Refi Mortgage Calculator Enter the details of your current mortgage below to calculate how much you can save when refinancing. Current Loan Balance: $ Interest Rate: % Loan Term: 15 30 years Refinanced Interest Rate: % Refinanced Loan Term: 15 30 years Monthly Savings: $ function calculateSavings(){ // Get all the inputs var loanBalance = document.getElementById("loanBalance").value; var interestRate = document.getElementById("interestRate").value; var loanTerm = document.getElementById("loanTerm").value; var newInterestRate = document.getElementById("newInterestRate").value; var newLoanTerm = document.getElementById("newLoanTerm").value; // Calculate the current Payment var currPmt = (loanBalance * (interestRate/100) * Math.pow(1 + (interestRate/100), loanTerm)) / (Math.pow(1 + (interestRate/100), loanTerm) - 1); // Calculate the refinanced Payment var refPmt = (loanBalance * (newInterestRate/100) * Math.pow(1 + (newInterestRate/100), newLoanTerm)) / (Math.pow(1 + (newInterestRate/100), newLoanTerm) - 1); // Calculate the total Savings var monthlySavings = currPmt - refPmt; // Update the UI document.getElementById("monthlySavings").value = monthlySavings.toFixed(2); } What is a Refi Mortgage Calculator? Refinancing your mortgage is a great way to save money over the life of the loan, but it can also be a complicated process. To make it easier, many people turn to refinancing lenders, who can help them through the process and compare rates from a variety of lenders to get the best deal. However, lenders can only do so much. It's also important to have a basic understanding of your mortgage, a refi mortgage calculators can help with this. Refi mortgage calculators, also known as mortgage refinance calculators, are designed to help you figure out whether or not it makes sense to refinance your mortgage. These calculators compare the costs of refinancing to the savings you can expect to make over the life of the loan. By entering information about your current mortgage, interest rate, and the prevailing lending rates, these calculators can help you determine whether or not it's worth it to refinance. The Benefits of Using a Refi Mortgage Calculator Using a refi mortgage calculator is a great way to better understand your mortgage and make an informed decision about refinancing. By using these tools, you can compare the costs and savings of various refinancing options and determine which strategy makes the most sense for your financial goals. Refi mortgage calculators also give borrowers a better understanding of the different types of loans available and help them compare the rates of each. You can also use a refi mortgage calculator to compare closing costs associated with different lenders. Closing costs can range anywhere from one-half percent to three-eighths of a percent of the loan amount. Using a refi mortgage calculator, borrowers can get a clear picture of what type of closing costs they should expect from different lenders and make sure they get the best deal possible. How To Use a Refi Mortgage Calculator Using a refi mortgage calculator is relatively straightforward. Simply enter the information about your current mortgage and the type of loan you’re looking into and the calculator will automatically compute the estimated costs and savings you can expect from the different options. It's important to keep in mind that every loan term is different, so you should always ask lenders what their terms and conditions entail. While a refi mortgage calculator can only give you a rough estimate of the savings you can expect, a lender can provide specific details about the loan and how it works. Conclusion A refi mortgage calculator can be an invaluable tool for those considering refinancing their mortgage. By entering the details of your current mortgage and the prevailing lending rates, you can get a better understanding of the different types of loans available and see how much you can save by refinancing. It’s always important to ask lenders for specific details, but a refi mortgage calculator can give you a basic understanding of the process and help you make an informed decision.