Mortgage Refi Payment Calculator

Calculating mortgage payments can be complex, especially when considering refinancing. Our Mortgage Refi Payment Calculator simplifies this process, providing you with an estimate of your monthly mortgage payment after refinancing.

To calculate the monthly mortgage payment after refinancing, we use the following formula:

  • M = Monthly Payment
  • P = Loan Amount
  • r = Monthly Interest Rate (annual rate divided by 12)
  • n = Total Number of Payments (loan term in years multiplied by 12)

How to Use:

  1. Enter the loan amount.
  2. Input the annual interest rate.
  3. Specify the loan term in years.
  4. Click on the “Calculate” button.
  5. The estimated monthly payment will be displayed.

Suppose you have a loan amount of $200,000, an interest rate of 3.5% per annum, and a loan term of 15 years. Upon calculating, the estimated monthly payment would be $1,429.77.


  1. What is a mortgage refinance?
    Refinancing a mortgage involves replacing an existing mortgage with a new one, typically to obtain better terms or interest rates.
  2. Why should I refinance my mortgage?
    Reasons for refinancing include securing a lower interest rate, changing the loan term, or accessing equity for home improvements.
  3. Is refinancing worth it?
    It depends on factors like current interest rates, closing costs, and how long you plan to stay in your home. Our calculator can help you assess potential savings.
  4. What is the difference between fixed and adjustable-rate mortgages?
    A fixed-rate mortgage maintains the same interest rate throughout the loan term, while an adjustable-rate mortgage (ARM) may have a rate that changes periodically.
  5. Can I refinance if I have bad credit?
    It may be possible, but your options could be limited, and you might not qualify for the best rates.
  6. How does refinancing affect my credit score?
    Refinancing can temporarily lower your credit score due to the credit inquiry and the new credit account opening. However, it may improve your score in the long term if you make timely payments.
  7. What are closing costs?
    Closing costs are fees associated with finalizing a mortgage refinance, including application fees, appraisal fees, and title insurance.
  8. Can I include closing costs in my refinanced mortgage?
    Yes, you can choose to roll closing costs into your new loan, but this will increase your overall loan amount and monthly payment.
  9. What is the difference between a cash-out refinance and a rate-and-term refinance?
    A cash-out refinance allows you to borrow more than you owe on your current mortgage, while a rate-and-term refinance simply adjusts your interest rate or loan term without borrowing additional funds.
  10. How long does the refinancing process take?
    The refinancing process typically takes between 30 to 45 days, but it can vary depending on factors such as lender efficiency and documentation requirements.

Our Mortgage Refi Payment Calculator provides a quick and easy way to estimate your monthly mortgage payment after refinancing. By inputting essential loan details, you can gain valuable insights into your potential financial commitments, empowering you to make informed decisions about your mortgage refinance.

Leave a Comment