Free Mortgage Refinancing Calculator

Fixed-rate mortgages have both pros and cons. Fixed-rate mortgages offer protection against rate increases. Should mortgage rates increase, payments on a fixed-rate mortgage stay the same.

However, if we see lower mortgage rates in the future, homeowners might weigh the costs and benefits of mortgage refinancing. Mortgage refinancing may involve paying a penalty. On the other hand, if refinance mortgage rates are low enough, the interest savings could be substantial.

The Mortgage Refinancing Calculator estimates the financial benefit from mortgage refinancing. The spreadsheet considers both the Original Mortgage and the Refinance Mortgage, and shows the change in (i) total payments; (ii) interest; and (iii) principal. The mortgage savings can be viewed on an undiscounted basis, or on a discounted basis.

mortgage refinancing

Download Spreadsheet (MS Excel)

Not running Microsoft Excel? No problem! Your browser can view this spreadsheet directly using this URL for Non-Excel Users (EditGrid file). Please note that this spreadsheet is quite a large file!

Have Fun!

- Mark ( )

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