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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$
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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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Jul, 2021 Jun, 2051
Loan Closing Loan Payoff

Compare Virginia Refinance Rates

740-850 FICO UP TO 2.0 POINTS

JUL 28, 2021

 
2.892%
APR
$1,021
per month
30 Year
Fixed
Rate: 2.750%
Fees: $4,645
Points: 1.518
Lock: 45 days
View Details
2.648%
APR
$988
per month
30 Year
Fixed
Rate: 2.500%
Fees: $4,880
Points: 1.952
Lock: 45 days
View Details
2.692%
APR
$988
per month
30 Year
Fixed
Rate: 2.500%
Fees: $6,364
Points: 1.894
Lock: 30 days
View Details
2.648%
APR
$988
per month
30 Year
Fixed
Rate: 2.500%
Fees: $4,880
Points: 1.952
Lock: 45 days
View Details
3.184%
APR
$1,053
per month
30 Year
Fixed
Rate: 2.990%
Fees: $6,250
Points: 2.000
Lock: 30 days
View Details
2.396%
APR
$956
per month
30 Year
Fixed
Rate: 2.250%
Fees: $4,880
Points: 1.952
Lock: 30 days
View Details
2.615%
APR
$988
per month
30 Year
Fixed
Rate: 2.500%
Fees: $3,795
Points: 1.318
Lock: 45 days
View Details
2.692%
APR
$988
per month
30 Year
Fixed
Rate: 2.500%
Fees: $6,364
Points: 1.894
Lock: 30 days
View Details
3.049%
APR
$1,038
per month
30 Year
Fixed
Rate: 2.875%
Fees: $5,625
Points: 1.750
Lock: 30 days
View Details
2.892%
APR
$1,021
per month
30 Year
Fixed
Rate: 2.750%
Fees: $4,645
Points: 1.518
Lock: 45 days
View Details
2.649%
APR
$988
per month
30 Year
Fixed
Rate: 2.500%
Fees: $4,932
Points: 1.973
Lock: 45 days
View Details
2.398%
APR
$956
per month
30 Year
Fixed
Rate: 2.250%
Fees: $4,962
Points: 1.985
Lock: 30 days
View Details
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Amortization Schedule

Date Interest Principal Balance
Jul, 2021 $729 $393 $249,607
Aug, 2021 $728 $395 $249,212
Sep, 2021 $727 $396 $248,816
Oct, 2021 $726 $397 $248,419
Nov, 2021 $725 $398 $248,021
Dec, 2021 $723 $399 $247,622
2021 $4,358 $2,378 $247,622
Jan, 2022 $722 $400 $247,222
Feb, 2022 $721 $402 $246,820
Mar, 2022 $720 $403 $246,417
Apr, 2022 $719 $404 $246,014
May, 2022 $718 $405 $245,608
Jun, 2022 $716 $406 $245,202
Jul, 2022 $715 $407 $244,795
Aug, 2022 $714 $409 $244,386
Sep, 2022 $713 $410 $243,976
Oct, 2022 $712 $411 $243,565
Nov, 2022 $710 $412 $243,153
Dec, 2022 $709 $413 $242,740
2022 $8,589 $4,882 $242,740
Jan, 2023 $708 $415 $242,325
Feb, 2023 $707 $416 $241,909
Mar, 2023 $706 $417 $241,492
Apr, 2023 $704 $418 $241,074
May, 2023 $703 $419 $240,654
Jun, 2023 $702 $421 $240,234
Jul, 2023 $701 $422 $239,812
Aug, 2023 $699 $423 $239,389
