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Mortgage Refinance Calculator

Compare your current mortgage with a new refinance offer. Estimate your new monthly payment, monthly savings, closing cost break-even point, and possible lifetime savings before making a decision.

Calculate Refinance Savings

Enter your current mortgage details and the new refinance terms to see if refinancing may save you money.

Tip: A refinance is usually more useful when the monthly savings can recover closing costs within a reasonable time.

Your Results

Results update when you click the calculate button.

Current Monthly Payment $0
New Monthly Payment $0
Estimated Monthly Savings $0
Break-Even Time 0 months
Estimated Lifetime Savings $0
Enter your loan details and calculate to see whether refinancing may be worth it.

What Is a Mortgage Refinance Calculator?

A mortgage refinance calculator helps homeowners compare their existing mortgage with a new loan offer. It estimates whether switching to a new interest rate or loan term could reduce monthly payments, lower total interest, or help recover closing costs over time.

This tool is useful before contacting a lender because it gives you a quick estimate of payment changes, possible savings, and the break-even period. It does not replace a full lender quote, but it can help you understand whether refinancing is worth exploring.

Why Use This Calculator?

Compare Payments

See your estimated current payment and new refinance payment side by side.

Check Break-Even

Find out how many months it may take to recover closing costs through monthly savings.

Estimate Savings

Review possible monthly and lifetime savings before refinancing your mortgage.

How It Works

Enter Your Current Mortgage Details

Add your current loan balance, interest rate, and remaining loan term.

Add New Refinance Terms

Enter the new interest rate, new loan term, and expected closing costs.

Compare Monthly Payments

The calculator estimates your current and new monthly mortgage payments.

Review Break-Even Time

The tool divides closing costs by monthly savings to estimate how long it may take to recover your costs.

Mortgage Refinance FAQs

Is refinancing always a good idea?
No. Refinancing can be helpful when it lowers your payment, reduces interest, or improves your loan terms. But closing costs, longer loan terms, and lender fees should be considered first.
What is a refinance break-even point?
The break-even point is the time it takes for your monthly savings to cover refinance closing costs. For example, if closing costs are $4,000 and you save $200 per month, your break-even time is 20 months.
Does this calculator include taxes and insurance?
This calculator focuses on principal and interest payments only. Property taxes, homeowners insurance, HOA fees, and private mortgage insurance may change your real monthly payment.
What closing costs should I include?
Include lender fees, appraisal fees, title fees, recording fees, credit report fees, and other refinance-related costs. If your lender rolls costs into the loan, remember that you may pay interest on them over time.
Can refinancing increase total interest?
Yes. Even if your monthly payment drops, extending the loan term may increase the total interest paid. Always compare both monthly savings and lifetime loan cost.