Conceptually, it's easy to grasp why and when you should refinance your mortgage. In practice, inertia is the main reason people hold back from refinancing. With that in mind, we present this mortgage refinance calculator which will allow you to see how your current mortgage will compare with the mortgage you are considering.

**Simple Mortgage Refinance Calculator**

The simplest refinancing plan is to take your current mortgage and to refinance into a different mortgage while continuing to pay the amount due. There can be two strategies here - minimize your payments *or* pay the least amount of principal over time.

The mortgage refinance calculator also attempts to factor in taxes, but it is just a rule of thumb - remember that you also have to have itemized deductions in excess of the standard deduction, and interest may be enough to change your tax bracket.

We'd like to thank Hugh Chou for compiling the equations that we needed to create this calculator, and Ironman at Political Calculations for providing the calculator framework.