Sep, 2023 $698 $424 $238,964
Oct, 2023 $697 $426 $238,539
Nov, 2023 $696 $427 $238,112
Dec, 2023 $694 $428 $237,684
2023 $8,415 $5,056 $237,684
Jan, 2024 $693 $429 $237,254
Feb, 2024 $692 $431 $236,824
Mar, 2024 $691 $432 $236,392
Apr, 2024 $689 $433 $235,959
May, 2024 $688 $434 $235,524
Jun, 2024 $687 $436 $235,089
Jul, 2024 $686 $437 $234,652
Aug, 2024 $684 $438 $234,213
Sep, 2024 $683 $439 $233,774
Oct, 2024 $682 $441 $233,333
Nov, 2024 $681 $442 $232,891
Dec, 2024 $679 $443 $232,448
2024 $8,235 $5,236 $232,448
Jan, 2025 $678 $445 $232,003
Feb, 2025 $677 $446 $231,557
Mar, 2025 $675 $447 $231,110
Apr, 2025 $674 $449 $230,661
May, 2025 $673 $450 $230,212
Jun, 2025 $671 $451 $229,760
Jul, 2025 $670 $452 $229,308
Aug, 2025 $669 $454 $228,854
Sep, 2025 $667 $455 $228,399
Oct, 2025 $666 $456 $227,943
Nov, 2025 $665 $458 $227,485
Dec, 2025 $663 $459 $227,026
2025 $8,049 $5,422 $227,026
Jan, 2026 $662 $460 $226,565
Feb, 2026 $661 $462 $226,103
Mar, 2026 $659 $463 $225,640
Apr, 2026 $658 $464 $225,176
May, 2026 $657 $466 $224,710
Jun, 2026 $655 $467 $224,243
Jul, 2026 $654 $469 $223,774
Aug, 2026 $653 $470 $223,304
Sep, 2026 $651 $471 $222,833
Oct, 2026 $650 $473 $222,360
Nov, 2026 $649 $474 $221,886
Dec, 2026 $647 $475 $221,411
2026 $7,856 $5,615 $221,411
Jan, 2027 $646 $477 $220,934
Feb, 2027 $644 $478 $220,456
Mar, 2027 $643 $480 $219,976
Apr, 2027 $642 $481 $219,495
May, 2027 $640 $482 $219,013
Jun, 2027 $639 $484 $218,529
Jul, 2027 $637 $485 $218,044
Aug, 2027 $636 $487 $217,557
Sep, 2027 $635 $488 $217,069
Oct, 2027 $633 $489 $216,579
Nov, 2027 $632 $491 $216,088
Dec, 2027 $630 $492 $215,596
2027 $7,657 $5,815 $215,596
Jan, 2028 $629 $494 $215,102
Feb, 2028 $627 $495 $214,607
Mar, 2028 $626 $497 $214,110
Apr, 2028 $624 $498 $213,612
May, 2028 $623 $500 $213,113
Jun, 2028 $622 $501 $212,612
Jul, 2028 $620 $502 $212,109
Aug, 2028 $619 $504 $211,605
Sep, 2028 $617 $505 $211,100
Oct, 2028 $616 $507 $210,593
Nov, 2028 $614 $508 $210,084
Dec, 2028 $613 $510 $209,575
2028 $7,450 $6,021 $209,575
Jan, 2029 $611 $511 $209,063
Feb, 2029 $610 $513 $208,550
Mar, 2029 $608 $514 $208,036
Apr, 2029 $607 $516 $207,520
May, 2029 $605 $517 $207,003
Jun, 2029 $604 $519 $206,484
Jul, 2029 $602 $520 $205,964
Aug, 2029 $601 $522 $205,442
Sep, 2029 $599 $523 $204,918
Oct, 2029 $598 $525 $204,393
Nov, 2029 $596 $526 $203,867
Dec, 2029 $595 $528 $203,339
2029 $7,236 $6,236 $203,339
Jan, 2030 $593 $530 $202,809
Feb, 2030 $592 $531 $202,278
Mar, 2030 $590 $533 $201,746
Apr, 2030 $588 $534 $201,211
May, 2030 $587 $536 $200,676
Jun, 2030 $585 $537 $200,138
Jul, 2030 $584 $539 $199,600
Aug, 2030 $582 $540 $199,059
