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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Oct, 2021 Sep, 2051
Loan Closing Loan Payoff

Compare Virginia Refinance Rates

740-850 FICO UP TO 2.0 POINTS

OCT 21, 2021

 
3.235%
APR
$1,071
per month
30 Year
Fixed
Rate: 3.125%
Fees: $3,500
Points: 1.400
Lock: 45 days
View Details
2.730%
APR
$1,005
per month
30 Year
Fixed
Rate: 2.625%
Fees: $3,442
Points: 1.377
Lock: 30 days
View Details
3.007%
APR
$1,038
per month
30 Year
Fixed
Rate: 2.875%
Fees: $4,260
Points: 1.704
Lock: 45 days
View Details
3.152%
APR
$1,055
per month
30 Year
Fixed
Rate: 3.000%
Fees: $4,902
Points: 1.961
Lock: 60 days
View Details
2.887%
APR
$1,021
per month
30 Year
Fixed
Rate: 2.750%
Fees: $4,462
Points: 1.785
Lock: 30 days
View Details
2.769%
APR
$1,005
per month
30 Year
Fixed
Rate: 2.625%
Fees: $4,750
Points: 1.900
Lock: 45 days
View Details
3.073%
APR
$1,038
per month
30 Year
Fixed
Rate: 2.875%
Fees: $6,426
Points: 1.919
Lock: 30 days
View Details
3.235%
APR
$1,071
per month
30 Year
Fixed
Rate: 3.125%
Fees: $3,500
Points: 1.400
Lock: 45 days
View Details
2.747%
APR
$1,005
per month
30 Year
Fixed
Rate: 2.625%
Fees: $4,008
Points: 1.603
Lock: 30 days
View Details
2.889%
APR
$1,021
per month
30 Year
Fixed
Rate: 2.750%
Fees: $4,545
Points: 1.618
Lock: 45 days
View Details
2.730%
APR
$1,005
per month
30 Year
Fixed
Rate: 2.625%
Fees: $3,442
Points: 1.377
Lock: 30 days
View Details
3.007%
APR
$1,038
per month
30 Year
Fixed
Rate: 2.875%
Fees: $4,260
Points: 1.704
Lock: 45 days
View Details
3.447%
APR
$1,089
per month
30 Year
Fixed
Rate: 3.250%
Fees: $6,250
Points: 2.000
Lock: 30 days
View Details
3.145%
APR
$1,055
per month
30 Year
Fixed
Rate: 3.000%
Fees: $4,668
Points: 1.527
Lock: 45 days
View Details
3.320%
APR
$1,071
per month
30 Year
Fixed
Rate: 3.125%
Fees: $6,250
Points: 2.000
Lock: 30 days
View Details
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Amortization Schedule

Date Interest Principal Balance
Oct, 2021 $729 $393 $249,607
Nov, 2021 $728 $395 $249,212
Dec, 2021 $727 $396 $248,816
2021 $2,184 $1,184 $248,816
Jan, 2022 $726 $397 $248,419
Feb, 2022 $725 $398 $248,021
Mar, 2022 $723 $399 $247,622
Apr, 2022 $722 $400 $247,222
May, 2022 $721 $402 $246,820
Jun, 2022 $720 $403 $246,417
Jul, 2022 $719 $404 $246,014
Aug, 2022 $718 $405 $245,608
Sep, 2022 $716 $406 $245,202
Oct, 2022 $715 $407 $244,795
Nov, 2022 $714 $409 $244,386
Dec, 2022 $713 $410 $243,976
2022 $8,631 $4,840 $243,976
Jan, 2023 $712 $411 $243,565
Feb, 2023 $710 $412 $243,153
Mar, 2023 $709 $413 $242,740
Apr, 2023 $708 $415 $242,325
May, 2023 $707 $416 $241,909
Jun, 2023 $706 $417 $241,492
