15 Year Mortgage Calculator Refi

Refinancing your mortgage to a 15-year term can significantly reduce your monthly payments and potentially save you thousands of dollars in interest over the life of the loan. Our 15-year mortgage refinance calculator helps you estimate your new payments, compare different interest rates, and determine the best time to refinance.

How the 15-Year Mortgage Refi Calculator Works

The 15-year mortgage refinance calculator uses standard mortgage formulas to estimate your new payments after refinancing. The key formula used is:

Monthly Payment = P × (r(1+r)^n) / ((1+r)^n - 1)

Where:

P = Principal loan amount (remaining balance)
r = Monthly interest rate (annual rate divided by 12)
n = Number of payments (15 years × 12 months)

The calculator also accounts for:

Current loan balance
New interest rate
Closing costs
Points (if applicable)
Loan term (fixed at 15 years)

By inputting these values, the calculator provides an estimate of your new monthly payment and the total interest you'll pay over the 15-year term.

How to Use the Calculator

Enter your current loan balance (remaining principal)
Input the new interest rate you're qualifying for
Add any closing costs or points you'll pay
Click "Calculate" to see your estimated monthly payment
Review the results and compare with your current payment

For the most accurate results, use the exact interest rate you're qualified for and include all closing costs and fees.

Example Calculation

Let's say you have a $200,000 mortgage with 5 years remaining, and you're refinancing to a 15-year term at 4.5% interest with $3,000 in closing costs.

Input	Value
Current loan balance	$200,000
New interest rate	4.5%
Closing costs	$3,000

The calculator would estimate your new monthly payment at approximately $1,350, with a total interest payment of about $126,000 over 15 years.

Comparison Table

Compare the costs of a 15-year refinance with other common loan terms:

Loan Term	Monthly Payment	Total Interest	Total Cost
15-year	$1,350	$126,000	$326,000
30-year	$1,050	$180,000	$380,000
10-year	$1,650	$90,000	$290,000

This comparison shows how a 15-year refinance can save you money in interest payments compared to a 30-year loan, though it comes with higher monthly payments.

Frequently Asked Questions

Is refinancing to a 15-year term right for me?: Refinancing to a 15-year term is best if you can handle higher monthly payments and want to pay off your mortgage faster. It's particularly beneficial if interest rates have dropped significantly since your original loan.
What are the closing costs for a 15-year refinance?: Closing costs typically range from 2% to 5% of the loan amount, including appraisal fees, title insurance, and origination fees. Some lenders offer points that reduce your interest rate but increase your total costs.
Can I refinance a FHA or VA loan to a 15-year term?: Yes, you can refinance FHA and VA loans to a 15-year term, but eligibility requirements may differ. You'll need to meet the lender's specific criteria for these loan types.
How does a 15-year refinance affect my credit score?: Refinancing can temporarily lower your credit score as it closes one account and opens a new one. However, if you maintain good credit habits, your score should recover quickly.
What happens if interest rates rise after I refinance?: If interest rates rise after refinancing, you may be able to refinance again to a lower rate, but you'll need to consider the costs and potential impact on your remaining loan term.