Mortgage Refinance/Prepayment Calculator

Should I refinance my mortgage, or prepay? Which option is better for me? How advantageous are extra payments?

Well, as you probably know, the answer depends on the loan amount, closing costs, annual interest rate, taxes and so on. This online tool that can tell you if you're better off refinancing... or not.

Just fill in the form below and hit "Calculate" to find out which option is better in your case.

Original mortgage:
Loan Amount:
Closing Costs:
Annual Interest Rate:	%
Loan Period:	years
Total Tax:	%
Mortgage with Prepayment:
Start Prepayments After:	months
Monthly Prepayment Amount:
Refinance to a Shorter Term Mortgage:
Refinance closing costs:
Refinance After:	months
Loan Period:	years
Annual Interest Rate:	%
Display Options:
Amortization Tables:	Prepayment vs. Refinance Original Mortgage vs. Prepayment Original Mortgage vs. Refinance

The calculator compares two scenarios: making extra payments against the original mortgage (i.e. prepayment), vs. refinancing to a shorter term mortgage.

Most of the fields are pretty much self-explanatory.

The loan amount should be expressed in US dollars or any other currency. Results are always shown as US dollars.

The Total Tax is the State Tax plus Local Tax plus Federal Tax. If you don't live in the US, you might have to enter 0.

To compare apples to apples, the value you fill in for "Start Prepayments After... Months" should be the same as value of "Refinance After... Months" (this is not required, though).