**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**

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

**Formula**

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

$M=P×(+r)n−r(+r)n$

Where:

- $M$ is the monthly payment.
- $P$ is the 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 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.