Thinking about refinancing your mortgage? This refinance calculator compares your current loan with a new one and shows your new monthly payment, how much you’d save each month, how long it takes to recover closing costs (your break-even point), and whether you’d pay more or less interest over the life of the loan.
Mortgage Refinance Calculator
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When does refinancing make sense?
- You’ll stay past the break-even point. If closing costs are $6,000 and you save $250 a month, it takes 24 months to come out ahead.
- The new rate is meaningfully lower. Even a half-point drop can pay off on a large balance, but only if costs are reasonable.
- You won’t restart a long term without a plan. Resetting to a new 30-year loan can lower the payment yet raise total interest. Consider a shorter term or extra payments.
Frequently asked questions
How much are refinance closing costs?
They often run about 2% to 5% of the loan amount, including lender fees, appraisal and title costs. Your Loan Estimate lists them in detail.
Should I roll closing costs into the loan?
It saves cash upfront, but you’ll pay interest on those costs for years. Use the checkbox in the calculator to compare both options.
Related: Mortgage Calculator, Home Equity & HELOC Calculator, Best Mortgage Types, All Financial Calculators.