Because refinancing involves applying for a new loan with new conditions, you're basically starting from the beginning. However, you don't have to choose a term based on the term of your original loan or the remaining repayment period. When you refinance, you replace your original mortgage with a new one. That means you can start over with the loan effectively.
What can you expect if you refinance for the same term, for a shorter term, or for a longer term? Here are some examples of scenarios from NerdWallet's mortgage refinance calculator. If you want to refinance without “starting from scratch” for 30 years, the easiest approach is to refinance your mortgage for a shorter loan term to accelerate repayment. A refinancing calculator can help you determine if refinancing a mortgage will save you money in the long term. When you refinance a 30-year mortgage for a lower interest rate, you can also choose a new term, meaning the number of years you'll have to pay your mortgage.
