Mortgage Refinance Calculator
How Do I Calculate My Refinance?
Monthly Payment = P × [ r(1 + r)n ] ÷ [ (1 + r)n − 1 ]
- P = loan amount (the total you’re refinancing)
- r = monthly interest rate (annual rate ÷ 12)
- n = total number of months in the loan term
What Is Mortgage Refinancing?
Refinancing your mortgage means replacing your current home loan with a new one — usually to lower your interest rate, shorten your loan term, or tap into your home’s equity. The new mortgage pays off your old one, often giving you a chance to save money or restructure your finances to fit your current goals.
Just like when you bought your home, refinancing involves a few documents and details. You’ll need things like recent pay stubs, W-2s, and information about your current loan — including how much you still owe, your interest rate, and the number of years left.
At Zarro Mortgage Group, we help homeowners across the Treasure Coast — from Stuart and Palm City to Port St. Lucie and Fort Pierce — find refinance options that make sense for their budget and long-term plans. Whether you want to save on monthly payments or pay off your home faster, we’ll guide you every step of the way.
How Much Does It Cost to Refinance?
Refinance closing costs typically range between 2% and 6% of your total loan amount, depending on factors like your location, lender, and loan size. Some homeowners choose to roll these costs into their new loan balance to avoid paying upfront — though doing so slightly increases the total loan amount.
Our refinance calculator gives you a quick estimate, but it’s always smart to compare offers from multiple lenders. Zarro Mortgage Group can help you review loan estimates, compare interest rates, and break down exactly what your refinance would cost before you commit.
Common Refinance Fees May Include:
• Lender origination or processing fees
• Credit report fee
• Appraisal fee
• Title search, title insurance, and recording fees
• Transfer taxes (if applicable in your county)
• Escrow setup fees
• Flood certification (if required)
• Property tax and homeowner’s insurance adjustments
• Prepaid interest
Every refinance is different — our team can walk you through each cost, show you how they fit into your total savings picture, and make sure you’re getting the best deal possible for your home and budget.
Frequently Asked Questions About Refinances ?
How does the Zarro Mortgage Group Refinance Calculator work?
Our refinance calculator helps homeowners across the Treasure Coast estimate new monthly payments based on their current balance, interest rate, and loan term. Simply enter your existing loan details and potential new rate — the calculator instantly shows how much you could save each month and over the life of your loan.
What is the main goal of refinancing my mortgage?
Most homeowners refinance to secure a lower interest rate, shorten their loan term, or access home equity for renovations or debt consolidation. Even a small rate reduction can make a big difference — for example, dropping from 7% to 6% on a $300,000 mortgage could save over $200 per month.
When is the best time to refinance my home in Martin or St. Lucie County?
The best time to refinance depends on market rates and your financial goals. Generally, if today’s mortgage rates are at least 0.5% to 1% lower than your current rate, refinancing may be worth exploring. Zarro Mortgage Group’s refinance experts can review your situation and help determine if it’s the right time to move forward.
Will refinancing affect my credit score?
Yes, refinancing can cause a small, temporary drop in your credit score since lenders perform a hard inquiry during the application process. However, maintaining on-time payments after refinancing can help your score recover quickly — and even improve it over time.
What are the typical costs of refinancing a mortgage?
Refinancing usually includes closing costs, which average 2% to 5% of the loan amount. These cover appraisals, title fees, and lender charges. Our calculator focuses on monthly payment estimates, but our team at Zarro Mortgage Group can provide a full breakdown of estimated closing costs during your free refinance review.
How can refinancing help me pay off my home faster?
By choosing a shorter loan term — like refinancing from a 30-year to a 15-year mortgage — you can save thousands in interest while building home equity faster. The Zarro Mortgage Group calculator allows you to compare term options side-by-side to see the payoff timeline and total interest difference.
Can I refinance if I live in the Treasure Coast or nearby areas?
Absolutely. Zarro Mortgage Group proudly serves homeowners throughout Martin County, St. Lucie County, Palm Beach County, and the Treasure Coast. Whether you’re looking to lower your payment or access home equity, our refinance calculator is a great first step toward finding your ideal loan option.
Buy your next home with a local lender you can trust
Skip the big banks and online gimmicks. With Zarro Mortgage Group, you get real people, real answers, and real results — right here on the Treasure Coast.
We’ll help you get pre-qualified quickly, so you can shop for your dream home with confidence and clarity.