# 15 Year Refinance Mortgage Calculator

## Introduction

Calculating the financial implications of a 15-year mortgage refinance is a crucial step in making informed decisions about your home loan. To simplify this process, we’ll introduce a user-friendly 15 Year Refinance Mortgage Calculator using HTML and JavaScript. This calculator will empower you to estimate your potential savings and make informed decisions regarding your mortgage.

## How to Use

1. Enter your current loan amount.
2. Input the interest rate on your existing mortgage.
3. Provide the remaining term of your current mortgage.
4. Enter the new interest rate for the 15-year refinance.
5. Click the “Calculate” button to see your potential savings.

## Formula

The formula for calculating the monthly payment for a mortgage is:

Where:

• is the monthly payment.
• is the loan amount.
• is the monthly interest rate (annual rate divided by 12).
• is the total number of payments (loan term in years multiplied by 12).

## Example

Suppose you have a \$200,000 mortgage with an interest rate of 4% for 30 years. You’re considering refinancing to a 15-year term at a 3% interest rate. Let’s calculate the potential monthly savings.

## FAQs

Q: How accurate is this calculator?

A: The calculator uses the standard mortgage payment formula for accuracy in estimating monthly payments.

Q: Can I trust the calculated savings?

A: While the calculator provides a reliable estimate, actual savings may vary based on individual circumstances.

Q: Is this calculator suitable for all types of mortgages?

A: It’s designed for 15-year refinance mortgages, but you can adapt it for other scenarios with minor adjustments.

## Conclusion

In conclusion, the 15 Year Refinance Mortgage Calculator serves as a valuable tool for homeowners contemplating mortgage refinancing. By inputting key details, users can swiftly gauge potential savings and make informed financial decisions.