746
Mar, 2032 $588 $534 $201,211
Apr, 2032 $587 $536 $200,676
May, 2032 $585 $537 $200,138
Jun, 2032 $584 $539 $199,600
Jul, 2032 $582 $540 $199,059
Aug, 2032 $581 $542 $198,517
Sep, 2032 $579 $544 $197,973
Oct, 2032 $577 $545 $197,428
Nov, 2032 $576 $547 $196,882
Dec, 2032 $574 $548 $196,333
2032 $6,995 $6,476 $196,333
Jan, 2033 $573 $550 $195,783
Feb, 2033 $571 $552 $195,232
Mar, 2033 $569 $553 $194,678
Apr, 2033 $568 $555 $194,124
May, 2033 $566 $556 $193,567
Jun, 2033 $565 $558 $193,009
Jul, 2033 $563 $560 $192,449
Aug, 2033 $561 $561 $191,888
Sep, 2033 $560 $563 $191,325
Oct, 2033 $558 $565 $190,761
Nov, 2033 $556 $566 $190,194
Dec, 2033 $555 $568 $189,627
2033 $6,765 $6,707 $189,627
Jan, 2034 $553 $570 $189,057
Feb, 2034 $551 $571 $188,486
Mar, 2034 $550 $573 $187,913
Apr, 2034 $548 $575 $187,338
May, 2034 $546 $576 $186,762
Jun, 2034 $545 $578 $186,184
Jul, 2034 $543 $580 $185,605
Aug, 2034 $541 $581 $185,023
Sep, 2034 $540 $583 $184,441
Oct, 2034 $538 $585 $183,856
Nov, 2034 $536 $586 $183,270
Dec, 2034 $535 $588 $182,681
2034 $6,526 $6,945 $182,681
Jan, 2035 $533 $590 $182,092
Feb, 2035 $531 $592 $181,500
Mar, 2035 $529 $593 $180,907
Apr, 2035 $528 $595 $180,312
May, 2035 $526 $597 $179,715
Jun, 2035 $524 $598 $179,117
Jul, 2035 $522 $600 $178,517
Aug, 2035 $521 $602 $177,915
Sep, 2035 $519 $604 $177,311
Oct, 2035 $517 $605 $176,706
Nov, 2035 $515 $607 $176,098
Dec, 2035 $514 $609 $175,489
2035 $6,279 $7,192 $175,489
Jan, 2036 $512 $611 $174,879
Feb, 2036 $510 $613 $174,266
Mar, 2036 $508 $614 $173,652
Apr, 2036 $506 $616 $173,036
May, 2036 $505 $618 $172,418
Jun, 2036 $503 $620 $171,798
Jul, 2036 $501 $622 $171,176
Aug, 2036 $499 $623 $170,553
Sep, 2036 $497 $625 $169,928
Oct, 2036 $496 $627 $169,301
Nov, 2036 $494 $629 $168,672
Dec, 2036 $492 $631 $168,041
2036 $6,023 $7,448 $168,041
Jan, 2037 $490 $632 $167,409
Feb, 2037 $488 $634 $166,775
Mar, 2037 $486 $636 $166,138
Apr, 2037 $485 $638 $165,500
May, 2037 $483 $640 $164,860
Jun, 2037 $481 $642 $164,219
Jul, 2037 $479 $644 $163,575
Aug, 2037 $477 $646 $162,929
Sep, 2037 $475 $647 $162,282
Oct, 2037 $473 $649 $161,633
Nov, 2037 $471 $651 $160,982
Dec, 2037 $470 $653 $160,329
2037 $5,759 $7,713 $160,329
Jan, 2038 $468 $655 $159,674
Feb, 2038 $466 $657 $159,017
Mar, 2038 $464 $659 $158,358
Apr, 2038 $462 $661 $157,697
May, 2038 $460 $663 $157,034
Jun, 2038 $458 $665 $156,370
Jul, 2038 $456 $667 $155,703
Aug, 2038 $454 $668 $155,035
Sep, 2038 $452 $670 $154,364
Oct, 2038 $450 $672 $153,692
Nov, 2038 $448 $674 $153,018
Dec, 2038 $446 $676 $152,341
2038 $5,484 $7,987 $152,341
Jan, 2039 $444 $678 $151,663
Feb, 2039 $442 $680 $150,983
Mar, 2039 $440 $682 $150,301
Apr, 2039 $438 $684 $149,616
