Mortgage Refinance Calculator
Find out if refinancing your mortgage saves money — and how long until you break even.
How to Use This Calculator
Enter your current mortgage balance, rate, and remaining years. Then enter the new rate and term being offered, plus estimated closing costs. The calculator shows your monthly savings, total interest saved over the life of both loans, and your break-even point — the number of months until the savings outweigh the closing costs.
Tip: A break-even under 24 months is generally considered a strong refinancing candidate.
Understanding Closing Costs
Refinancing a home loan usually costs between 2% and 5% of the total loan amount in lender fees, appraisals, and title insurance. This calculator factors those costs directly into your Break-Even analysis so you can make an educated financial decision.
This calculator is for informational purposes only and does not constitute financial advice. Consult a licensed mortgage professional.