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LowerRate Mortgage Prepayment Calculator

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Our Prepayment Refinance Calculator (PreFiSM) allows you to plug in a dollar amount, and tells you what equivalent-to-refinancing interest rate that prepayment will achieve.This LowerRate prepayment calculator does the reverse: You tell us the interest rate you would like to PreFi at, and we'll tell you the prepayment amount you'll need to hit that figure -- whether by regular monthly prepayments or a one-time, lump-sum prepayment.

You can run the calculation to produce the dollar amount for different terms, too, including the remaining term of your mortgage or a shorter period, so you can play "what if?" as often as you like. For example, you have 23 years remaining on your loan but want to make payments equivalent to those for a 20-year term at 3.5%, plug those figures in, press the button, and we'll tell you what you'll need to pay in order to have the same interest cost as a refinance to those terms... all without the hassle or expense of actually refinancing.

Although you can achieve savings by PreFi-ing your loan, refinancing might actually be a better option. If you can refinance, more choices can become available to you, including lengthening the term and lowering the rate to improve cash flow. To help determine if you should you do a traditional refinance, you can check today's mortgage rates and use our Tri-Refinance calculator to find out!

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