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Mortgage Refinance Calculator

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Mortgage Refinance Calculator Results

Monthly payment if you refinance:

Monthly payment reduction:

Length of time to recoup any closing costs:

Interest you will pay under your current mortgage:

Interest you will pay if you refinance:

Interest saved if you refinance:

Your net refinancing savings
(interest savings minus closing costs):

Additional comments:



Disclaimer: Whilst every effort has been made in building our calculator tools, we are not to be held liable for any damages or monetary losses arising out of or in connection with their use. Full disclaimer.


Use our mortgage refinance calculator to help you decide whether to refinance your existing mortgage at a lower interest rate. This calculator breaks down monthly repayments and interest savings and also tells you how long it will take to pay off any charges. If you do not have an existing mortgage, please use the regular mortgage calculator instead.

Mortgage refinance calculator - FAQ

A selection of frequently asked questions about our mortgage refinancing calculator.

What is mortgage refinancing and how does it work?

Refinancing your mortgage can bring you a lot of potential benefits and it's always worth doing your homework to get the best deal available to you. In simple terms, mortgage refinancing involves adjusting or re-negotiating the terms of your existing mortgage, either with your existing lender or a new one. Essentially, you pay off your existing mortgage and take out a new mortgage with different terms.

There are many reasons why you might want to consider re-financing your mortgage. Perhaps interest rates have fallen, your credit score has gone up or you want to switch to a different type of mortgage (an impending interest rate rise might be a good reason to consider this). Or, perhaps you want to free up some equity to invest in a new venture or refurbishment of your property. Finally, it may just be that your circumstances have changed and you need to react to that.

As an example, people sometimes decide they want to pay off their loan sooner and so choose to adjust their mortgage to increase their monthly payments. On the flip side of that, people occasionally choose to pay less per month and lengthen the life of their loan. This potentially means paying more in the long term, but frees up money in the short term. In each case, there can be advantages. However, they can prove equally costly if not planned carefully.

Should I refinance my mortgage?

There are many factors to take into consideration when trying to decide whether to refinance your mortgage. You may be looking to lower your monthly payment or shorten the length of your mortgage. Generally, refinancing is an option worth considering if, by taking out a new mortgage, you can reduce the costs of your loan.


Note: The results given by this mortgage refinance calculator are only a guide. Please speak to a mortgage advisor or independent financial advisor for accurate guidance.