15 Year Refi Mortgage Rates Calculator

Refinancing your mortgage can save you thousands of dollars over the life of your loan. Our 15-year refinance mortgage rates calculator helps you compare different loan terms and interest rates to find the best option for your financial situation.

How to Use This Calculator

To use this calculator, follow these simple steps:

Enter your current mortgage balance in the "Current Loan Balance" field.
Select your current interest rate from the dropdown menu.
Enter the new interest rate you're considering for your 15-year refinance.
Click the "Calculate" button to see your estimated savings.

The calculator will display your estimated monthly payment, total interest paid, and savings over the life of the loan.

Formula Used

The calculator uses the standard mortgage payment formula to calculate your monthly payment:

Mortgage Payment Formula

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

Where:

P = Principal loan amount
r = Monthly interest rate (annual rate / 12)
n = Number of payments (loan term in years * 12)

The calculator then compares the current payment with the refinance payment to determine your savings.

Worked Example

Let's say you have a $200,000 mortgage with a 4.5% interest rate. You're considering a 15-year refinance at 3.5%. Here's how the calculation works:

Current monthly payment: $1,073.64
Refinance monthly payment: $1,181.36
Total interest paid over 15 years: $108,136
Savings: $1,181.36 - $1,073.64 = $107.72 per month

Over 15 years, you'll save $201,810 by refinancing.

Comparison Table

Here's a comparison of 15-year refinance options at different interest rates:

Interest Rate	Monthly Payment	Total Interest Paid	Savings vs. Current
3.5%	$1,181.36	$108,136	$201,810
4.0%	$1,275.00	$127,500	$187,500
4.5%	$1,368.64	$136,864	$178,136

Frequently Asked Questions

What is a 15-year mortgage refinance?: A 15-year mortgage refinance is when you take out a new mortgage to pay off your existing mortgage, with a loan term of 15 years instead of the original term.
How much can I save with a 15-year refinance?: You can typically save thousands of dollars in interest payments by refinancing to a 15-year term, especially if you can secure a lower interest rate.
What are the risks of refinancing?: The main risks include closing costs, the possibility of not being approved, and the potential for your home value to decrease, which could leave you owing more than your home is worth.
When is the best time to refinance?: The best time to refinance is when interest rates are lower than your current rate, and you have good credit and a stable income.
How do I qualify for a 15-year refinance?: To qualify, you'll need good credit, a stable income, and enough equity in your home to cover closing costs and potential loan balance.