How much interest can you save by increasing your mortgage payment? The mortgage payoff calculator helps you find out. Click the "View Report" button to see a complete amortization payment schedule and how much you can save on your mortgage.

By changing any value in the following form fields, calculated values are immediately provided for displayed output values. Click the view report button to see all of your results.



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Mortgage Refinance Calculator | NOLA Lending | Southshore, LA - Northshore, LA
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Current loan
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**FIG_GRAPHTITLE** Column Graph: Please use the calculator's report to see detailed calculation results in tabular form.
**FIG_GRAPHTITLE** Stacked Column Graph: Please use the calculator's report to see detailed calculation results in tabular form.
**FIG_GRAPHTITLE** Line Graph: Please use the calculator's report to see detailed calculation results in tabular form.

Definitions

Original mortgage amount

Original amount of your mortgage.

Appraised value

The appraised value of your home when you purchased it.

Current interest rate

The annual interest rate for the original loan.

Current term in years

Total length of your current mortgage in years.

Years remaining

Number of years remaining on your current mortgage.

Income tax rate

Your current income tax rate. Use the ‘Filing Status and Federal Income Tax Rates on Taxable Income’ table to assist you in estimating your federal tax rate.

Filing Status and Federal Income Tax Rates on Taxable Income for 2025*
Tax RateMarried Filing Jointly or Qualified Widow(er)SingleHead of HouseholdMarried Filing Separately
10%$0 - $23,850$0 - $11,925$0 - $17,000$0 - $11,925
12%$23,850 - $96,950$11,925 - $48,475$17,000 - $64,850$11,925 - $48,475
22%$96,950 - $206,700$48,475 - $103,350$64,850 - $103,350$48,475 - $103,350
24%$206,700 - $394,600$103,350 - $197,300$103,350 - $197,300$103,350 - $197,300
32%$394,600 - $501,050$197,300 - $250,525$197,300 - $250,500$197,300 - $250,525
35%$501,050 - $751,600$250,525 - $626,350$250,500 - $626,350$250,525 - $375,800
37%Over  $751,600Over  $626,350Over  $626,350Over  $375,800
*Caution: Do not use these tax rate schedules to figure 2024 taxes. Use only to figure 2025 estimates. Source: Rev. Proc. 2024-40

Calculate balance

To let the calculator determine your remaining balance, based on your original loan information and years remaining, check this box. To enter your own amount, leave this box unchecked.

Current appraised value

The current appraised value of your home.

Loan balance

Balance of your mortgage that will be refinanced.

New interest rate

The annual interest rate for the new loan.

New term in years

Number of years for your new loan.

Loan origination rate

This is the percentage of the new mortgage that is paid to the lender as the loan origination fee. Typically, this fee is 1% of the loan balance.

Points paid

This is the number of points paid to the lender to reduce the interest rate on the mortgage. Each point costs 1% of the new loan amount.

Other closing costs

Estimate of all other closing costs for this loan. This should include filing fees, appraiser fees and any other miscellaneous fees paid.

Monthly PMI payment

Monthly cost of Principal Mortgage Insurance (PMI). For loans secured with less than 20% down, PMI is estimated at 0.5% of your loan balance each year. Monthly PMI is calculated by multiplying your starting loan balance by this percent and dividing by 12. When the equity in your home exceeds the percentage required for PMI, your PMI payment drops to zero.

Normally PMI is required if you have less than 20% equity in your home, however for the refinance of loan guaranteed by Freddie Mac or Fannie Mae you may not be required to pay PMI if your current mortgage doesn't require it. Check with your lenders for details. Check the box "do NOT include PMI" if this applies to your refinance.

Current payment

Your current payment is the sum of principal, interest and PMI (Principal Mortgage Insurance). Because refinancing does not affect your insurance or taxes, they are not included here.

New payment

Your new payment is the sum of principal, interest and PMI.

Monthly PI payment

Monthly principal and interest payment.

Break even monthly payment savings

The number of months it will take for your monthly payment reduction to be greater than closing costs.

Break even PMI & interest savings

The number of months it will take for your interest and PMI savings to exceed your closing costs.

Break even total savings after-tax

The number of months it will take for your after-tax interest and PMI savings to exceed your closing costs.

Break even total savings vs. prepayment

This is the most conservative break even measure. It is the number of months it will take for your after-tax interest and PMI savings to exceed both your closing costs and any interest savings from prepaying your mortgage. The prepayment amount used in this calculation is the amount that you would have to spend on closing costs.