Jul, 2023 $704 $418 $241,074
Aug, 2023 $703 $419 $240,654
Sep, 2023 $702 $421 $240,234
Oct, 2023 $701 $422 $239,812
Nov, 2023 $699 $423 $239,389
Dec, 2023 $698 $424 $238,964
2023 $8,459 $5,012 $238,964
Jan, 2024 $697 $426 $238,539
Feb, 2024 $696 $427 $238,112
Mar, 2024 $694 $428 $237,684
Apr, 2024 $693 $429 $237,254
May, 2024 $692 $431 $236,824
Jun, 2024 $691 $432 $236,392
Jul, 2024 $689 $433 $235,959
Aug, 2024 $688 $434 $235,524
Sep, 2024 $687 $436 $235,089
Oct, 2024 $686 $437 $234,652
Nov, 2024 $684 $438 $234,213
Dec, 2024 $683 $439 $233,774
2024 $8,281 $5,190 $233,774
Jan, 2025 $682 $441 $233,333
Feb, 2025 $681 $442 $232,891
Mar, 2025 $679 $443 $232,448
Apr, 2025 $678 $445 $232,003
May, 2025 $677 $446 $231,557
Jun, 2025 $675 $447 $231,110
Jul, 2025 $674 $449 $230,661
Aug, 2025 $673 $450 $230,212
Sep, 2025 $671 $451 $229,760
Oct, 2025 $670 $452 $229,308
Nov, 2025 $669 $454 $228,854
Dec, 2025 $667 $455 $228,399
2025 $8,096 $5,375 $228,399
Jan, 2026 $666 $456 $227,943
Feb, 2026 $665 $458 $227,485
Mar, 2026 $663 $459 $227,026
Apr, 2026 $662 $460 $226,565
May, 2026 $661 $462 $226,103
Jun, 2026 $659 $463 $225,640
Jul, 2026 $658 $464 $225,176
Aug, 2026 $657 $466 $224,710
Sep, 2026 $655 $467 $224,243
Oct, 2026 $654 $469 $223,774
Nov, 2026 $653 $470 $223,304
Dec, 2026 $651 $471 $222,833
2026 $7,905 $5,566 $222,833
Jan, 2027 $650 $473 $222,360
Feb, 2027 $649 $474 $221,886
Mar, 2027 $647 $475 $221,411
Apr, 2027 $646 $477 $220,934
May, 2027 $644 $478 $220,456
Jun, 2027 $643 $480 $219,976
Jul, 2027 $642 $481 $219,495
Aug, 2027 $640 $482 $219,013
Sep, 2027 $639 $484 $218,529
Oct, 2027 $637 $485 $218,044
Nov, 2027 $636 $487 $217,557
Dec, 2027 $635 $488 $217,069
2027 $7,707 $5,764 $217,069
Jan, 2028 $633 $489 $216,579
Feb, 2028 $632 $491 $216,088
Mar, 2028 $630 $492 $215,596
Apr, 2028 $629 $494 $215,102
May, 2028 $627 $495 $214,607
Jun, 2028 $626 $497 $214,110
Jul, 2028 $624 $498 $213,612
Aug, 2028 $623 $500 $213,113
Sep, 2028 $622 $501 $212,612
Oct, 2028 $620 $502 $212,109
Nov, 2028 $619 $504 $211,605
Dec, 2028 $617 $505 $211,100
2028 $7,502 $5,969 $211,100
Jan, 2029 $616 $507 $210,593
Feb, 2029 $614 $508 $210,084
Mar, 2029 $613 $510 $209,575
Apr, 2029 $611 $511 $209,063
May, 2029 $610 $513 $208,550
Jun, 2029 $608 $514 $208,036
Jul, 2029 $607 $516 $207,520
Aug, 2029 $605 $517 $207,003
Sep, 2029 $604 $519 $206,484
Oct, 2029 $602 $520 $205,964
Nov, 2029 $601 $522 $205,442
Dec, 2029 $599 $523 $204,918
2029 $7,290 $6,181 $204,918
Jan, 2030 $598 $525 $204,393
Feb, 2030 $596 $526 $203,867
Mar, 2030 $595 $528 $203,339
Apr, 2030 $593 $530 $202,809
May, 2030 $592 $531 $202,278
Jun, 2030 $590 $533 $201,746
Jul, 2030 $588 $534 $201,211
