Mortgage Refinance Calculator
Find out if refinancing pays off: new monthly payment, monthly savings, break-even point on closing costs and the change in total interest.
For information and education only — not financial advice. Results are estimates based on the numbers you enter; check important decisions with a qualified professional.
How to use
- 1Enter your current balance, rate and remaining term.
- 2Enter the new rate, new term and closing costs to see the savings and break-even month.
How it's calculated
Break-even months = closing costs ÷ monthly payment savings. Lifetime cost compares remaining interest on the old loan with interest plus closing costs on the new one.
Frequently asked questions
When is refinancing worth it?
When you'll stay in the home past the break-even point. A rate drop of around 0.75–1 percentage point is a common rule of thumb, but closing costs decide it.
Why might total interest go up even with a lower rate?
Resetting to a new 30-year term spreads payments over more years. Choose a shorter new term to save on total interest.
What are typical closing costs?
Often 2–5% of the loan amount, covering lender fees, appraisal, title and recording.