May, 2039 $436 $686 $148,930
Jun, 2039 $434 $688 $148,242
Jul, 2039 $432 $690 $147,552
Aug, 2039 $430 $692 $146,859
Sep, 2039 $428 $694 $146,165
Oct, 2039 $426 $696 $145,469
Nov, 2039 $424 $698 $144,770
Dec, 2039 $422 $700 $144,070
2039 $5,200 $8,271 $144,070
Jan, 2040 $420 $702 $143,368
Feb, 2040 $418 $704 $142,663
Mar, 2040 $416 $707 $141,957
Apr, 2040 $414 $709 $141,248
May, 2040 $412 $711 $140,538
Jun, 2040 $410 $713 $139,825
Jul, 2040 $408 $715 $139,110
Aug, 2040 $406 $717 $138,393
Sep, 2040 $404 $719 $137,674
Oct, 2040 $402 $721 $136,953
Nov, 2040 $399 $723 $136,230
Dec, 2040 $397 $725 $135,505
2040 $4,906 $8,565 $135,505
Jan, 2041 $395 $727 $134,777
Feb, 2041 $393 $730 $134,048
Mar, 2041 $391 $732 $133,316
Apr, 2041 $389 $734 $132,582
May, 2041 $387 $736 $131,846
Jun, 2041 $385 $738 $131,108
Jul, 2041 $382 $740 $130,368
Aug, 2041 $380 $742 $129,626
Sep, 2041 $378 $745 $128,881
Oct, 2041 $376 $747 $128,135
Nov, 2041 $374 $749 $127,386
Dec, 2041 $372 $751 $126,635
2041 $4,601 $8,870 $126,635
Jan, 2042 $369 $753 $125,881
Feb, 2042 $367 $755 $125,126
Mar, 2042 $365 $758 $124,368
Apr, 2042 $363 $760 $123,608
May, 2042 $361 $762 $122,846
Jun, 2042 $358 $764 $122,082
Jul, 2042 $356 $767 $121,315
Aug, 2042 $354 $769 $120,547
Sep, 2042 $352 $771 $119,776
Oct, 2042 $349 $773 $119,002
Nov, 2042 $347 $776 $118,227
Dec, 2042 $345 $778 $117,449
2042 $4,286 $9,186 $117,449
Jan, 2043 $343 $780 $116,669
Feb, 2043 $340 $782 $115,887
Mar, 2043 $338 $785 $115,102
Apr, 2043 $336 $787 $114,315
May, 2043 $333 $789 $113,526
Jun, 2043 $331 $791 $112,735
Jul, 2043 $329 $794 $111,941
Aug, 2043 $326 $796 $111,145
Sep, 2043 $324 $798 $110,346
Oct, 2043 $322 $801 $109,545
Nov, 2043 $320 $803 $108,742
Dec, 2043 $317 $805 $107,937
2043 $3,959 $9,512 $107,937
Jan, 2044 $315 $808 $107,129
Feb, 2044 $312 $810 $106,319
Mar, 2044 $310 $813 $105,506
Apr, 2044 $308 $815 $104,691
May, 2044 $305 $817 $103,874
Jun, 2044 $303 $820 $103,055
Jul, 2044 $301 $822 $102,233
Aug, 2044 $298 $824 $101,408
Sep, 2044 $296 $827 $100,581
Oct, 2044 $293 $829 $99,752
Nov, 2044 $291 $832 $98,920
Dec, 2044 $289 $834 $98,086
2044 $3,621 $9,851 $98,086
Jan, 2045 $286 $837 $97,250
Feb, 2045 $284 $839 $96,411
Mar, 2045 $281 $841 $95,569
Apr, 2045 $279 $844 $94,725
May, 2045 $276 $846 $93,879
Jun, 2045 $274 $849 $93,030
Jul, 2045 $271 $851 $92,179
Aug, 2045 $269 $854 $91,325
Sep, 2045 $266 $856 $90,469
Oct, 2045 $264 $859 $89,610
Nov, 2045 $261 $861 $88,749
Dec, 2045 $259 $864 $87,885
2045 $3,270 $10,201 $87,885
Jan, 2046 $256 $866 $87,019
Feb, 2046 $254 $869 $86,150
Mar, 2046 $251 $871 $85,279
Apr, 2046 $249 $874 $84,405
May, 2046 $246 $876 $83,529
Jun, 2046 $244 $879 $82,650
Jul, 2046 $241 $882 $81,768