Aug, 2030 $587 $536 $200,676
Sep, 2030 $585 $537 $200,138
Oct, 2030 $584 $539 $199,600
Nov, 2030 $582 $540 $199,059
Dec, 2030 $581 $542 $198,517
2030 $7,070 $6,401 $198,517
Jan, 2031 $579 $544 $197,973
Feb, 2031 $577 $545 $197,428
Mar, 2031 $576 $547 $196,882
Apr, 2031 $574 $548 $196,333
May, 2031 $573 $550 $195,783
Jun, 2031 $571 $552 $195,232
Jul, 2031 $569 $553 $194,678
Aug, 2031 $568 $555 $194,124
Sep, 2031 $566 $556 $193,567
Oct, 2031 $565 $558 $193,009
Nov, 2031 $563 $560 $192,449
Dec, 2031 $561 $561 $191,888
2031 $6,842 $6,629 $191,888
Jan, 2032 $560 $563 $191,325
Feb, 2032 $558 $565 $190,761
Mar, 2032 $556 $566 $190,194
Apr, 2032 $555 $568 $189,627
May, 2032 $553 $570 $189,057
Jun, 2032 $551 $571 $188,486
Jul, 2032 $550 $573 $187,913
Aug, 2032 $548 $575 $187,338
Sep, 2032 $546 $576 $186,762
Oct, 2032 $545 $578 $186,184
Nov, 2032 $543 $580 $185,605
Dec, 2032 $541 $581 $185,023
2032 $6,607 $6,865 $185,023
Jan, 2033 $540 $583 $184,441
Feb, 2033 $538 $585 $183,856
Mar, 2033 $536 $586 $183,270
Apr, 2033 $535 $588 $182,681
May, 2033 $533 $590 $182,092
Jun, 2033 $531 $592 $181,500
Jul, 2033 $529 $593 $180,907
Aug, 2033 $528 $595 $180,312
Sep, 2033 $526 $597 $179,715
Oct, 2033 $524 $598 $179,117
Nov, 2033 $522 $600 $178,517
Dec, 2033 $521 $602 $177,915
2033 $6,363 $7,109 $177,915
Jan, 2034 $519 $604 $177,311
Feb, 2034 $517 $605 $176,706
Mar, 2034 $515 $607 $176,098
Apr, 2034 $514 $609 $175,489
May, 2034 $512 $611 $174,879
Jun, 2034 $510 $613 $174,266
Jul, 2034 $508 $614 $173,652
Aug, 2034 $506 $616 $173,036
Sep, 2034 $505 $618 $172,418
Oct, 2034 $503 $620 $171,798
Nov, 2034 $501 $622 $171,176
Dec, 2034 $499 $623 $170,553
2034 $6,110 $7,362 $170,553
Jan, 2035 $497 $625 $169,928
Feb, 2035 $496 $627 $169,301
Mar, 2035 $494 $629 $168,672
Apr, 2035 $492 $631 $168,041
May, 2035 $490 $632 $167,409
Jun, 2035 $488 $634 $166,775
Jul, 2035 $486 $636 $166,138
Aug, 2035 $485 $638 $165,500
Sep, 2035 $483 $640 $164,860
Oct, 2035 $481 $642 $164,219
Nov, 2035 $479 $644 $163,575
Dec, 2035 $477 $646 $162,929
2035 $5,848 $7,624 $162,929
Jan, 2036 $475 $647 $162,282
Feb, 2036 $473 $649 $161,633
Mar, 2036 $471 $651 $160,982
Apr, 2036 $470 $653 $160,329
May, 2036 $468 $655 $159,674
Jun, 2036 $466 $657 $159,017
Jul, 2036 $464 $659 $158,358
Aug, 2036 $462 $661 $157,697
Sep, 2036 $460 $663 $157,034
Oct, 2036 $458 $665 $156,370
Nov, 2036 $456 $667 $155,703
Dec, 2036 $454 $668 $155,035
2036 $5,577 $7,895 $155,035
Jan, 2037 $452 $670 $154,364
Feb, 2037 $450 $672 $153,692
Mar, 2037 $448 $674 $153,018
Apr, 2037 $446 $676 $152,341
May, 2037 $444 $678 $151,663
Jun, 2037 $442 $680 $150,983
Jul, 2037 $440 $682 $150,301
Aug, 2037 $438 $684 $149,616
