Mortgage Refinance Calculator

Calculate if refinancing makes sense: new payment, break-even point, lifetime savings, and comparison.

Free • Accurate • Instant Results

Mortgage Refinance Inputs

Current Loan Balance

Current Interest Rate

New Interest Rate

Remaining Term

Years

New Monthly Payment

💳

$1,719

Monthly Savings

📉

$260

Break-Even Point

⏱️

22 months

Est. Closing Costs

🧾

$5,600

~2% of loan

🤖

AI Insights

Personalized analysis based on your inputs

✅

Refinancing Could Help

Dropping from 7% to 5.5% reduces your monthly payment. Compare the break-even point to how long you plan to stay in the home.

📥 Download & Export

Formula Used

Refinance Break-Even

Break-Even (months) = Closing Costs / Monthly Savings

Variables

Monthly Savings= Old payment − New payment

Example

$5,600 closing costs / $200 monthly savings = 28 months to break even

Frequently Asked Questions

Generally when the new rate is at least 0.5-1% lower than your current rate, and you plan to stay in the home longer than the break-even period.

Related Calculators

More tools you might find useful

🏠

Mortgage Calculator

Calculate monthly mortgage payments

🔓

Mortgage Payoff Calculator

Pay off your mortgage faster

🏠

Home Equity Calculator

Calculate your home equity and LTV

Disclaimer: This calculator is for informational and educational purposes only. Results are estimates based on inputs you provide. They are not financial, tax, investment, or legal advice. Consult a qualified financial professional before making financial decisions. Actual results may vary based on market conditions, tax laws, and individual circumstances.