Refinance Calculator
Compare your current mortgage to a new rate and find the break-even point.
Results update as you type.
About this calculator
A refinance calculator compares your current loan payment with a new loan at a different rate and term, then divides your closing costs by the monthly saving to find the break-even point — how long you must keep the new loan for the refinance to pay off. If you sell or refinance again before then, it may not be worth it.
Frequently asked questions
How does the break-even point work?
Break-even months = closing costs ÷ monthly saving. If refinancing saves 180 a month and costs 4,000, you break even in about 22 months; keep the loan longer than that and you come out ahead.
Can extending the term erase the saving?
Yes. Refinancing a 25-year balance into a fresh 30-year term lowers the monthly payment but stretches repayment out, so you can pay more total interest even at a lower rate. Compare total cost, not just the monthly figure.
Results are estimates for general guidance only, not financial, medical or tax advice.