Sep, 2037 $436 $686 $148,930
Oct, 2037 $434 $688 $148,242
Nov, 2037 $432 $690 $147,552
Dec, 2037 $430 $692 $146,859
2037 $5,296 $8,175 $146,859
Jan, 2038 $428 $694 $146,165
Feb, 2038 $426 $696 $145,469
Mar, 2038 $424 $698 $144,770
Apr, 2038 $422 $700 $144,070
May, 2038 $420 $702 $143,368
Jun, 2038 $418 $704 $142,663
Jul, 2038 $416 $707 $141,957
Aug, 2038 $414 $709 $141,248
Sep, 2038 $412 $711 $140,538
Oct, 2038 $410 $713 $139,825
Nov, 2038 $408 $715 $139,110
Dec, 2038 $406 $717 $138,393
2038 $5,005 $8,466 $138,393
Jan, 2039 $404 $719 $137,674
Feb, 2039 $402 $721 $136,953
Mar, 2039 $399 $723 $136,230
Apr, 2039 $397 $725 $135,505
May, 2039 $395 $727 $134,777
Jun, 2039 $393 $730 $134,048
Jul, 2039 $391 $732 $133,316
Aug, 2039 $389 $734 $132,582
Sep, 2039 $387 $736 $131,846
Oct, 2039 $385 $738 $131,108
Nov, 2039 $382 $740 $130,368
Dec, 2039 $380 $742 $129,626
2039 $4,704 $8,767 $129,626
Jan, 2040 $378 $745 $128,881
Feb, 2040 $376 $747 $128,135
Mar, 2040 $374 $749 $127,386
Apr, 2040 $372 $751 $126,635
May, 2040 $369 $753 $125,881
Jun, 2040 $367 $755 $125,126
Jul, 2040 $365 $758 $124,368
Aug, 2040 $363 $760 $123,608
Sep, 2040 $361 $762 $122,846
Oct, 2040 $358 $764 $122,082
Nov, 2040 $356 $767 $121,315
Dec, 2040 $354 $769 $120,547
2040 $4,392 $9,079 $120,547
Jan, 2041 $352 $771 $119,776
Feb, 2041 $349 $773 $119,002
Mar, 2041 $347 $776 $118,227
Apr, 2041 $345 $778 $117,449
May, 2041 $343 $780 $116,669
Jun, 2041 $340 $782 $115,887
Jul, 2041 $338 $785 $115,102
Aug, 2041 $336 $787 $114,315
Sep, 2041 $333 $789 $113,526
Oct, 2041 $331 $791 $112,735
Nov, 2041 $329 $794 $111,941
Dec, 2041 $326 $796 $111,145
2041 $4,069 $9,402 $111,145
Jan, 2042 $324 $798 $110,346
Feb, 2042 $322 $801 $109,545
Mar, 2042 $320 $803 $108,742
Apr, 2042 $317 $805 $107,937
May, 2042 $315 $808 $107,129
Jun, 2042 $312 $810 $106,319
Jul, 2042 $310 $813 $105,506
Aug, 2042 $308 $815 $104,691
Sep, 2042 $305 $817 $103,874
Oct, 2042 $303 $820 $103,055
Nov, 2042 $301 $822 $102,233
Dec, 2042 $298 $824 $101,408
2042 $3,735 $9,736 $101,408
Jan, 2043 $296 $827 $100,581
Feb, 2043 $293 $829 $99,752
Mar, 2043 $291 $832 $98,920
Apr, 2043 $289 $834 $98,086
May, 2043 $286 $837 $97,250
Jun, 2043 $284 $839 $96,411
Jul, 2043 $281 $841 $95,569
Aug, 2043 $279 $844 $94,725
Sep, 2043 $276 $846 $93,879
Oct, 2043 $274 $849 $93,030
Nov, 2043 $271 $851 $92,179
Dec, 2043 $269 $854 $91,325
2043 $3,389 $10,083 $91,325
Jan, 2044 $266 $856 $90,469
Feb, 2044 $264 $859 $89,610
Mar, 2044 $261 $861 $88,749
Apr, 2044 $259 $864 $87,885
May, 2044 $256 $866 $87,019
Jun, 2044 $254 $869 $86,150
Jul, 2044 $251 $871 $85,279
Aug, 2044 $249 $874 $84,405
Sep, 2044 $246 $876 $83,529
