Thinking about a mortgage refi? This refinance calculator compares your current mortgage to a new refinance and shows your monthly savings, interest savings, and the break-even point after closing costs. Test different rates, terms, and whether to roll costs into the loan to see what’s best for you.

Use this tool to estimate your new payment fast—then explore how interest rates, loan terms, and closing costs affect your total cost. When the break-even happens before you plan to move or sell, refinancing can be a smart move.

How This Refinance Calculator Works

We estimate your current monthly payment (principal & interest) based on your remaining balance, rate, and months left. Then we compute your new monthly payment using the new rate and term. If you choose to roll closing costs into the loan, the new principal increases accordingly.

We also calculate the break-even point—the number of months it takes for your cumulative monthly savings to exceed the closing costs. Finally, we compare total interest remaining on the current mortgage to the new total interest plus any fees to estimate your lifetime savings.

When Refinancing Makes Sense

• Your new rate is meaningfully lower than your current rate.
• You’ll own the home long enough to pass the break-even month.
• You’re shortening the term (e.g., 30 → 15 years) to slash total interest.
• You want to remove PMI or switch from an ARM to a fixed rate.

Tips

• Compare multiple lenders—rates and closing costs vary.
• Don’t forget taxes/insurance/PMI (not included in this P&I-only model).
• Consider prepaying principal to accelerate payoff.