Refinance Calculator
Compare refinance savings vs closing costs.
Current Mortgage
New Refinance
Closing Costs
1 pt = 1% loan, -0.25% rate
About the Refinance Calculator
Mortgage calculators for PITI payments, rent vs buy, and refinancing. All private, in-browser.
How to Use This Calculator
Get accurate mortgage calculations in seconds.
- 1
Enter home price or loan amount
Input the property price or mortgage principal.
- 2
Add your down payment
Under 20% down typically requires PMI.
- 3
Set rate and term
Choose 15, 20, or 30 years. Term affects payment and total interest.
- 4
Include taxes and insurance
Add annual property taxes and insurance for true PITI.
- 5
Review your breakdown
See P&I, taxes, insurance, PMI, and amortization schedule.
Key Features
Comprehensive features for homebuyers and investors:
PITI calculation
True monthly payment including Principal, Interest, Taxes, and Insurance.
PMI estimation
Auto-calculates PMI when down payment is below 20%.
Amortization schedule
Month-by-month principal vs interest breakdown.
Extra payment simulator
See how extra payments reduce interest and term.
Interactive charts
Visualize payment breakdown and equity buildup.
No personal info required
Everything runs in your browser — no tracking.
Understanding the Math
P&I uses: M = P × [r(1+r)^n] / [(1+r)^n − 1]. PITI adds taxes (0.5–2% of home value) and insurance. For a $400K loan at 7%, PITI is ~$3,236 — 21% higher than P&I alone.
Real-World Scenarios
Common mortgage decisions:
First-time homebuyer
$100K salary + 28/36 rule supports ~$320K–$375K home at 7%.
15 vs 30-year
$300K at 6.5%: 15-year saves $212K but costs $717/month more.
Refinance break-even
$350K from 7.5% to 6.5% saves $238/month. Break-even: 29 months.
Cap rate
$400K property with $30K NOI = 7.5% cap rate.
Money-Saving Mortgage Tips
Strategies to save tens of thousands:
Put down 20%
Avoid PMI — saves $125–$375/month on a $300K loan.
Shop multiple lenders
Rates vary 0.25–0.5% between lenders.
Buy down rate with points
1 point = 0.25% lower rate. Break-even: ~60 months.
One extra payment/year
Cuts a 30-year loan to ~25 years, saves $75K+ interest.
Recast after lump sum
Re-amortize to lower payment without refinancing.
Things to Watch Out For
Hidden costs and pitfalls:
PITI vs P&I
Real payment is 20–30% more than P&I alone.
ARM risk
Rates can jump after the fixed period — plan for worst case.
Closing costs
Budget 2–5% of loan amount, due at closing.
Property tax increases
Taxes rise annually — build a buffer.
HOA and maintenance
Not in PITI — factor $200–$500/month HOA and 1–2% home value for maintenance.
Expert Tips
Lock your rate
Free 30–60 day locks protect against rate increases.
Get pre-approved
Sellers take pre-approved offers more seriously.
Check first-time buyer programs
Many states offer down payment assistance and tax credits.
Common Questions
Does this calculator include PMI?
Can I calculate refinance savings?
Are property taxes included?
More Mortgage & Housing Calculators
Mortgage Calculator (PITI)
Monthly payment with principal, interest, taxes & insurance.
Rent vs Buy Calculator
Compare renting vs buying over time.
House Affordability Calculator
How much house can you afford based on income?
Down Payment Calculator
Plan your down payment and closing costs.
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