Mortgage Refinance Calculator

This calculator takes your current loan balance, current rate, remaining term, proposed new rate, proposed new term, and refinance closing costs. It estimates the current monthly principal-and-interest payment and compares it with a refinanced loan that includes the closing costs in the financed amount.

It then shows the monthly payment change and a rough break-even period based on the costs entered. This is useful for framing the question before you move to deeper reading like refinance vs. new mortgage and mortgage points explained.

Monthly savings compares the simplified current payment with the new payment estimate. The break-even period shows how long it may take for those monthly savings to offset the refinance costs you entered.

That break-even number is useful because a lower rate does not automatically mean a refinance is compelling. Timing, term reset, and how long you expect to keep the loan all matter.

This calculator does not include every factor that matters in a real refinance decision. It does not model escrow changes, taxes, insurance, cash paid at closing, opportunity cost, future moving plans, or individualized lender pricing.

Results are estimates only and should not be treated as mortgage, lending, financial, tax, or legal advice. A refinance decision is more nuanced than payment change alone.

Use this calculator when rates have moved, when you are comparing a shorter or longer term, or when you want a rough sense of whether a refinance conversation is worth exploring further.

Good companion resources are the mortgage hub, refinance vs. new mortgage, mortgage closing costs explained, and the mortgage calculator.