Can I use this calculator for auto loans or student loans, or is it only for mortgages?

The tool is designed for any loan type; users input the remaining balance, term, and interest rate, making it applicable to mortgages, auto loans, or student loans, though it is most commonly used for home mortgages.

How accurate are the savings estimates provided by the calculator?

The estimates are based on the numbers entered and assume the new loan terms remain fixed for the entire duration; actual savings will depend on the lender's offered rate, closing costs, and the borrower's credit profile.

What is the difference between mortgage points and closing costs in this calculator?

Mortgage points are upfront fees paid to lower the interest rate, while closing costs cover lender and third-party fees required to finalize the new loan; both are entered as separate inputs to see their impact on total cost.

Does the calculator factor in how long I plan to keep the new loan?

The tool compares total interest paid over the full new loan term; users should consider their intended stay in the home or how long they will keep the loan, as refinancing costs are recouped over time.

Loans & MortgagesTool Review

Refinance Calculator

Provided byCalculator.netcalculator.net

Free calculator to plan the refinancing of loans by comparing existing and refinanced loans side by side, with option...

One of 3 options for Refinance Calculator

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About this tool

What Refinance Calculator does

A refinance calculator that lets users model the financial impact of replacing an existing loan with a new one. By entering current loan details—such as remaining balance, monthly payment, term, and interest rate—along with proposed new loan terms, the tool generates side-by-side comparisons of monthly payments, total interest paid, and overall cost differences. The output highlights potential savings, changes in loan term, and the effect of additional factors like cash-out amounts, mortgage points, and closing fees. The result is a clear numerical snapshot of whether refinancing makes financial sense for the specific situation.

Step by step

How to use the Calculator.net Refinance Calculator

1
Input the current loan's remaining balance, monthly payment, original term, and interest rate
2
Enter the new loan's term length and interest rate, plus any points or costs and fees
3
Specify a cash-out amount if pulling equity from the asset
4
Review the side-by-side results showing new monthly payment, total interest, and net savings
5
Adjust variables to model different scenarios and compare outcomes

Is it right for you

Best for

Homeowners or borrowers with existing loans who are considering refinancing to lower their interest rate, shorten their term, or access home equity, and who want a quick numerical comparison before contacting lenders.

Limitations

Assumes fixed rates and terms for both current and new loans, not adjustable-rate scenarios
Results are estimates based on input figures and do not include lender-specific underwriting or qualification requirements
Does not account for prepayment penalties on the existing loan or tax implications of cash-out refinancing

Questions

Refinance Calculator FAQ

Can I use this calculator for auto loans or student loans, or is it only for mortgages?: The tool is designed for any loan type; users input the remaining balance, term, and interest rate, making it applicable to mortgages, auto loans, or student loans, though it is most commonly used for home mortgages.
How accurate are the savings estimates provided by the calculator?: The estimates are based on the numbers entered and assume the new loan terms remain fixed for the entire duration; actual savings will depend on the lender's offered rate, closing costs, and the borrower's credit profile.
What is the difference between mortgage points and closing costs in this calculator?: Mortgage points are upfront fees paid to lower the interest rate, while closing costs cover lender and third-party fees required to finalize the new loan; both are entered as separate inputs to see their impact on total cost.
Does the calculator factor in how long I plan to keep the new loan?: The tool compares total interest paid over the full new loan term; users should consider their intended stay in the home or how long they will keep the loan, as refinancing costs are recouped over time.

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