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.

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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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Mar, 2024 Feb, 2054
Loan Closing Loan Payoff


Amortization Schedule

Date Interest Principal Balance
Mar, 2024 $729 $393 $249,607
Apr, 2024 $728 $395 $249,212
May, 2024 $727 $396 $248,816
Jun, 2024 $726 $397 $248,419
Jul, 2024 $725 $398 $248,021
Aug, 2024 $723 $399 $247,622
Sep, 2024 $722 $400 $247,222
Oct, 2024 $721 $402 $246,820
Nov, 2024 $720 $403 $246,417
Dec, 2024 $719 $404 $246,014
2024 $7,240 $3,986 $246,014
Jan, 2025 $718 $405 $245,608
Feb, 2025 $716 $406 $245,202
Mar, 2025 $715 $407 $244,795
Apr, 2025 $714 $409 $244,386
May, 2025 $713 $410 $243,976
Jun, 2025 $712 $411 $243,565
Jul, 2025 $710 $412 $243,153
Aug, 2025 $709 $413 $242,740
Sep, 2025 $708 $415 $242,325
Oct, 2025 $707 $416 $241,909
Nov, 2025 $706 $417 $241,492
Dec, 2025 $704 $418 $241,074
2025 $8,532 $4,940 $241,074
Jan, 2026 $703 $419 $240,654
Feb, 2026 $702 $421 $240,234
Mar, 2026 $701 $422 $239,812
Apr, 2026 $699 $423 $239,389
May, 2026 $698 $424 $238,964
Jun, 2026 $697 $426 $238,539
Jul, 2026 $696 $427 $238,112
Aug, 2026 $694 $428 $237,684
Sep, 2026 $693 $429 $237,254
Oct, 2026 $692 $431 $236,824
Nov, 2026 $691 $432 $236,392
Dec, 2026 $689 $433 $235,959
2026 $8,356 $5,115 $235,959
Jan, 2027 $688 $434 $235,524
Feb, 2027 $687 $436 $235,089
Mar, 2027 $686 $437 $234,652
Apr, 2027 $684 $438 $234,213
May, 2027 $683 $439 $233,774
Jun, 2027 $682 $441 $233,333
Jul, 2027 $681 $442 $232,891
Aug, 2027 $679 $443 $232,448
Sep, 2027 $678 $445 $232,003
Oct, 2027 $677 $446 $231,557
Nov, 2027 $675 $447 $231,110
Dec, 2027 $674 $449 $230,661
2027 $8,174 $5,297 $230,661
Jan, 2028 $673 $450 $230,212
Feb, 2028 $671 $451 $229,760
Mar, 2028 $670 $452 $229,308
Apr, 2028 $669 $454 $228,854
May, 2028 $667 $455 $228,399
Jun, 2028 $666 $456 $227,943
Jul, 2028 $665 $458 $227,485
Aug, 2028 $663 $459 $227,026
Sep, 2028 $662 $460 $226,565
Oct, 2028 $661 $462 $226,103
Nov, 2028 $659 $463 $225,640
Dec, 2028 $658 $464 $225,176
2028 $7,986 $5,486 $225,176
Jan, 2029 $657 $466 $224,710
Feb, 2029 $655 $467 $224,243
Mar, 2029 $654 $469 $223,774
Apr, 2029 $653 $470 $223,304
May, 2029 $651 $471 $222,833
Jun, 2029 $650 $473 $222,360
Jul, 2029 $649 $474 $221,886
Aug, 2029 $647 $475 $221,411
Sep, 2029 $646 $477 $220,934
Oct, 2029 $644 $478 $220,456
Nov, 2029 $643 $480 $219,976
Dec, 2029 $642 $481 $219,495
2029 $7,791 $5,681 $219,495
Jan, 2030 $640 $482 $219,013
Feb, 2030 $639 $484 $218,529
Mar, 2030 $637 $485 $218,044
Apr, 2030 $636 $487 $217,557
May, 2030 $635 $488 $217,069
Jun, 2030 $633 $489 $216,579
Jul, 2030 $632 $491 $216,088
Aug, 2030 $630 $492 $215,596
Sep, 2030 $629 $494 $215,102
Oct, 2030 $627 $495 $214,607
Nov, 2030 $626 $497 $214,110
Dec, 2030 $624 $498 $213,612
2030 $7,589 $5,883 $213,612
