Refinance Calculator
Compare your current mortgage to a refinance offer. See the new payment, total savings, and break-even point (months to recoup closing costs).
Inputs
Monthly savings
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New monthly payment
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Break-even point
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Lifetime savings (vs current)
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Total cost of new loan
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About Refinance Calculator
When does refinancing make sense?
Rule of thumb: when you can drop your rate by 0.75-1% AND you plan to stay in the home longer than the break-even period. Also useful for switching from ARM to fixed, or shortening the term.
Watch the term reset
Refinancing from a 25-year remaining mortgage into a new 30-year stretches your overall loan to 30 years from now. You may save monthly but pay more total interest. Match the remaining term to keep total cost honest.
Closing costs vary widely
Typical: 2-5% of loan amount. Includes appraisal, title, origination, recording. "No-cost" refis usually bake costs into a higher rate — the savings are smaller per month but no upfront hit.