Refinancing Calculator: Should I Refinance Now?

Information and interactive calculators are made available to you as self-help tools for your independent use and are not intended to provide investment advice. We cannot and do not guarantee their applicability or accuracy in regards to your individual circumstances. All examples are hypothetical and are for illustrative purposes.


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Are you considering refinancing your home loan? Sometimes you’re better off refinancing your mortgage to save money while other times you’re not. This refinancing calculator will help you decide if refinancing your home loan is a good idea for you and your finances. Just enter your information below and if it looks like you’re better off refinancing, contact one of our home loan experts today to get your refinance started!





In order to determine if now is the right time to refinance, you’ll need to be able to include the following information and input them into the refinancing calculator regarding (1) your current loan, (2) your prospective new loan, (3) your property, and (4) yourself.



  • Original loan amount
  • Original loan term: The original loan term of your mortgage was the amount of years you were given to pay off your mortgage loan– typically 15 or 30 years.
  • Years already paid
  • Balloon year: A balloon payment is an oversized final payment that’s due at the end of certain mortgage loans. This occurs when the entire amount of the loan is not amortized over the loan’s life. Leave this as 0 if not a part of your current mortgage.
  • Current interest rate



  • Loan term
  • Balloon year (if applicable)
  • Origination charge: Origination charges are the sum of all fees from services relating to origination. This is the total of all payment going towards the mortgage broker for originating the loan.
  • Charge for specific interest rate: If you’re refinancing your mortgage, there’s a good chance it’s because you were able to secure a better interest rate, and this can come at an additional charge. This is generally expressed as a percentage of the loan amount.
  • Other settlement services: These are other additional fees related to the purchase of a home that are not with regards to mortgage broker compensation.
  • Interest rate: You’re going to want to know the new interest rate for your prospective refinanced mortgage. This is a major determining factor when it comes to whether refinancing is right for you.



  • Appraised value: You’ll need to get your home appraised to determine its current market value. Appraisers will generally use the sales data of comparable recently sold homes as well as the cost to replace the home in the current market.
  • Yearly property tax: This is a tax assessed by the local government on your real estate, based upon the value of the land and property you own.
  • Yearly property insurance: The yearly cost of insurance to protect your home from potential liability.



  • Years before you sell: Knowing how long you intend to stay in this home and when you intend to sell will let you know how much money you’ll be saving each year.


Once you’ve included this information in the refinancing calculator, the answer to “Should I refinance?” will come easily.


Some of this information will have already been determined (especially regarding your current loan and property value) while some necessitates some investigation and estimation of your own. You may not yet know the exact details of your refinanced loan, and you may be uncertain as to exactly how many years from now you plan to sell. Answering these questions will be a big part of the determination of if refinancing is right for you.