Jan, 2031 $623 $500 $213,113
Feb, 2031 $622 $501 $212,612
Mar, 2031 $620 $502 $212,109
Apr, 2031 $619 $504 $211,605
May, 2031 $617 $505 $211,100
Jun, 2031 $616 $507 $210,593
Jul, 2031 $614 $508 $210,084
Aug, 2031 $613 $510 $209,575
Sep, 2031 $611 $511 $209,063
Oct, 2031 $610 $513 $208,550
Nov, 2031 $608 $514 $208,036
Dec, 2031 $607 $516 $207,520
2031 $7,379 $6,092 $207,520
Jan, 2032 $605 $517 $207,003
Feb, 2032 $604 $519 $206,484
Mar, 2032 $602 $520 $205,964
Apr, 2032 $601 $522 $205,442
May, 2032 $599 $523 $204,918
Jun, 2032 $598 $525 $204,393
Jul, 2032 $596 $526 $203,867
Aug, 2032 $595 $528 $203,339
Sep, 2032 $593 $530 $202,809
Oct, 2032 $592 $531 $202,278
Nov, 2032 $590 $533 $201,746
Dec, 2032 $588 $534 $201,211
2032 $7,163 $6,309 $201,211
Jan, 2033 $587 $536 $200,676
Feb, 2033 $585 $537 $200,138
Mar, 2033 $584 $539 $199,600
Apr, 2033 $582 $540 $199,059
May, 2033 $581 $542 $198,517
Jun, 2033 $579 $544 $197,973
Jul, 2033 $577 $545 $197,428
Aug, 2033 $576 $547 $196,882
Sep, 2033 $574 $548 $196,333
Oct, 2033 $573 $550 $195,783
Nov, 2033 $571 $552 $195,232
Dec, 2033 $569 $553 $194,678
2033 $6,938 $6,533 $194,678
Jan, 2034 $568 $555 $194,124
Feb, 2034 $566 $556 $193,567
Mar, 2034 $565 $558 $193,009
Apr, 2034 $563 $560 $192,449
May, 2034 $561 $561 $191,888
Jun, 2034 $560 $563 $191,325
Jul, 2034 $558 $565 $190,761
Aug, 2034 $556 $566 $190,194
Sep, 2034 $555 $568 $189,627
Oct, 2034 $553 $570 $189,057
Nov, 2034 $551 $571 $188,486
Dec, 2034 $550 $573 $187,913
2034 $6,706 $6,765 $187,913
Jan, 2035 $548 $575 $187,338
Feb, 2035 $546 $576 $186,762
Mar, 2035 $545 $578 $186,184
Apr, 2035 $543 $580 $185,605
May, 2035 $541 $581 $185,023
Jun, 2035 $540 $583 $184,441
Jul, 2035 $538 $585 $183,856
Aug, 2035 $536 $586 $183,270
Sep, 2035 $535 $588 $182,681
Oct, 2035 $533 $590 $182,092
Nov, 2035 $531 $592 $181,500
Dec, 2035 $529 $593 $180,907
2035 $6,465 $7,006 $180,907
Jan, 2036 $528 $595 $180,312
Feb, 2036 $526 $597 $179,715
Mar, 2036 $524 $598 $179,117
Apr, 2036 $522 $600 $178,517
May, 2036 $521 $602 $177,915
Jun, 2036 $519 $604 $177,311
Jul, 2036 $517 $605 $176,706
Aug, 2036 $515 $607 $176,098
Sep, 2036 $514 $609 $175,489
Oct, 2036 $512 $611 $174,879
Nov, 2036 $510 $613 $174,266
Dec, 2036 $508 $614 $173,652
2036 $6,216 $7,255 $173,652
Jan, 2037 $506 $616 $173,036
Feb, 2037 $505 $618 $172,418
Mar, 2037 $503 $620 $171,798
Apr, 2037 $501 $622 $171,176
May, 2037 $499 $623 $170,553
Jun, 2037 $497 $625 $169,928
Jul, 2037 $496 $627 $169,301
Aug, 2037 $494 $629 $168,672
Sep, 2037 $492 $631 $168,041
Oct, 2037 $490 $632 $167,409
Nov, 2037 $488 $634 $166,775
Dec, 2037 $486 $636 $166,138
2037 $5,958 $7,513 $166,138
Jan, 2038 $485 $638 $165,500
Feb, 2038 $483 $640 $164,860
Mar, 2038 $481 $642 $164,219
Apr, 2038 $479 $644 $163,575
May, 2038 $477 $646 $162,929
Jun, 2038 $475 $647 $162,282
Jul, 2038 $473 $649 $161,633
Aug, 2038 $471 $651 $160,982
Sep, 2038 $470 $653 $160,329
