Mortgage Refinance Calculator
The mortgage refinance calculator compares your current home loan with a new refinanced loan so you can see, in seconds, whether refinancing actually saves money. It is built for homeowners weighing a lower rate, a different term, or rolling closing costs into the balance.
Enter your remaining balance, current rate and term, then the new rate, term, and closing costs. The tool instantly shows the monthly payment difference, total interest reduction, net lifetime savings, and the break-even point where your savings finally cover the closing costs.
How to Use the Refinance Calculator
Enter your current loan
In the Current Loan card, fill in your Remaining Balance (what you still owe, from your latest statement), your Interest Rate, and your Remaining Term in years. Your current monthly payment appears automatically.
Enter the new loan terms
In the New Loan card, add the New Interest Rate, New Term, and the Closing Costs the lender quoted. Tick Roll into new loan balance if those costs are financed instead of paid upfront.
Read the verdict
A verdict banner states whether refinancing saves or costs you money, with Monthly Savings, Lifetime Savings, and the Break-Even Point shown as headline figures.
Compare the details
Review the side-by-side table for monthly payment, total interest, total cost, and loan term, then use the Balance Over Time chart to see how each loan is paid down. Adjust any input to compare a different scenario instantly.
Features
Side-by-Side Loan Comparison
Enter current and new loan details in two clear cards and compare both payments at a glance.
Automatic Monthly Payment
Each loan's monthly payment is calculated for you the moment you type, using the standard amortization formula.
Monthly & Lifetime Savings
See how much less you pay each month and your net savings over the loan, with closing costs already factored in.
Break-Even Point
Find out exactly how long it takes for your monthly savings to recoup the closing costs.
Clear Refinance Verdict
A verdict banner tells you in plain language whether refinancing saves money or costs more over the loan's life.
Detailed Comparison Table
Line up monthly payment, total interest, total cost, and loan term for the current and new loans with the difference shown.
Roll Closing Costs In
Toggle whether closing costs are paid upfront or rolled into the new balance and watch the impact on payments.
Balance Over Time Chart
An interactive line chart compares how both loan balances fall year by year toward payoff.
Multi-Currency Support
Pick from dozens of currencies with locale-aware symbols and number formatting applied throughout.
Real-Time & Private
Results update as you type, and every calculation stays in your browser with nothing uploaded.
Frequently Asked Questions
How much can I save by refinancing?
Enter your current and new loan terms and the calculator shows two savings figures: Monthly Savings (the lower payment) and Lifetime Savings (the net difference in total cost after closing costs). A positive lifetime number means refinancing comes out ahead; a negative one means it costs more.
What is the break-even point on a refinance?
It is how long it takes for your monthly savings to offset the closing costs. If closing costs are $6,000 and you save $200 a month, the break-even is 30 months. If you plan to stay in the home longer than that, refinancing is likely worthwhile.
How low does my rate need to be to refinance?
There is no fixed threshold — it depends on your balance, remaining term, and closing costs. Rather than rely on a rule of thumb, enter the lender's actual rate and term here: even a 0.5–1% drop can produce real savings, but the verdict and break-even point tell you whether it pays off in your specific case.
What should I enter for Remaining Balance?
Enter the current outstanding principal you still owe, not the original loan amount. You will find it on your latest mortgage statement or by asking your lender. Likewise, use your Remaining Term — the years left — not the original loan length.
How are refinance closing costs handled?
Closing costs are the fees to refinance — appraisal, origination, title, and similar charges, typically 2–5% of the loan. Enter the lender's total in the Closing Costs field. Tick Roll into new loan balance to add them to the principal instead of paying upfront, which removes the cash outlay but slightly raises your new payment.
Does refinancing reset my loan term?
It can. Refinancing replaces the old loan with a new one on whatever term you choose. Extending the term — say, 20 years left into a fresh 30-year loan — lowers the monthly payment but may raise total interest paid. Enter both terms here to see the exact trade-off between a smaller payment and total cost.
How accurate is this calculator?
It uses the standard amortization formula and gives accurate estimates for fixed-rate mortgages. Actual payments can differ slightly due to escrow, insurance, PMI, or adjustable-rate terms, so always confirm the final numbers with your lender before deciding.
No comments yet. Be the first to comment!