For rentals you already own

Rental Property Refinance Calculator

Compare loan payments, cash released and rental cash flow, including refinancing costs.

Free · No account needed.

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Your assumptions

Property & current loan

Current property value

Use a current estimate, not the price originally paid.

Mortgage balance today

Principal still owed. Enter 0 for a paid-off property.

Current mortgage rate

Note rate. Taxes and insurance belong in operating costs.

Years remaining on current loan

years

Use the remaining term, not the original term. Half a year is 6 months.

Refinancing option

Proposed refinance loan

Total new principal, including costs only if they are financed.

Refinance note rate

Use a lender quote; no current rates are supplied.

New loan term

years

Whole years.

Refinancing costs

All fees and points. Deducted once from the cash released, including when financed.

Rental income & costs

Scheduled monthly rent

$/month

Total rent before vacancy.

Vacancy & unpaid rent

% of rent

Expected share of rent not collected.

Annual operating costs

$/year

Taxes, insurance, management, routine repairs and owner-paid costs. Exclude vacancy, mortgage and replacement reserves.

Major replacement reserve

$/year

Money set aside for replacements. Spending below uses this reserve first; unspent reserves remain cash. Exclude both from operating costs.

Expected major-repair spending

$/year

Annualized spending on replacements. Paid from the reserve first; any shortfall reduces available cash flow. Unspent reserves remain cash in the final comparison.

Future assumptions

Compare over

years

All paths use the same horizon, up to 30 whole years.

Annual rent change

%/year

Your assumption, not a market forecast.

Annual cost & reserve change

%/year

Applied to operating costs, reserve contributions and major-repair spending.

Annual property-value change

%/year

Shown separately from cash returns. Can be negative.

Selling costs

% of sale price

Brokerage, settlement and other sale costs. Income taxes are separate.

Annual reinvestment return

%/year

Applies to sale proceeds, refinancing cash and annual cash flows. Set 0 if cash is held without a return.

Cash released after costs$45,500New loan minus current payoff and refinancing costs

Cash flow after refinancing-$124/mo

Change in monthly cash flow-$409

Your options over 10 years

Before income tax · amounts in USD
Outcome	Keep loan	Refinance	Sell now
Cash released now	$0	$45,500	$132,000
Year 1 cash flow / month	$285	-$124	—
Property value at end	$403,175	$403,175	—
Loan balance at end	$97,686	$169,552	—
Unspent reserves at end	$0	$0	—
Total value after sale	$349,821	$294,769	$236,392

Includes sale proceeds, unspent reserves and cash flows reinvested at 6%/year. Refinancing cash is borrowed; its debt and payments are included. Deficits reduce the result.

Year-by-year projection

Year	Keep: cash / month	Refinance: cash / month	Keep: value after sale	Refinance: value after sale	Sell & reinvest
1	$285	-$124	$148,219	$139,436	$139,920
2	$319	-$90	$165,484	$152,260	$148,315
3	$354	-$55	$183,860	$166,031	$157,214
4	$390	-$18	$203,413	$180,813	$166,647
5	$428	$19	$224,216	$196,672	$176,646
6	$466	$57	$246,346	$213,678	$187,245
7	$506	$97	$269,883	$231,909	$198,479
8	$547	$138	$294,913	$251,443	$210,388
9	$589	$180	$321,527	$272,366	$223,011
10	$632	$223	$349,821	$294,769	$236,392

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How this is calculated

Calculation method

Cash released is the new loan minus today’s loan balance and refinancing costs. Each loan is amortized separately using its rate and remaining or new term. The full-horizon comparison includes the new debt, fees and cash flows, so borrowed cash is not counted as profit.

What is included?

Rent after vacancy, operating costs, replacement reserves, mortgage principal and interest, your growth assumptions, sale costs and debt payoff. Annual cash flows are invested at year end. Cash released today is invested immediately. The model assumes fixed-rate fully amortizing loans and no new borrowing beyond the refinancing option.

What should I verify?

Use actual loan balances and quotes. Taxes, insurance, repairs and rent changes may differ from these assumptions. The tool does not model adjustable-rate or interest-only loans, lender eligibility, balloon payments, prepayment penalties or returns on a specific investment. Before-tax results exclude income taxes; the optional Plus comparison subtracts only your entered tax estimates.

Questions

What if I roll fees into the new loan?

Include the financed fees in the total proposed loan, and enter them again as refinancing costs. Subtracting the fees from the larger loan gives the actual cash you receive; they are not charged twice.

Does a lower payment mean refinancing is better?

A longer loan can reduce the payment while extending interest costs and leaving more debt at the end. Compare the payment, costs and ending balance together.

Is cash-out loan interest always deductible?

No. The use of the proceeds matters. The free tool is before income tax; obtain your own tax estimate for a refinancing path.

Can I use this for a property I might buy?

Use the rental property analyzer for down payment, closing costs, purchase cash-on-cash returns and acquisition tax scenarios. These tools start with a property you already own.