Mortgage refinance calculator
Enter your estimated value, loan amount, rate, and term to see what the monthly payment would be, with taxes and insurance included.
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Estimated monthly payment
$2,741/mo
Principal, interest, taxes, and insurance, at the rate you typed
On a $340,000 loan over 30 years$2,149
Escrowed monthly on most loans$592
If you keep the loan to payoff and never prepay$433,651
Calculator results are estimates for education, not a quote, prequalification, or approval. Verify every figure with your loan officer before making decisions.
In short
Key takeaways
- Only the loan amount, rate, and term drive principal and interest. Your home's value does not enter the payment math at all; it sets your loan-to-value, which drives pricing and mortgage insurance.
- A longer term lowers the monthly payment and raises total interest. A shorter term does the reverse. Both lines are visible above at once.
- Size the loan on your payoff quote, not your statement balance. The payoff includes interest accrued through closing plus any fees.
- A lower payment alone does not mean refinancing pays off. Run the closing-cost payback in our refinance break-even calculator.
Written and reviewed by the Intel Loans, Inc. lending team · NMLS #2858705Updated July 2026
Want a human read on your numbers instead of a widget's? Send us the scenario and a licensed loan officer will structure the refinance against live wholesale pricing. No hard credit pull to look.
One loan, several shapes
The same refinance can be four different payments.
Stretch the term and the payment falls while lifetime interest climbs. Shorten it and the opposite happens. Roll closing costs into the balance and both move again. This calculator exists so you can see each of those trades as a number before anyone pulls your credit.
Have a loan officer structure itWorked example
A $340,000 refinance, priced five ways
Say your home is worth about $425,000 and your payoff comes back at $340,000, an 80% loan-to-value. Taxes run about $392 a month and insurance about $200. Those escrow figures do not change with the term, so every term below carries the same $592 on top of principal and interest.
What changes is the term. At the hypothetical rate preloaded in the calculator above, the 30-year payment is the smallest number on the page and the most expensive loan on the page. The 10-year payment is nearly double, and it retires the debt for a fraction of the total interest.
Neither end is the right answer on its own. The 30-year buys monthly room; the 10-year buys the cheapest total cost. What decides it is your budget and how long you actually intend to keep the loan, which is a conversation rather than a calculator output.
| Line | Detail |
|---|---|
| Estimated value | $425,000 |
| Loan amount (from the payoff quote) | $340,000 |
| Loan-to-value | 80% |
| Interest rate | the hypothetical rate preloaded in the calculator above |
| Terms compared | 30, 25, 20, 15, and 10 years |
| Property tax | $392 per month |
| Homeowners insurance | $200 per month |
| Escrow added to every term | $592 per month |
| What the term changes | Principal and interest, and total interest paid |
What moves the payment
Each input, and what it actually controls
Refinance quotes get confusing because lenders bundle everything into one monthly figure. Pulled apart, the payment has only a few moving pieces, and they do not all do the same job.
| Input | What it changes | What it does not change |
|---|---|---|
| Loan amount | Principal and interest, proportionally. Double the loan and P&I doubles at the same rate and term | Your taxes and insurance, which follow the property rather than the loan |
| Interest rate | Principal and interest, and total interest over the life of the loan | The loan amount or the term |
| Term | Payment and total interest, in opposite directions. Longer means a lower payment and more interest paid | The amount you borrowed |
| Property tax | The escrow half of the payment. Set by your county assessor and reassessed on its own schedule | Principal and interest, or how much you owe |
| Homeowners insurance | The other escrow half. Your carrier sets it, and it can move sharply at renewal in coastal markets | Principal and interest |
| Estimated value | Nothing in the payment directly. It sets loan-to-value, which drives pricing and whether mortgage insurance applies | The amortization math above |
The trap worth naming: resetting a loan you are ten years into back to a fresh 30-year term will lower the payment almost every time, even at a higher rate. That is not a saving; it is the same debt spread thinner. Compare against your remaining term, not against a new one, and read the lifetime interest line before you decide.
What the estimate leaves out
Four costs that sit outside the number above
The calculator is honest arithmetic on the inputs you give it. Here is what it cannot know, each of which can move your real payment or your real cost:
| Item | Why it is excluded | Where to price it |
|---|---|---|
| Mortgage insurance | Depends on loan-to-value, credit, loan type, and coverage rules rather than on the payment formula | Our PMI removal calculator for conventional coverage |
| Closing costs | Set by the lender, the title company, and your state. In Florida that includes doc stamps and intangible tax on the new note | Our Florida closing cost calculator itemizes them |
| HOA dues | Paid to the association, not escrowed into the mortgage on most loans | Your association's current schedule; add it to the result yourself |
| Whether the refinance is worth doing | That is a payback question, not a payment question. It needs the closing costs and how long you will hold the loan | Our refinance break-even calculator |
One more thing this page cannot do: quote you. Rate and payment on a real file depend on credit, occupancy, property type, loan-to-value, and market pricing on the day you lock. That is why every serious comparison ends at a Loan Estimate, the standardized federal form that puts rate, term, payment, and costs side by side in writing.