Sep, 2030 $581 $542 $198,517
Oct, 2030 $579 $544 $197,973
Nov, 2030 $577 $545 $197,428
Dec, 2030 $576 $547 $196,882
2030 $7,014 $6,457 $196,882
Jan, 2031 $574 $548 $196,333
Feb, 2031 $573 $550 $195,783
Mar, 2031 $571 $552 $195,232
Apr, 2031 $569 $553 $194,678
May, 2031 $568 $555 $194,124
Jun, 2031 $566 $556 $193,567
Jul, 2031 $565 $558 $193,009
Aug, 2031 $563 $560 $192,449
Sep, 2031 $561 $561 $191,888
Oct, 2031 $560 $563 $191,325
Nov, 2031 $558 $565 $190,761
Dec, 2031 $556 $566 $190,194
2031 $6,784 $6,687 $190,194
Jan, 2032 $555 $568 $189,627
Feb, 2032 $553 $570 $189,057
Mar, 2032 $551 $571 $188,486
Apr, 2032 $550 $573 $187,913
May, 2032 $548 $575 $187,338
Jun, 2032 $546 $576 $186,762
Jul, 2032 $545 $578 $186,184
Aug, 2032 $543 $580 $185,605
Sep, 2032 $541 $581 $185,023
Oct, 2032 $540 $583 $184,441
Nov, 2032 $538 $585 $183,856
Dec, 2032 $536 $586 $183,270
2032 $6,546 $6,925 $183,270
Jan, 2033 $535 $588 $182,681
Feb, 2033 $533 $590 $182,092
Mar, 2033 $531 $592 $181,500
Apr, 2033 $529 $593 $180,907
May, 2033 $528 $595 $180,312
Jun, 2033 $526 $597 $179,715
Jul, 2033 $524 $598 $179,117
Aug, 2033 $522 $600 $178,517
Sep, 2033 $521 $602 $177,915
Oct, 2033 $519 $604 $177,311
Nov, 2033 $517 $605 $176,706
Dec, 2033 $515 $607 $176,098
2033 $6,300 $7,171 $176,098
Jan, 2034 $514 $609 $175,489
Feb, 2034 $512 $611 $174,879
Mar, 2034 $510 $613 $174,266
Apr, 2034 $508 $614 $173,652
May, 2034 $506 $616 $173,036
Jun, 2034 $505 $618 $172,418
Jul, 2034 $503 $620 $171,798
Aug, 2034 $501 $622 $171,176
Sep, 2034 $499 $623 $170,553
Oct, 2034 $497 $625 $169,928
Nov, 2034 $496 $627 $169,301
Dec, 2034 $494 $629 $168,672
2034 $6,045 $7,426 $168,672
Jan, 2035 $492 $631 $168,041
Feb, 2035 $490 $632 $167,409
Mar, 2035 $488 $634 $166,775
Apr, 2035 $486 $636 $166,138
May, 2035 $485 $638 $165,500
Jun, 2035 $483 $640 $164,860
Jul, 2035 $481 $642 $164,219
Aug, 2035 $479 $644 $163,575
Sep, 2035 $477 $646 $162,929
Oct, 2035 $475 $647 $162,282
Nov, 2035 $473 $649 $161,633
Dec, 2035 $471 $651 $160,982
2035 $5,781 $7,690 $160,982
Jan, 2036 $470 $653 $160,329
Feb, 2036 $468 $655 $159,674
Mar, 2036 $466 $657 $159,017
Apr, 2036 $464 $659 $158,358
May, 2036 $462 $661 $157,697
Jun, 2036 $460 $663 $157,034
Jul, 2036 $458 $665 $156,370
Aug, 2036 $456 $667 $155,703
Sep, 2036 $454 $668 $155,035
Oct, 2036 $452 $670 $154,364
Nov, 2036 $450 $672 $153,692
Dec, 2036 $448 $674 $153,018
2036 $5,507 $7,964 $153,018
Jan, 2037 $446 $676 $152,341
Feb, 2037 $444 $678 $151,663
Mar, 2037 $442 $680 $150,983
Apr, 2037 $440 $682 $150,301
May, 2037 $438 $684 $149,616
Jun, 2037 $436 $686 $148,930
Jul, 2037 $434 $688 $148,242
