Mortgage Refinance Calculator
Calculate if refinancing your mortgage will save you money. Compare monthly payments, total interest, break-even point, and lifetime savings with our mortgage refi calculator.
Current Mortgage
$300,000
7.00%
New Loan Details
Rate difference: 1.50%
Typical: 2-5% of loan amount (~$7,500)
Additional cash you want to take out (optional)
Recommendation
Refinancing could save you money over time
Monthly Savings
+$335
Break-Even
1.1 yrs
Side-by-Side Comparison
Current Loan
Monthly Payment
$2063
Total Interest
$368,556
Total Paid
$668,556
Time Remaining
27y 0m
New Loan
Monthly Payment
$1729
Total Interest
$317,910
Total Paid
$622,410
New Term
30 years
Cumulative Cost Over Time
Break-Even Analysis
Upfront cost to refinance
Per month
You'll recoup closing costs in 13 months
Over 27 years
Key Considerations
✓ Quick Break-Even
You'll recover closing costs in under 2 years - excellent!
ⓘ Extended Term
You're extending your loan by 3 years. Lower monthly payment but more total interest.
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