Mortgage Refi Calculator Calculate your monthly mortgage payment when refinancing. Home Value: Refinancing Amount: Interest Rate: Years of Term: Calculate Mortgage Payment Monthly Payment: function calculateMortgageRefi() { var homeValue = getEl("homeValue").value; var refiAmount = parseFloat(getEl("refiAmount").value); var intRate = parseFloat(getEl("intRate").value) / 100; var yearsTerm = parseFloat(getEl("yearsTerm").value); // Calculate the monthly payment var intRateMonthly = intRate / 12; var termMonths = yearsTerm * 12; var mortgagePayment = (refiAmount * intRateMonthly) / (1 - Math.pow(1 + intRateMonthly, -termMonths)); // Format the result to display 2 decimal places getEl("monthlyPayment").value = "$" + mortgagePayment.toFixed(2); } // Function to get element by id function getEl(id) { return document.getElementById(id); } What is a Mortgage Refi Calculator? A mortgage refi calculator is an online tool that helps borrowers determine how refinancing their mortgage will affect their finances over the long-term. It can help borrowers make important decisions about their mortgage, such as when to refinance, what rates to get, and how to save money in the process. Borrowers of all refinancing levels can benefit from using a mortgage refi calculator, from those who are just starting out to veteran veteran mortgage borrowers. How Does a Mortgage Refi Calculator Work? Mortgage refi calculators vary, but they generally involve inputting data about your current mortgage, such as the interest rate, the length of the loan, and how much remaining debt you owe. Once you plug in the necessary information, the calculator will generate a number of potential scenarios for you to consider. You can usually select how long you want to stay in the loan, as well as other factors that may affect the loan’s overall cost. The calculator can also provide you with a number of additional details about your loan, such as what the maximum loan amount might be and what type of refi option might be best for you. It will also provide estimates for how much money you could save by refinancing. This can help you make more informed, financially sound decisions about your mortgage. Benefits of Using a Mortgage Refi Calculator Using a mortgage refi calculator can offer a number of potential advantages for borrowers. For starters, it can help you easily compare different refi scenarios, which can make it easier to decide which one is right for you. Being able to “try out” different refi options can also help borrowers determine which loans will best meet their needs. Using a mortgage refi calculator can also help borrowers save money. The calculator can easily calculate how much you could save by refinancing, and in turn, how much extra principal you could pay off. As a result, borrowers who utilize this tool can potentially shorten the length of their loan and reduce their overall interest costs. Tips for Using a Mortgage Refi Calculator When you’re using a mortgage refi calculator, there are some important tips to bear in mind in order to get the most out of the tool. The first is to make sure that all of the data you plug into the calculator is accurate. If you enter incorrect information, you may not get an accurate representation of your potential loan scenarios. Be sure, then, to double-check your inputs before using the calculator. Additionally, be aware that a mortgage refi calculator is only meant to provide a rough estimate of how much you could save by refinancing. It is only one step of the process and should not be seen as a guarantee of future loan savings. You should always discuss your options with a professional before making any decisions so you can determine if refinancing is the best financial choice for you. Conclusion A mortgage refi calculator can provide borrowers with a quick and easy way to compare potential scenarios and determine how refinancing their mortgage may affect their finances. However, it’s important to remember that a mortgage refi calculator is only a tool, and its results should be used in conjunction with other factors when making decisions about your mortgage. But if used correctly, it can be an invaluable tool that helps you save money and make important decisions about your home loan.