Mortgage Calculator

Is refinancing actually worth it?

See your monthly savings and exactly how long it takes to break even on closing costs - not just a lower rate on paper.

Your Current Loan

$
Your remaining principal balance on your current mortgage - check your most recent statement for the exact number.
$
Your current Principal & Interest payment only - not including taxes or insurance, since those don't change when you refinance.

Your New Loan

Refinancing restarts your loan term. A new 30-year term lowers your payment further; a 15-year term pays off faster but usually has a higher monthly payment.
6.25%
An estimate for calculation purposes - your actual new rate depends on credit, loan program, and current market conditions. We'll confirm your real rate quote directly.
Estimated Monthly Savings
$534
New payment: $2,463 vs. current $2,997
Current Payment (P&I)$2,997
New Payment (P&I)$2,463
Get a Rate Quote Call (631) 851-4420

This is an estimate for planning purposes, not a loan offer or rate lock. Talk to a Coltrain loan officer for your exact numbers.

How This Works

What actually goes into this number

Why Your Term Matters

Refinancing restarts your loan term. Choosing a new 15-year term can save significant interest over the life of the loan, even if the monthly payment doesn't drop as much.

Principal & Interest Only

This calculator compares Principal & Interest only, since property taxes and insurance don't change based on refinancing.

When It's Worth Exploring

A meaningfully lower rate, a shorter payoff timeline, or dropping mortgage insurance are all good reasons to get a real quote - even before you know the exact numbers.

Common Questions

Refinance analysis calculator, explained

Why does this only compare Principal & Interest?+

Property taxes and homeowner's insurance are the same whether or not you refinance, so including them wouldn't change the actual savings from the new loan itself. Your total monthly bill (PITI) would include those either way.

Is this the same as a rate lock or loan offer?+

No. This calculator gives you a planning estimate based on the numbers you enter. A real rate quote involves verifying your credit, income, and home value, and gives you an actual locked rate you can move forward with.

Do I need to refinance with my current lender?+

No. You can refinance with any lender, including switching away from whoever services your loan now. Coltrain shops wholesale rates across multiple lenders to find the best option for you, regardless of who you're with today.

What about closing costs?+

Refinancing does involve closing costs, typically 2-5% of the loan amount. Your loan officer will give you an exact number and walk through whether paying them upfront or rolling them into your new loan makes more sense for you.

Ready When You Are

Turn this estimate into a real rate quote.

No pressure, no obligation - just a clear, verified number from a local loan officer.

Get a Rate Quote Call Coltrain Mortgage