Compare your current loan to a new rate. See monthly savings and break-even.
Refinance results
$1498.12
This refinance calculator compares your current mortgage payment to a new interest rate so you can see potential monthly savings and your break-even point. Enter your remaining balance, current rate, new rate, and term to estimate whether a refinance makes financial sense for your situation.
Lenders, agents, and homeowners can use this tool to model different rate scenarios, closing costs, and payoff timelines. It is especially useful when deciding between rate-and-term refinances, cash-out options, or staying with an existing loan.
A refinance calculator compares your current mortgage payment to a new loan with a different interest rate or term so you can see your monthly savings and total interest savings. It also helps you estimate how long it will take to recoup your closing costs. You can come back to this Refinance Calculator anytime to test new scenarios.
Refinancing often makes sense when you can meaningfully lower your interest rate, shorten your term, or remove mortgage insurance without extending your break-even point too far into the future. This tool lets you compare your current payment to a new one and see how long it takes to break even. You can also estimate new payments with our Mortgage Calculator.
Refinance closing costs reduce your net benefit because you pay them upfront or roll them into the new loan balance. If your monthly savings are small or you plan to move soon, you may not recover those costs. You can estimate fees in more detail with a Closing Cost Estimator and then plug them back into this refinance calculator.
Refinancing into a shorter term, like 15 years, usually raises your payment but dramatically lowers your total interest, while refinancing to a similar or longer term focuses on lowering your monthly payment and improving cash flow. You can model both options with the Refinance Calculator and compare them with new-purchase scenarios in the Mortgage Calculator.
Your credit score helps lenders decide what refinance interest rate and terms to offer you, which directly affects your monthly payment and potential savings. Higher scores usually unlock lower rates and better break-even periods. You can use this Refinance Calculator to test how different rates would change your payment and total interest.
Paying extra principal each month can shorten your payoff schedule and reduce interest without any closing costs, while refinancing can lower your rate or payment but adds fees. The best choice depends on your goals, timeline, and available cash. You can review extra payment impact with a Loan Amortization Calculator and compare that to potential savings here in the Refinance Calculator.