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.
Mortgage refinancing replaces your current home loan with a new one, typically to get a lower interest rate, change loan terms, or access equity. A refinance calculator helps you determine if refinancing makes financial sense by comparing costs and savings.
Formula:
Monthly Savings = Current Payment - New PaymentBreak-even point = Closing Costs ÷ Monthly Savings. Refinancing makes sense when you'll stay beyond break-even.
- 1
Enter your current loan balance and payment
- 2
Input your current interest rate and remaining term
- 3
Enter the new interest rate you qualify for
- 4
Choose the new loan term
- 5
Add estimated closing costs
- 6
View monthly savings and break-even timeline
- Can save thousands over the life of the loan
- Opportunity to shorten loan term and build equity faster
- Access home equity for improvements or debt consolidation
- Eliminate PMI if you've gained sufficient equity
- Convert adjustable rate to fixed for payment stability
- Interest rates have dropped significantly
- Your credit score has improved
- You want to switch from ARM to fixed
- You need to access home equity
- You want to remove PMI
- You want to shorten your loan term
- •Shop multiple lenders - rates can vary significantly
- •Consider no-closing-cost options if you might move soon
- •Time refinancing with home value increases
- •Ask about loan officer credits to reduce costs
Have questions about using this calculator? Check out our financial guides or contact us for help.
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
Comparing over 27 years
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