Refinance Calculator
Free refinance calculator — compare your current mortgage to a new refinanced loan, calculate monthly savings, break-even point, and total interest saved over the life of the loan.
Monthly Savings
$0
Break-Even
-- mo
Total Interest Saved
$0
New Payment
$0
Current Mortgage
$
%
$
New Mortgage (Refinanced)
%
$
Formula Used
Break-Even Months = Closing Costs / Monthly Savings
Monthly Savings = Current Payment - New Payment
Total Interest Saved = (Current Total Interest) - (New Total Interest) - Closing Costs
Where:
Closing Costs = 2-6% of new loan amount
Current Payment = Existing mortgage monthly payment
New Payment = Refinanced mortgage monthly payment
Frequently Asked Questions
When does refinancing make sense?
Generally, refinancing makes sense if you can lower your rate by at least 0.75-1%, plan to stay in the home past the break-even point, or want to switch from a 30-year to a 15-year term for faster equity building.
What are typical refinancing closing costs?
Closing costs for a refinance typically range from 2-6% of the loan amount. On a $300,000 refinance, expect $6,000-$18,000 in closing costs including appraisal, title insurance, origination fees, and recording fees.
Should I refinance to a 15-year mortgage?
A 15-year mortgage has a lower rate and saves significant interest, but payments are higher. Refinancing from a 30-year at 7% to a 15-year at 6% on $300K saves ~$200K in interest but costs ~$600/month more.