Process
From this estimate to a real number
The calculator gets you the shape of the payment in a few seconds. Turning that into something you can rely on takes four concrete steps, and none of them require an application to start.
Pull your current payment apart
Find the principal and interest line on your statement, separate from escrow. That P&I figure is the only number a refinance replaces, so it is the only fair comparison against the result above.
Get your payoff, not your balance
The refinance is sized on the payoff quote, which includes accrued interest and any fees, not the balance printed on last month's statement. Your servicer issues it in writing, usually good for ten to thirty days.
Decide whether costs go in the loan
Closing costs can be paid at the table or rolled into the loan amount. Rolling them in raises the loan amount, so run the calculator both ways to see what each choice does to the payment.
Compare a real quote against the estimate
Ask for a Loan Estimate. It lists the rate, term, payment, and costs on one federally standardized form, which makes two lenders directly comparable and makes this calculator's output checkable.
Reading your own answer honestly
A payment estimate is easy to misread in your own favor. A few habits keep the number useful.
Compare P&I to P&I. Your current statement bundles escrow into one figure. If you compare that bundled number against the principal and interest line above, the refinance will look better than it is. Pull the two apart before you judge.
Watch the term, not just the payment. The easiest way to lower a payment is to stretch the term, and it is also the easiest way to pay more in the end. The lifetime interest line exists to keep that trade visible.
Escrow drifts. Taxes get reassessed and insurance premiums renew, often upward in coastal markets. The principal and interest half of a fixed-rate payment is locked for the life of the loan; the escrow half is not, and your servicer adjusts it annually.
Cash-out changes the question. Taking equity out raises the loan amount, and often the loan-to-value tier and pricing with it. Model the larger loan amount here first, then talk it through; an investment property follows different rules again, which our DSCR calculator covers.
Want this priced on your actual file?
Send us the scenario. A licensed loan officer will structure the refinance against live wholesale pricing and put the rate, term, payment, and costs in writing.
Questions we actually get
How is my refinance payment calculated?
Principal and interest come from the standard amortization formula: the new loan amount, the rate you enter, and the number of months in the term. Property taxes and homeowners insurance are added on top, because most lenders escrow them and collect them inside the monthly payment. The calculator above uses exactly that arithmetic and shows the two pieces separately.
Should I enter my balance or my payoff amount?
Use your payoff amount if you have it. A payoff quote includes interest accrued through the closing date plus any recording or reconveyance fees, so it is usually a few hundred to a few thousand dollars higher than the balance on your statement. If you are just exploring, the statement balance is close enough to see the shape of the payment.
Why does a shorter term raise my payment but save money?
A 15-year term compresses the same principal into half the payments, so each one is larger. But you pay interest for 180 months instead of 360, and shorter terms are typically priced below longer ones, so total interest drops sharply. Toggle between the terms above and watch the payment line and the lifetime interest line move in opposite directions.
Does this calculator include mortgage insurance?
No. If your loan amount lands above 80% of the estimated value, a conventional refinance usually adds mortgage insurance, and FHA loans carry a mortgage insurance premium at any loan-to-value. Neither is included in the number above. Our PMI removal calculator covers when conventional coverage can come off.
Is the rate in this calculator a rate you are offering me?
No. Every figure in the rate field is a number you type in to test scenarios. It is not an offer, a quote, or an advertisement of available terms. Real pricing depends on credit, loan-to-value, occupancy, property type, and the market on the day you lock, and it arrives in writing on a Loan Estimate.
How do I know whether refinancing is actually worth it?
A lower payment is not the same as a better deal, because a longer term can lower the payment while raising total interest. The test is how long it takes the monthly savings to repay the closing costs. Our refinance break-even calculator runs that math; use this page for the payment and that one for the decision.
This is not a commitment to lend or an offer of credit. All loan approvals are subject to credit review, underwriting, and property evaluation. Programs, terms, and conditions are subject to change without notice.
Intel Loans, Inc., NMLS #2858705. Licensed in Florida. Verify our licensing at nmlsconsumeraccess.org. Equal Housing Opportunity.
Calculator results are estimates for education, not a quote, prequalification, or approval. Verify every figure with your loan officer before making decisions.
Any rates shown are hypothetical examples you enter for estimation, not offers. Actual rates and terms depend on your application and may change or be unavailable at commitment or closing.
Payments shown are principal, interest, and the tax and insurance figures you enter. They exclude mortgage insurance, HOA dues, and closing costs. Your actual payment obligation may be greater.