- Enter your current loan details - remaining balance, interest rate, monthly payment, and years left.
- Enter the new loan details - the new interest rate and term. Check current rates with your lender or broker.
- Add closing costs - refinancing typically costs 2-5% of the loan balance. Shop lenders to compare.
- Check the break-even point - the number of months before monthly savings offset closing costs. If you plan to move before break-even, refinancing may not save money.
Refinance Calculator
Calculate your potential savings from refinancing a mortgage or loan.
Current Loan
$
%
$
New Loan
%
30 years
10yr15yr20yr25yr30yr
$
New Monthly Payment
$1,770
Monthly Savings
+$189
| Break-Even Point | 2 yr 3 mo |
| Closing Costs | $5,000 |
| Total Interest (Current) | $307,700 |
| Total Interest (New) | $357,125 |
| Lifetime Savings | -$54,425 |
Break-even is when cumulative monthly savings exceed your closing costs. Refinancing makes sense if you plan to stay in the home longer than the break-even period.
How to Use the Refinance Calculator
Frequently Asked Questions
Refinancing makes financial sense when you can reduce your rate by at least 0.5-1%, you plan to stay past the break-even point (closing costs ÷ monthly savings), or you want to change your loan term. Example: $300,000 balance, refinancing from 7.5% to 6.75% saves $147/month. With $6,000 in closing costs, break-even is 41 months (3.4 years). If you plan to stay longer, refinance. If you are selling in 2 years, don't.
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