Refinance Calculator

Compare your current mortgage with new loan options to see how rate, term, or balance changes could impact your monthly payment and total savings.

Benefits

• Compare your current loan to new refinance options
• See potential monthly and lifetime savings
• Find your break-even point — when savings exceed closing costs
• Explore rate, term, and cash-out scenarios side by side

Formula

The calculator compares your current monthly payment with your new estimated payment based on updated loan terms and interest rates.

It also factors in closing costs to determine your break-even point:

This shows how long it takes to recover refinance costs through lower payments.

Terms

• Current Loan Balance: The remaining amount on your existing mortgage
• New Loan Amount: The total you plan to refinance
• Interest Rate: The annual cost of borrowing, old and new
• Loan Term: The repayment period for your mortgage
• Closing Costs: Fees associated with the refinance
• Break-even Point: How long it takes for monthly savings to cover closing costs

Factors to Consider

• Refinancing can lower payments or shorten your term
• A lower rate saves money but restarting your term may extend payoff time
• Closing costs affect total savings and break-even timing
• Cash-out refinances increase your loan balance but offer flexibility
• Compare options before deciding — small rate changes can make a big difference