Mortgage Refinance Calculator
See if refinancing your mortgage saves money and when it pays off.
Estimate only — principal and interest, not financial advice. Compares your current loan paid over its remaining term against a new loan for the same balance. Break-even is how long the monthly savings take to repay the closing costs. Taxes, insurance and PMI are not included.
Free mortgage refinance calculator. Compare your current loan to a new one — enter your balance, current and new rates, new term and closing costs to get your new monthly payment, monthly savings, break-even point and lifetime interest saved. Runs in your browser.
How to use the Mortgage Refinance Calculator
- 01Enter your current loan balance, interest rate and years remaining.
- 02Enter the new rate, new term and the closing costs to refinance.
- 03Read off your new payment, monthly savings, break-even months and lifetime interest saved.
Frequently asked questions
What is the break-even point on a refinance?
It is how many months of monthly savings it takes to recover the closing costs. If you plan to keep the home past the break-even point, refinancing tends to pay off; if you sell sooner, it may not.
How is lifetime interest saved calculated?
It is the total interest on your current loan over its remaining term minus the total interest on the new loan over its full term. Extending the term can lower the monthly payment while raising total interest, so watch both numbers.
Does this include taxes, insurance or PMI?
No. It compares principal and interest only. Escrow items like property taxes, homeowners insurance and PMI are separate and do not change from refinancing alone.