Aug, 2037 $432 $690 $147,552
Sep, 2037 $430 $692 $146,859
Oct, 2037 $428 $694 $146,165
Nov, 2037 $426 $696 $145,469
Dec, 2037 $424 $698 $144,770
2037 $5,224 $8,247 $144,770
Jan, 2038 $422 $700 $144,070
Feb, 2038 $420 $702 $143,368
Mar, 2038 $418 $704 $142,663
Apr, 2038 $416 $707 $141,957
May, 2038 $414 $709 $141,248
Jun, 2038 $412 $711 $140,538
Jul, 2038 $410 $713 $139,825
Aug, 2038 $408 $715 $139,110
Sep, 2038 $406 $717 $138,393
Oct, 2038 $404 $719 $137,674
Nov, 2038 $402 $721 $136,953
Dec, 2038 $399 $723 $136,230
2038 $4,931 $8,541 $136,230
Jan, 2039 $397 $725 $135,505
Feb, 2039 $395 $727 $134,777
Mar, 2039 $393 $730 $134,048
Apr, 2039 $391 $732 $133,316
May, 2039 $389 $734 $132,582
Jun, 2039 $387 $736 $131,846
Jul, 2039 $385 $738 $131,108
Aug, 2039 $382 $740 $130,368
Sep, 2039 $380 $742 $129,626
Oct, 2039 $378 $745 $128,881
Nov, 2039 $376 $747 $128,135
Dec, 2039 $374 $749 $127,386
2039 $4,627 $8,844 $127,386
Jan, 2040 $372 $751 $126,635
Feb, 2040 $369 $753 $125,881
Mar, 2040 $367 $755 $125,126
Apr, 2040 $365 $758 $124,368
May, 2040 $363 $760 $123,608
Jun, 2040 $361 $762 $122,846
Jul, 2040 $358 $764 $122,082
Aug, 2040 $356 $767 $121,315
Sep, 2040 $354 $769 $120,547
Oct, 2040 $352 $771 $119,776
Nov, 2040 $349 $773 $119,002
Dec, 2040 $347 $776 $118,227
2040 $4,313 $9,159 $118,227
Jan, 2041 $345 $778 $117,449
Feb, 2041 $343 $780 $116,669
Mar, 2041 $340 $782 $115,887
Apr, 2041 $338 $785 $115,102
May, 2041 $336 $787 $114,315
Jun, 2041 $333 $789 $113,526
Jul, 2041 $331 $791 $112,735
Aug, 2041 $329 $794 $111,941
Sep, 2041 $326 $796 $111,145
Oct, 2041 $324 $798 $110,346
Nov, 2041 $322 $801 $109,545
Dec, 2041 $320 $803 $108,742
2041 $3,987 $9,485 $108,742
Jan, 2042 $317 $805 $107,937
Feb, 2042 $315 $808 $107,129
Mar, 2042 $312 $810 $106,319
Apr, 2042 $310 $813 $105,506
May, 2042 $308 $815 $104,691
Jun, 2042 $305 $817 $103,874
Jul, 2042 $303 $820 $103,055
Aug, 2042 $301 $822 $102,233
Sep, 2042 $298 $824 $101,408
Oct, 2042 $296 $827 $100,581
Nov, 2042 $293 $829 $99,752
Dec, 2042 $291 $832 $98,920
2042 $3,649 $9,822 $98,920
Jan, 2043 $289 $834 $98,086
Feb, 2043 $286 $837 $97,250
Mar, 2043 $284 $839 $96,411
Apr, 2043 $281 $841 $95,569
May, 2043 $279 $844 $94,725
Jun, 2043 $276 $846 $93,879
Jul, 2043 $274 $849 $93,030
Aug, 2043 $271 $851 $92,179
Sep, 2043 $269 $854 $91,325
Oct, 2043 $266 $856 $90,469
Nov, 2043 $264 $859 $89,610
Dec, 2043 $261 $861 $88,749
2043 $3,300 $10,171 $88,749
Jan, 2044 $259 $864 $87,885
Feb, 2044 $256 $866 $87,019
Mar, 2044 $254 $869 $86,150
Apr, 2044 $251 $871 $85,279
May, 2044 $249 $874 $84,405
Jun, 2044 $246 $876 $83,529
Jul, 2044 $244 $879 $82,650