Oct, 2044 $244 $879 $82,650
Nov, 2044 $241 $882 $81,768
Dec, 2044 $238 $884 $80,884
2044 $3,030 $10,441 $80,884
Jan, 2045 $236 $887 $79,997
Feb, 2045 $233 $889 $79,108
Mar, 2045 $231 $892 $78,216
Apr, 2045 $228 $894 $77,322
May, 2045 $226 $897 $76,424
Jun, 2045 $223 $900 $75,525
Jul, 2045 $220 $902 $74,622
Aug, 2045 $218 $905 $73,717
Sep, 2045 $215 $908 $72,810
Oct, 2045 $212 $910 $71,900
Nov, 2045 $210 $913 $70,987
Dec, 2045 $207 $916 $70,071
2045 $2,659 $10,813 $70,071
Jan, 2046 $204 $918 $69,153
Feb, 2046 $202 $921 $68,232
Mar, 2046 $199 $924 $67,308
Apr, 2046 $196 $926 $66,382
May, 2046 $194 $929 $65,453
Jun, 2046 $191 $932 $64,521
Jul, 2046 $188 $934 $63,587
Aug, 2046 $185 $937 $62,650
Sep, 2046 $183 $940 $61,710
Oct, 2046 $180 $943 $60,767
Nov, 2046 $177 $945 $59,822
Dec, 2046 $174 $948 $58,874
2046 $2,274 $11,197 $58,874
Jan, 2047 $172 $951 $57,923
Feb, 2047 $169 $954 $56,969
Mar, 2047 $166 $956 $56,013
Apr, 2047 $163 $959 $55,054
May, 2047 $161 $962 $54,092
Jun, 2047 $158 $965 $53,127
Jul, 2047 $155 $968 $52,159
Aug, 2047 $152 $970 $51,189
Sep, 2047 $149 $973 $50,215
Oct, 2047 $146 $976 $49,239
Nov, 2047 $144 $979 $48,260
Dec, 2047 $141 $982 $47,278
2047 $1,876 $11,596 $47,278
Jan, 2048 $138 $985 $46,294
Feb, 2048 $135 $988 $45,306
Mar, 2048 $132 $990 $44,315
Apr, 2048 $129 $993 $43,322
May, 2048 $126 $996 $42,326
Jun, 2048 $123 $999 $41,327
Jul, 2048 $121 $1,002 $40,325
Aug, 2048 $118 $1,005 $39,320
Sep, 2048 $115 $1,008 $38,312
Oct, 2048 $112 $1,011 $37,301
Nov, 2048 $109 $1,014 $36,287
Dec, 2048 $106 $1,017 $35,270
2048 $1,463 $12,008 $35,270
Jan, 2049 $103 $1,020 $34,250
Feb, 2049 $100 $1,023 $33,228
Mar, 2049 $97 $1,026 $32,202
Apr, 2049 $94 $1,029 $31,173
May, 2049 $91 $1,032 $30,142
Jun, 2049 $88 $1,035 $29,107
Jul, 2049 $85 $1,038 $28,069
Aug, 2049 $82 $1,041 $27,029
Sep, 2049 $79 $1,044 $25,985
Oct, 2049 $76 $1,047 $24,938
Nov, 2049 $73 $1,050 $23,888
Dec, 2049 $70 $1,053 $22,835
2049 $1,036 $12,435 $22,835
Jan, 2050 $67 $1,056 $21,779
Feb, 2050 $64 $1,059 $20,720
Mar, 2050 $60 $1,062 $19,658
Apr, 2050 $57 $1,065 $18,593
May, 2050 $54 $1,068 $17,524
Jun, 2050 $51 $1,071 $16,453
Jul, 2050 $48 $1,075 $15,378
Aug, 2050 $45 $1,078 $14,300
Sep, 2050 $42 $1,081 $13,219
Oct, 2050 $39 $1,084 $12,135
Nov, 2050 $35 $1,087 $11,048
Dec, 2050 $32 $1,090 $9,958
2050 $594 $12,877 $9,958
Jan, 2051 $29 $1,094 $8,864
Feb, 2051 $26 $1,097 $7,767
Mar, 2051 $23 $1,100 $6,667
Apr, 2051 $19 $1,103 $5,564
May, 2051 $16 $1,106 $4,458
Jun, 2051 $13 $1,110 $3,348
Jul, 2051 $10 $1,113 $2,235
Aug, 2051 $7 $1,116 $1,119
Sep, 2051 $3 $1,119 $0
2051 $146 $9,958 $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.