Aug, 2046 $238 $884 $80,884
Sep, 2046 $236 $887 $79,997
Oct, 2046 $233 $889 $79,108
Nov, 2046 $231 $892 $78,216
Dec, 2046 $228 $894 $77,322
2046 $2,908 $10,564 $77,322
Jan, 2047 $226 $897 $76,424
Feb, 2047 $223 $900 $75,525
Mar, 2047 $220 $902 $74,622
Apr, 2047 $218 $905 $73,717
May, 2047 $215 $908 $72,810
Jun, 2047 $212 $910 $71,900
Jul, 2047 $210 $913 $70,987
Aug, 2047 $207 $916 $70,071
Sep, 2047 $204 $918 $69,153
Oct, 2047 $202 $921 $68,232
Nov, 2047 $199 $924 $67,308
Dec, 2047 $196 $926 $66,382
2047 $2,532 $10,939 $66,382
Jan, 2048 $194 $929 $65,453
Feb, 2048 $191 $932 $64,521
Mar, 2048 $188 $934 $63,587
Apr, 2048 $185 $937 $62,650
May, 2048 $183 $940 $61,710
Jun, 2048 $180 $943 $60,767
Jul, 2048 $177 $945 $59,822
Aug, 2048 $174 $948 $58,874
Sep, 2048 $172 $951 $57,923
Oct, 2048 $169 $954 $56,969
Nov, 2048 $166 $956 $56,013
Dec, 2048 $163 $959 $55,054
2048 $2,143 $11,329 $55,054
Jan, 2049 $161 $962 $54,092
Feb, 2049 $158 $965 $53,127
Mar, 2049 $155 $968 $52,159
Apr, 2049 $152 $970 $51,189
May, 2049 $149 $973 $50,215
Jun, 2049 $146 $976 $49,239
Jul, 2049 $144 $979 $48,260
Aug, 2049 $141 $982 $47,278
Sep, 2049 $138 $985 $46,294
Oct, 2049 $135 $988 $45,306
Nov, 2049 $132 $990 $44,315
Dec, 2049 $129 $993 $43,322
2049 $1,740 $11,731 $43,322
Jan, 2050 $126 $996 $42,326
Feb, 2050 $123 $999 $41,327
Mar, 2050 $121 $1,002 $40,325
Apr, 2050 $118 $1,005 $39,320
May, 2050 $115 $1,008 $38,312
Jun, 2050 $112 $1,011 $37,301
Jul, 2050 $109 $1,014 $36,287
Aug, 2050 $106 $1,017 $35,270
Sep, 2050 $103 $1,020 $34,250
Oct, 2050 $100 $1,023 $33,228
Nov, 2050 $97 $1,026 $32,202
Dec, 2050 $94 $1,029 $31,173
2050 $1,323 $12,149 $31,173
Jan, 2051 $91 $1,032 $30,142
Feb, 2051 $88 $1,035 $29,107
Mar, 2051 $85 $1,038 $28,069
Apr, 2051 $82 $1,041 $27,029
May, 2051 $79 $1,044 $25,985
Jun, 2051 $76 $1,047 $24,938
Jul, 2051 $73 $1,050 $23,888
Aug, 2051 $70 $1,053 $22,835
Sep, 2051 $67 $1,056 $21,779
Oct, 2051 $64 $1,059 $20,720
Nov, 2051 $60 $1,062 $19,658
Dec, 2051 $57 $1,065 $18,593
2051 $891 $12,581 $18,593
Jan, 2052 $54 $1,068 $17,524
Feb, 2052 $51 $1,071 $16,453
Mar, 2052 $48 $1,075 $15,378
Apr, 2052 $45 $1,078 $14,300
May, 2052 $42 $1,081 $13,219
Jun, 2052 $39 $1,084 $12,135
Jul, 2052 $35 $1,087 $11,048
Aug, 2052 $32 $1,090 $9,958
Sep, 2052 $29 $1,094 $8,864
Oct, 2052 $26 $1,097 $7,767
Nov, 2052 $23 $1,100 $6,667
Dec, 2052 $19 $1,103 $5,564
2052 $443 $13,028 $5,564
Jan, 2053 $16 $1,106 $4,458
Feb, 2053 $13 $1,110 $3,348
Mar, 2053 $10 $1,113 $2,235
Apr, 2053 $7 $1,116 $1,119
May, 2053 $3 $1,119 $0
2053 $49 $5,564 $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 amortization calculator should only be used to estimate your repayments since it doesn't include taxes or insurance.