Refinance Calculator

See if refinancing your mortgage makes financial sense

Current Mortgage

$
%
yrs

New Loan

%
yrs
$
Current Payment
$1,979
New Payment
$1,679
Monthly Savings
+$300
Break-even in 27 months (2.3 years)
Total Interest (Current)
$313,695
Total Interest (New)
$324,347

Refinancing May Make Sense

Based on your inputs, you could save $300/month and recoup closing costs in 2.3 years.

This is an estimate. Actual rates and terms vary by lender. Consult a mortgage professional for personalized advice.

How to Use This Calculator

  1. Enter your current mortgage balance and interest rate
  2. Enter the new rate you could qualify for
  3. Add estimated closing costs (typically 2-5% of loan)
  4. See your monthly savings and break-even point

When Should You Refinance?

Consider refinancing if:

  • Rates have dropped at least 0.75-1% below your current rate
  • You plan to stay in your home beyond the break-even point
  • You want to shorten your loan term (30yr → 15yr)
  • You have enough equity to remove PMI

Learn more in our refinancing guide.