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Refinance Calculator

Find out if refinancing makes financial sense for you. We'll show you the monthly savings, total interest saved, and exactly when you'll break even on closing costs.

How to Use This Calculator

Enter your current loan details — remaining balance, interest rate, monthly payment, and remaining term. Then enter the new loan terms you're considering. Include estimated closing costs and any cash-out amount. The calculator instantly shows your potential savings.

Understanding Your Results

The monthly savings shows how much less you'll pay each month. The breakeven month tells you when total savings exceed closing costs — if you plan to move before then, refinancing may not be worth it. The total interest comparison shows lifetime savings between staying with your current loan vs refinancing.

Pro Tips

  • ✓Shop multiple lenders — refinance rates can vary by 0.5% or more between lenders.
  • ✓Ask about no-closing-cost refinance options if you might move within a few years.
  • ✓Consider a cash-out refinance carefully — you're converting equity back to debt.
  • ✓Time your refinance when rates dip, but don't wait for the absolute bottom — rates are unpredictable.

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Frequently Asked Questions

When should I refinance my mortgage?▼
Consider refinancing when rates drop 0.5-1% below your current rate, your credit score has significantly improved, or you want to change your loan term. The key is whether the savings outweigh the closing costs within your expected time in the home.
How much does it cost to refinance?▼
Refinancing typically costs 2-5% of the loan amount in closing costs. This includes appraisal fees, origination fees, title insurance, and other charges. Some lenders offer no-closing-cost refinances with slightly higher rates.
What is the breakeven point on a refinance?▼
The breakeven point is when your monthly savings add up to more than the closing costs. For example, if closing costs are $6,000 and you save $200/month, your breakeven is 30 months. If you plan to stay longer than that, refinancing makes sense.
Should I refinance to a shorter term?▼
Refinancing from a 30-year to a 15-year mortgage means higher monthly payments but significantly less total interest. This makes sense if you can comfortably afford the higher payment and want to build equity faster.
Does refinancing restart my loan?▼
Yes, refinancing replaces your current loan with a new one, restarting the amortization schedule. This means you'll pay more interest in the early years of the new loan. Make sure the interest rate savings outweigh this reset.