15 year refinance calculator: quick facts and insights

Why a shorter term can save you money

A 15-year refi often slashes total interest versus a 30-year, exchanging a higher monthly payment for faster equity growth. A solid calculator estimates your new payment, lifetime interest, payoff date, and break-even after fees. It should compare your current loan and the proposed term side by side, and show how adding extra principal accelerates payoff.

How to interpret the results

Watch the break-even months; if you might sell or relocate before then, the headline savings are largely illusory. Compare APR, not just rate, because APR rolls fees and points into the cost. Many tools exclude taxes and insurance; account for them yourself, and consider whether PMI could drop sooner on a 15-year. These are estimates, not advice, so stress-test with higher rates or a shorter horizon.

What to enter

• Current balance, rate, and remaining term
• New rate, points, and total closing costs
• Home value for LTV and any PMI changes
• Your credit score range and loan type
• Your goal: payment relief or maximum interest saved

Run a few scenarios, then lock only when the math still works after fees, taxes, and your timeline.