Oct, 2038 $468 $655 $159,674
Nov, 2038 $466 $657 $159,017
Dec, 2038 $464 $659 $158,358
2038 $5,691 $7,781 $158,358
Jan, 2039 $462 $661 $157,697
Feb, 2039 $460 $663 $157,034
Mar, 2039 $458 $665 $156,370
Apr, 2039 $456 $667 $155,703
May, 2039 $454 $668 $155,035
Jun, 2039 $452 $670 $154,364
Jul, 2039 $450 $672 $153,692
Aug, 2039 $448 $674 $153,018
Sep, 2039 $446 $676 $152,341
Oct, 2039 $444 $678 $151,663
Nov, 2039 $442 $680 $150,983
Dec, 2039 $440 $682 $150,301
2039 $5,414 $8,057 $150,301
Jan, 2040 $438 $684 $149,616
Feb, 2040 $436 $686 $148,930
Mar, 2040 $434 $688 $148,242
Apr, 2040 $432 $690 $147,552
May, 2040 $430 $692 $146,859
Jun, 2040 $428 $694 $146,165
Jul, 2040 $426 $696 $145,469
Aug, 2040 $424 $698 $144,770
Sep, 2040 $422 $700 $144,070
Oct, 2040 $420 $702 $143,368
Nov, 2040 $418 $704 $142,663
Dec, 2040 $416 $707 $141,957
2040 $5,128 $8,344 $141,957
Jan, 2041 $414 $709 $141,248
Feb, 2041 $412 $711 $140,538
Mar, 2041 $410 $713 $139,825
Apr, 2041 $408 $715 $139,110
May, 2041 $406 $717 $138,393
Jun, 2041 $404 $719 $137,674
Jul, 2041 $402 $721 $136,953
Aug, 2041 $399 $723 $136,230
Sep, 2041 $397 $725 $135,505
Oct, 2041 $395 $727 $134,777
Nov, 2041 $393 $730 $134,048
Dec, 2041 $391 $732 $133,316
2041 $4,831 $8,641 $133,316
Jan, 2042 $389 $734 $132,582
Feb, 2042 $387 $736 $131,846
Mar, 2042 $385 $738 $131,108
Apr, 2042 $382 $740 $130,368
May, 2042 $380 $742 $129,626
Jun, 2042 $378 $745 $128,881
Jul, 2042 $376 $747 $128,135
Aug, 2042 $374 $749 $127,386
Sep, 2042 $372 $751 $126,635
Oct, 2042 $369 $753 $125,881
Nov, 2042 $367 $755 $125,126
Dec, 2042 $365 $758 $124,368
2042 $4,523 $8,948 $124,368
Jan, 2043 $363 $760 $123,608
Feb, 2043 $361 $762 $122,846
Mar, 2043 $358 $764 $122,082
Apr, 2043 $356 $767 $121,315
May, 2043 $354 $769 $120,547
Jun, 2043 $352 $771 $119,776
Jul, 2043 $349 $773 $119,002
Aug, 2043 $347 $776 $118,227
Sep, 2043 $345 $778 $117,449
Oct, 2043 $343 $780 $116,669
Nov, 2043 $340 $782 $115,887
Dec, 2043 $338 $785 $115,102
2043 $4,205 $9,266 $115,102
Jan, 2044 $336 $787 $114,315
Feb, 2044 $333 $789 $113,526
Mar, 2044 $331 $791 $112,735
Apr, 2044 $329 $794 $111,941
May, 2044 $326 $796 $111,145
Jun, 2044 $324 $798 $110,346
Jul, 2044 $322 $801 $109,545
Aug, 2044 $320 $803 $108,742
Sep, 2044 $317 $805 $107,937
Oct, 2044 $315 $808 $107,129
Nov, 2044 $312 $810 $106,319
Dec, 2044 $310 $813 $105,506
2044 $3,876 $9,596 $105,506
Jan, 2045 $308 $815 $104,691
Feb, 2045 $305 $817 $103,874
Mar, 2045 $303 $820 $103,055
Apr, 2045 $301 $822 $102,233
May, 2045 $298 $824 $101,408
Jun, 2045 $296 $827 $100,581
Jul, 2045 $293 $829 $99,752
Aug, 2045 $291 $832 $98,920
Sep, 2045 $289 $834 $98,086
Oct, 2045 $286 $837 $97,250
Nov, 2045 $284 $839 $96,411
Dec, 2045 $281 $841 $95,569
2045 $3,534 $9,937 $95,569
Jan, 2046 $279 $844 $94,725
Feb, 2046 $276 $846 $93,879
Mar, 2046 $274 $849 $93,030
Apr, 2046 $271 $851 $92,179
May, 2046 $269 $854 $91,325
Jun, 2046 $266 $856 $90,469
