No Cost Refinance Calculator

Introduction: Refinancing your mortgage can be a smart financial move, especially when it comes to a no-cost refinance. To help you determine the potential savings and benefits of a no-cost refinance, we’ve created the No Cost Refinance Calculator.

Formula: The calculator uses the following formula to estimate your monthly payment and total payment over the loan term:

  1. Calculate the monthly interest rate by dividing the annual interest rate by 1200 (to convert from percentage to decimal).
  2. Determine the total number of payments by multiplying the loan term (in years) by 12 (to get the number of months).
  3. Use the formula for calculating a fixed monthly payment on a loan to find the monthly payment.
  4. Calculate the total payment over the loan term by multiplying the monthly payment by the total number of payments.

How to Use:

  1. Enter the loan amount, which is the amount you wish to refinance.
  2. Provide the annual interest rate as a percentage.
  3. Specify the loan term in years.
  4. Click the “Calculate” button to get your results.

Example: Suppose you have a loan amount of $200,000, an interest rate of 3.5%, and a loan term of 15 years. After clicking “Calculate,” the tool will provide your estimated monthly payment and total payment over the loan term.


  1. What is a no-cost refinance? A no-cost refinance is a type of mortgage refinance where the lender covers the closing costs. In exchange, you might have a slightly higher interest rate.
  2. How does the no-cost refinance calculator work? The calculator estimates your monthly payment and total payment by using your loan amount, interest rate, and loan term.
  3. Is the result accurate for my specific situation? The calculator provides estimates and should be used as a starting point. For precise figures, consult with a mortgage professional.
  4. What’s the benefit of a no-cost refinance? You can reduce your out-of-pocket expenses by not paying closing costs upfront, potentially saving you money.
  5. Can I refinance without any fees at all? While a no-cost refinance eliminates upfront fees, you may still encounter some costs, such as appraisal fees or title insurance.
  6. Should I refinance my mortgage? Deciding to refinance depends on your current interest rate, your financial goals, and how long you plan to stay in your home.
  7. How does the loan term affect my payments? Shorter loan terms typically result in higher monthly payments but lower overall interest costs.
  8. What if I want to pay extra towards my mortgage? You can reduce the total interest paid and the loan term by making extra principal payments.
  9. Can I refinance multiple times? Yes, but the decision should align with your financial goals and the costs involved.
  10. Are there other factors to consider when refinancing? Yes, factors like credit score, home equity, and market conditions can also influence the refinance process.

Conclusion: The No Cost Refinance Calculator is a useful tool to estimate your potential savings when considering a no-cost refinance for your mortgage. Remember that this calculator provides estimates, and it’s important to consult with a mortgage professional for accurate information tailored to your unique situation. Refinancing can be a financially savvy move, and this calculator helps you make an informed decision about your mortgage.

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