**Introduction**

Calculating the financial implications of a 15-year refinance can be crucial for making informed decisions about your mortgage. To simplify this process, we present a user-friendly 15-Year Refinance Calculator. This article provides a step-by-step guide on how to use the calculator, the underlying formula, an illustrative example, FAQs, and a conclusion.

**How to Use**

- Enter the current loan amount in the designated input field.
- Input the interest rate of your existing mortgage.
- Specify the remaining term of your current loan in years.
- Enter the new interest rate for the 15-year refinance.
- Click the “Calculate” button to obtain the results.

**Formula**

The formula for calculating the monthly payment in a 15-year refinance is given by:

$P=(+r)n−P×r×(+r)n$

Where:

- $P$ is the monthly payment.
- $P_{r}$ is the principal loan amount.
- $r$ is the monthly interest rate (annual rate divided by 12).
- $n$ is the total number of payments (loan term in years multiplied by 12).

**Example**

Suppose you have a $200,000 loan with an existing interest rate of 4%. After refinancing at 3%, the calculator can help you determine the new monthly payment.

**FAQs**

**Q: How accurate is the 15-Year Refinance Calculator?**

A: The calculator uses the precise formula for mortgage payment calculation, ensuring accurate results.

**Q: Can the calculator handle different currencies?**

A: Yes, the calculator is currency-agnostic; simply enter the loan amount in the desired currency.

**Q: Is the interest rate input compounded monthly?**

A: Yes, the calculator assumes monthly compounding for precise calculations.

**Q: What happens if I enter a negative interest rate?**

A: The calculator is designed to handle only positive interest rates; negative values will result in an error.

**Conclusion**

The 15-Year Refinance Calculator provides a valuable tool for individuals considering mortgage refinancing. By following the simple steps outlined above, users can make informed decisions about their financial future.