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Mortgage Refinance Calculator

A lower payment is not automatically a better loan. Compare the rate, term reset, closing costs, break-even point, and total remaining cost.

Use your current loan statement and the new lender quote. Enter 0 for costs you do not pay.

1 · Your current loan

2 · The new loan

3 · Closing costs Enter both amounts, including 0

Principal-and-interest comparison only. Taxes, insurance, escrow, points, credits, mortgage insurance, prepayment terms, and changing property costs are excluded unless entered as closing costs.

READY WHEN YOU ARE—

Review the inputs, then select Calculate.

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HOW TO USE THE RESULT

A lower mortgage rate is not automatically a better deal

A refinance replaces the existing loan with a new one. The monthly payment can fall because of a lower rate, a longer term, or both. This calculator separates payment savings from closing costs and remaining interest so resetting a 30-year clock cannot masquerade as free savings.

What is the refinance break-even point?

It is the time required for monthly savings to recover the upfront closing costs. Selling, refinancing again, or paying off the loan before that date can erase the expected benefit.

Should financed closing costs count?

Yes. Rolling costs into the new balance avoids cash today but increases the amount financed and the interest charged over time.

Why compare the same remaining term?

A new longer term can create a lower payment while increasing lifetime interest. Compare both the proposed loan and a same-payoff-date alternative.