Mortgage Refinance Calculator
See exactly what a new rate does to your monthly payment and to the interest you pay over the life of the loan.
What This Calculator Does
Enter your current loan balance, rate, and remaining term alongside the new rate and term you are being offered. The calculator lays the two loans side by side — new monthly payment, monthly difference, and the total interest you would pay under each scenario.
Who Is This For
Homeowners who borrowed when rates were higher, owners considering a shorter term to retire the debt faster, and anyone in Miami or South Florida weighing a lender's refinance offer against the loan they already have.
How It Works
Provide your remaining balance, current interest rate, and the years left on the loan, then enter the new rate and term on the table. Hit Calculate to compare monthly payments and lifetime interest between the two.
Frequently Asked Questions
When does refinancing make sense?
The usual trigger is a new rate meaningfully below your current one, but the term matters just as much. Resetting a loan you have paid down for eight years back to a fresh 30-year schedule can lower the payment while raising total interest. Compare both figures before you decide.
What does a refinance cost?
Refinance closing costs typically run 2-6% of the loan amount, covering the appraisal, origination, title work, and recording fees. Some lenders will roll those costs into the balance or absorb them in exchange for a slightly higher rate. Either way you pay for them, so ask for the itemized figure.
Where are 30-year rates right now?
Freddie Mac's Primary Mortgage Market Survey put average 30-year fixed rates in the 6.6-6.7% range as of July 2026. Your own quote will land above or below that depending on credit score, loan size, property type, and whether the home is a primary residence or an investment.
Does refinancing restart my loan?
Yes, unless you deliberately choose a shorter term. A refinance replaces the old note with a new one and the amortization schedule starts over, which is why the early years of the new loan are heavily interest-weighted again. Shortening the term is how owners avoid giving back the progress they have made.
Is it harder to refinance a condo?
Condo files face extra scrutiny. Lenders review the association's budget, reserves, owner-occupancy ratio, and any pending litigation or structural assessment. In South Florida, buildings still working through structural inspection requirements can slow an approval, so start the process earlier than you would for a single-family home.