Refinance Calculator for Homeowners
Watch a single change in rate travel through both your monthly payment and the interest you carry across the full term.
What This Calculator Does
Two loans sit side by side here — the one you hold today and the one on the table. Supply the current balance, rate, and remaining term along with the new rate and term, and you'll see the new monthly payment, the monthly difference, and the total interest each scenario produces.
Who Is This For
Designed for owners who borrowed during a higher-rate stretch, those drawn to a shorter term that clears the debt sooner, and anyone across Miami or South Florida measuring a lender's refinance offer against the mortgage already in place.
How It Works
Begin with your remaining balance, the rate you pay today, and the years still on the clock. Add the new rate and term you have been quoted, then press Calculate to see the two loans compared on monthly payment and on lifetime interest.
Frequently Asked Questions
When is a refinance actually worth doing?
A new rate meaningfully below your current one is the usual trigger, though the term deserves equal attention. Take a loan you have paid down for eight years, reset it to a fresh 30-year schedule, and the payment falls while total interest climbs. Look at both figures before deciding.
How much does the refinance itself cost?
Closing costs on a refinance generally land between 2-6% of the loan amount, covering appraisal, origination, title work, and recording fees. Certain lenders will fold them into the balance or absorb them in exchange for a slightly higher rate. The cost is paid one way or another, so ask for the itemized figure.
What are 30-year rates doing at the moment?
Freddie Mac's Primary Mortgage Market Survey showed average 30-year fixed rates in the 6.6-6.7% range as of July 2026. Your personal quote will sit above or below that depending on credit score, loan size, property type, and whether the home is a primary residence or an investment.
Does a refinance send my amortization back to the beginning?
It does, unless you deliberately shorten the term. The old note is replaced by a new one and the schedule restarts, which is why the opening years of the new loan tilt heavily toward interest again. Choosing a shorter term is how owners keep the progress they have already made.
Are condos harder to refinance?
Condo files draw extra scrutiny. Underwriters examine the association's budget, reserves, owner-occupancy ratio, and any pending litigation or structural assessment. Around South Florida, buildings still working through structural inspection requirements can hold an approval up, so allow more time than a single-family file would need.