Aug, 2044 $241 $882 $81,768
Sep, 2044 $238 $884 $80,884
Oct, 2044 $236 $887 $79,997
Nov, 2044 $233 $889 $79,108
Dec, 2044 $231 $892 $78,216
2044 $2,938 $10,533 $78,216
Jan, 2045 $228 $894 $77,322
Feb, 2045 $226 $897 $76,424
Mar, 2045 $223 $900 $75,525
Apr, 2045 $220 $902 $74,622
May, 2045 $218 $905 $73,717
Jun, 2045 $215 $908 $72,810
Jul, 2045 $212 $910 $71,900
Aug, 2045 $210 $913 $70,987
Sep, 2045 $207 $916 $70,071
Oct, 2045 $204 $918 $69,153
Nov, 2045 $202 $921 $68,232
Dec, 2045 $199 $924 $67,308
2045 $2,564 $10,908 $67,308
Jan, 2046 $196 $926 $66,382
Feb, 2046 $194 $929 $65,453
Mar, 2046 $191 $932 $64,521
Apr, 2046 $188 $934 $63,587
May, 2046 $185 $937 $62,650
Jun, 2046 $183 $940 $61,710
Jul, 2046 $180 $943 $60,767
Aug, 2046 $177 $945 $59,822
Sep, 2046 $174 $948 $58,874
Oct, 2046 $172 $951 $57,923
Nov, 2046 $169 $954 $56,969
Dec, 2046 $166 $956 $56,013
2046 $2,176 $11,296 $56,013
Jan, 2047 $163 $959 $55,054
Feb, 2047 $161 $962 $54,092
Mar, 2047 $158 $965 $53,127
Apr, 2047 $155 $968 $52,159
May, 2047 $152 $970 $51,189
Jun, 2047 $149 $973 $50,215
Jul, 2047 $146 $976 $49,239
Aug, 2047 $144 $979 $48,260
Sep, 2047 $141 $982 $47,278
Oct, 2047 $138 $985 $46,294
Nov, 2047 $135 $988 $45,306
Dec, 2047 $132 $990 $44,315
2047 $1,774 $11,697 $44,315
Jan, 2048 $129 $993 $43,322
Feb, 2048 $126 $996 $42,326
Mar, 2048 $123 $999 $41,327
Apr, 2048 $121 $1,002 $40,325
May, 2048 $118 $1,005 $39,320
Jun, 2048 $115 $1,008 $38,312
Jul, 2048 $112 $1,011 $37,301
Aug, 2048 $109 $1,014 $36,287
Sep, 2048 $106 $1,017 $35,270
Oct, 2048 $103 $1,020 $34,250
Nov, 2048 $100 $1,023 $33,228
Dec, 2048 $97 $1,026 $32,202
2048 $1,358 $12,113 $32,202
Jan, 2049 $94 $1,029 $31,173
Feb, 2049 $91 $1,032 $30,142
Mar, 2049 $88 $1,035 $29,107
Apr, 2049 $85 $1,038 $28,069
May, 2049 $82 $1,041 $27,029
Jun, 2049 $79 $1,044 $25,985
Jul, 2049 $76 $1,047 $24,938
Aug, 2049 $73 $1,050 $23,888
Sep, 2049 $70 $1,053 $22,835
Oct, 2049 $67 $1,056 $21,779
Nov, 2049 $64 $1,059 $20,720
Dec, 2049 $60 $1,062 $19,658
2049 $927 $12,544 $19,658
Jan, 2050 $57 $1,065 $18,593
Feb, 2050 $54 $1,068 $17,524
Mar, 2050 $51 $1,071 $16,453
Apr, 2050 $48 $1,075 $15,378
May, 2050 $45 $1,078 $14,300
Jun, 2050 $42 $1,081 $13,219
Jul, 2050 $39 $1,084 $12,135
Aug, 2050 $35 $1,087 $11,048
Sep, 2050 $32 $1,090 $9,958
Oct, 2050 $29 $1,094 $8,864
Nov, 2050 $26 $1,097 $7,767
Dec, 2050 $23 $1,100 $6,667
2050 $481 $12,990 $6,667
Jan, 2051 $19 $1,103 $5,564
Feb, 2051 $16 $1,106 $4,458
Mar, 2051 $13 $1,110 $3,348
Apr, 2051 $10 $1,113 $2,235
May, 2051 $7 $1,116 $1,119
Jun, 2051 $3 $1,119 $0
2051 $68 $6,667 $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.