Refinance Calculator
Analyze mortgage refinancing benefits
Calculate actual savings from refinancing by comparing interest savings against prepayment fees. Use this to decide whether to refinance when rates drop.
๐ What is Refinancing?
Refinancing means replacing your current loan with a new one at a lower rate. Consider refinancing when rates drop 0.5%+ below your current rate. However, factor in prepayment fees, stamp duty, and registration costs to determine actual benefit.
๐ Mortgage Calculator
Monthly Payment
152๋ง์
Total Payment
5.5์ต์
Total Interest
2.5์ต์
82.4% of principal
๐ Principal vs Interest
Principal
3.0์ต์
Interest
2.5์ต์
๐ Payment Schedule
| Year | Annual Payment | Principal | Interest | Balance |
|---|---|---|---|---|
| 1 | 18,240,671์ | 4,839,680์ | 13,400,991์ | 3.0์ต์ |
| 2 | 18,240,671์ | 5,062,014์ | 13,178,657์ | 2.9์ต์ |
| 3 | 18,240,671์ | 5,294,562์ | 12,946,109์ | 2.8์ต์ |
| 4 | 18,240,671์ | 5,537,793์ | 12,702,878์ | 2.8์ต์ |
| 5 | 18,240,671์ | 5,792,199์ | 12,448,472์ | 2.7์ต์ |
| 6 | 18,240,671์ | 6,058,291์ | 12,182,380์ | 2.7์ต์ |
| 7 | 18,240,671์ | 6,336,608์ | 11,904,063์ | 2.6์ต์ |
| 8 | 18,240,671์ | 6,627,711์ | 11,612,960์ | 2.5์ต์ |
| 9 | 18,240,671์ | 6,932,187์ | 11,308,484์ | 2.5์ต์ |
| 10 | 18,240,671์ | 7,250,650์ | 10,990,021์ | 2.4์ต์ |
| ... Total 30 years | ||||
๐ฐ Interest Rate Comparison
| Rate | Monthly | Total Interest | Difference |
|---|---|---|---|
| 3.5% | 1,347,134์ | 1.8์ต์ | -62,251,872์ |
| 4.0% | 1,432,246์ | 2.2์ต์ | -31,611,616์ |
| 4.5% | 1,520,056์ | 2.5์ต์ | +0์ |
| 5.0% | 1,610,465์ | 2.8์ต์ | +3255๋ง์ |
| 5.5% | 1,703,367์ | 3.1์ต์ | +6599๋ง์ |
Mortgage Calculation Result
Monthly 152๋ง์
โจ Total interest 2.5์ต์Loan 3.0์ต์, 4.5% rate, 30 years
๐ก Figure it out together
Better when calculated together
#MortgageCalculator #HomeLoan #InterestRate
Important Note
This calculator is for reference only. Actual loan terms may vary based on lender, credit score, and collateral value. Contact your financial institution for accurate information.
๐ Refinance Benefit Calculation
Interest Savings = (Old Rate - New Rate) ร Balance ร Remaining Term
Refinance Cost = Prepayment Fee + Stamp Duty + Registration
Net Benefit = Interest Savings - Refinance Costs
๐ How to Calculate
- Enter current loan balance and rate
- Enter remaining loan term
- Enter new loan rate
- Check prepayment fee rate (typically 1.4-1.5%)
- Compare total savings vs costs
๐ Refinance Simulation ($250K balance, 20yr remaining)
| Rate Reduction | Annual Savings | 20yr Total | Prepay Fee(1.5%) | Net Benefit |
|---|---|---|---|---|
| 0.5%p | $1,250 | $25,000 | $3,750 | $21,250 |
| 1.0%p | $2,500 | $50,000 | $3,750 | $46,250 |
| 1.5%p | $3,750 | $75,000 | $3,750 | $71,250 |
| 2.0%p | $5,000 | $100,000 | $3,750 | $96,250 |
๐ก Refinance Checklist
- Consider refinancing when rate difference is 0.5%+
- Check prepayment fee waiver period (usually after 3 years)
- Larger balances mean greater refinance benefits
- Longer remaining terms mean more interest savings
- Good credit score can negotiate lower rates
โ FAQ
Typically 1.4-1.5% of balance within 3 years of the loan. Many banks waive fees after 3 years. Contact your bank for exact fees.
Loan inquiries may temporarily lower your score slightly, but since you're paying off existing debt, overall impact is minimal.
Yes, you can request a rate reduction from your current bank. This often avoids prepayment fees while lowering your rate.
๐ Local Method & Assumption Guide
Formula Logic
Core formulas use public finance, loan, ratio, and unit conversion standards.
Source Scope
References follow publicly available standards and country-level common practices.
Assumptions
Taxes, fees, rates, and limits vary by region and institution.
Result Interpretation
Use this result as a baseline scenario. For decisions, compare with your lender quote and local tax treatment.
Locale Preset
Currency: USD
Units: imperial
Tax logic: US payroll estimate
Regulatory Note
This tool uses regional presets for estimation. Contract terms and legal limits may differ by lender, bank, or local law.
Recommended Next Actions
- Compare at least 2-3 local providers before final submission.
- Re-check fees, tax treatment, and prepayment clauses in writing.
- Run a stress scenario with +1-2% interest and lower income.
Before a real financial decision, confirm with local institution rules.