Mortgage Refinance Calculator
Compare your current mortgage with a refinance option and see potential savings
| Remaining Balance | $1,930,515.72 |
| Remaining After Refinance | $1,430,515.72 |
| Original Monthly | $9,780.34 |
| Shorten Term (Keep Monthly Payment) | Months Saved: 131months |
| New Interest Rate (%) (Shorten Term (Keep Monthly Payment)) | $577,364.43 |
| New Monthly Payment (Reduce Monthly Payment (Keep Term)) | $7,247.25 |
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What is this tool?
Mortgage early repayment calculator helps you evaluate whether prepaying your mortgage makes financial sense. It computes remaining principal, interest savings, shortened repayment period, and new monthly payment based on your loan terms and prepayment amount.
How to use
- 1
Enter loan details
Input loan amount, term, rate, and repayment method.
- 2
Specify prepayment
Enter months paid and prepayment amount.
- 3
Compare scenarios
View before/after comparison of interest and timeline.
Frequently Asked Questions
Is early repayment always better?
Not necessarily. If your investment returns exceed the mortgage rate, it may be better to keep the loan.
What's the difference between equal principal and equal payment?
Equal payment has fixed monthly amounts; equal principal has fixed principal portions with decreasing interest.
Are there prepayment penalties?
Some banks charge 1-3% of the prepaid amount if within the first 1-3 years. Check your contract.