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Mortgage & Real Estate
Mortgage Refinance Calculator
Find your monthly savings, break-even point, and total interest reduction from refinancing.
Use this mortgage refinance calculator to determine if refinancing makes financial sense. Enter your current loan details and the new loan terms you're considering. The calculator shows your new monthly payment, monthly savings, how many months it takes to recoup your closing costs (break-even), and how much total interest you'll save or pay over the life of the loan. A good rule of thumb: refinancing makes sense if you'll stay past the break-even point and your rate drops by at least 0.5–1%.
📋 Current Loan
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Enter your current and new loan details to see if refinancing makes financial sense.
Frequently Asked Questions
Refinancing generally makes sense when: (1) you can lower your interest rate by at least 0.5–1%, (2) you plan to stay in the home long enough to recoup closing costs, and (3) you have good credit (720+) to qualify for the best rates. Use this calculator to find your break-even month.
Refinance closing costs range from 2–5% of the loan balance. On a $320,000 loan, expect $3,200–$16,000. Costs include origination fees (0.5–1%), appraisal ($300–$700), title insurance, and recording fees. Some lenders offer "no-closing-cost" refinances with slightly higher rates.
Yes, refinancing to a new 30-year mortgage restarts your amortization. This reduces your monthly payment but means you'll be in debt longer and may pay more total interest. Consider a 15 or 20-year refinance to keep your payoff timeline while lowering your rate.