Jul, 2046 $264 $859 $89,610
Aug, 2046 $261 $861 $88,749
Sep, 2046 $259 $864 $87,885
Oct, 2046 $256 $866 $87,019
Nov, 2046 $254 $869 $86,150
Dec, 2046 $251 $871 $85,279
2046 $3,181 $10,290 $85,279
Jan, 2047 $249 $874 $84,405
Feb, 2047 $246 $876 $83,529
Mar, 2047 $244 $879 $82,650
Apr, 2047 $241 $882 $81,768
May, 2047 $238 $884 $80,884
Jun, 2047 $236 $887 $79,997
Jul, 2047 $233 $889 $79,108
Aug, 2047 $231 $892 $78,216
Sep, 2047 $228 $894 $77,322
Oct, 2047 $226 $897 $76,424
Nov, 2047 $223 $900 $75,525
Dec, 2047 $220 $902 $74,622
2047 $2,815 $10,656 $74,622
Jan, 2048 $218 $905 $73,717
Feb, 2048 $215 $908 $72,810
Mar, 2048 $212 $910 $71,900
Apr, 2048 $210 $913 $70,987
May, 2048 $207 $916 $70,071
Jun, 2048 $204 $918 $69,153
Jul, 2048 $202 $921 $68,232
Aug, 2048 $199 $924 $67,308
Sep, 2048 $196 $926 $66,382
Oct, 2048 $194 $929 $65,453
Nov, 2048 $191 $932 $64,521
Dec, 2048 $188 $934 $63,587
2048 $2,436 $11,035 $63,587
Jan, 2049 $185 $937 $62,650
Feb, 2049 $183 $940 $61,710
Mar, 2049 $180 $943 $60,767
Apr, 2049 $177 $945 $59,822
May, 2049 $174 $948 $58,874
Jun, 2049 $172 $951 $57,923
Jul, 2049 $169 $954 $56,969
Aug, 2049 $166 $956 $56,013
Sep, 2049 $163 $959 $55,054
Oct, 2049 $161 $962 $54,092
Nov, 2049 $158 $965 $53,127
Dec, 2049 $155 $968 $52,159
2049 $2,043 $11,428 $52,159
Jan, 2050 $152 $970 $51,189
Feb, 2050 $149 $973 $50,215
Mar, 2050 $146 $976 $49,239
Apr, 2050 $144 $979 $48,260
May, 2050 $141 $982 $47,278
Jun, 2050 $138 $985 $46,294
Jul, 2050 $135 $988 $45,306
Aug, 2050 $132 $990 $44,315
Sep, 2050 $129 $993 $43,322
Oct, 2050 $126 $996 $42,326
Nov, 2050 $123 $999 $41,327
Dec, 2050 $121 $1,002 $40,325
2050 $1,637 $11,834 $40,325
Jan, 2051 $118 $1,005 $39,320
Feb, 2051 $115 $1,008 $38,312
Mar, 2051 $112 $1,011 $37,301
Apr, 2051 $109 $1,014 $36,287
May, 2051 $106 $1,017 $35,270
Jun, 2051 $103 $1,020 $34,250
Jul, 2051 $100 $1,023 $33,228
Aug, 2051 $97 $1,026 $32,202
Sep, 2051 $94 $1,029 $31,173
Oct, 2051 $91 $1,032 $30,142
Nov, 2051 $88 $1,035 $29,107
Dec, 2051 $85 $1,038 $28,069
2051 $1,216 $12,255 $28,069
Jan, 2052 $82 $1,041 $27,029
Feb, 2052 $79 $1,044 $25,985
Mar, 2052 $76 $1,047 $24,938
Apr, 2052 $73 $1,050 $23,888
May, 2052 $70 $1,053 $22,835
Jun, 2052 $67 $1,056 $21,779
Jul, 2052 $64 $1,059 $20,720
Aug, 2052 $60 $1,062 $19,658
Sep, 2052 $57 $1,065 $18,593
Oct, 2052 $54 $1,068 $17,524
Nov, 2052 $51 $1,071 $16,453
Dec, 2052 $48 $1,075 $15,378
2052 $780 $12,691 $15,378
Jan, 2053 $45 $1,078 $14,300
Feb, 2053 $42 $1,081 $13,219
Mar, 2053 $39 $1,084 $12,135
Apr, 2053 $35 $1,087 $11,048
May, 2053 $32 $1,090 $9,958
Jun, 2053 $29 $1,094 $8,864
Jul, 2053 $26 $1,097 $7,767
Aug, 2053 $23 $1,100 $6,667
Sep, 2053 $19 $1,103 $5,564
Oct, 2053 $16 $1,106 $4,458
Nov, 2053 $13 $1,110 $3,348
Dec, 2053 $10 $1,113 $2,235
2053 $329 $13,143 $2,235
Jan, 2054 $7 $1,116 $1,119
Feb, 2054 $3 $1,119 $0
2054 $10 $2,235 $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.