A mortgage refinance calculator compares your current home loan with a proposed refinance so you can estimate monthly savings, closing-cost break-even timing, and long-term interest impact.
Monthly savings
$294.00
Break-even
23.1 months
Net savings
$25,664
The loan balance and rate you have today.
The proposed new loan terms and upfront cost.
Refinance results
Current payment
$2,227.15
New payment
$1,933.15
Payment change
$294.00
Break-even
23.1 months
Recommendation
Net lifetime savings are $25,663.99 after subtracting closing costs. The new loan amount is $326,800.00.
Current interest
$401,596.33
New interest
$369,132.35
Closing costs
$6,800.00
Common questions
A mortgage refinance calculator compares your current loan with a new loan so you can estimate monthly savings, break-even timing, and long-term interest savings.
Divide closing costs by monthly payment savings. If a refinance saves $300 per month and costs $6,000, the break-even point is 20 months.
A lower payment is useful, but it is not the only factor. Compare closing costs, the new loan term, total interest, and how long you plan to keep the home.
Yes. Closing costs reduce net savings and lengthen the break-even period, especially when they are rolled into the new loan balance.
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