Estimated savings
$0
Monthly savings and break-even will appear here.
Mortgage decision
Mortgage Refinance Calculator
Estimate whether refinancing could lower your monthly payment or save interest after closing costs, new rate, loan term, and time in the home.
Refinance guide
What this refinance calculator does
This calculator estimates payment savings, closing-cost break-even, and interest tradeoffs when replacing an existing mortgage with a new loan.
Updated May 13, 2026. Educational estimate only.
How to use it
- Enter your current balance, rate, and remaining term.
- Enter the new refinance rate and term.
- Add closing costs.
- Choose how long you expect to keep the loan.
- Compare monthly and horizon savings.
Example
A refinance can save money if the monthly savings recoup closing costs before you sell, move, or refinance again.
Common assumptions
The model uses simplified amortization and does not include taxes, escrow changes, points, lender credits, cash-out proceeds, or credit-score pricing.
Related calculators
What is break-even?
Break-even is how long it takes monthly savings to recover closing costs.
Can a refinance cost more?
Yes. A lower payment can still cost more if the term is extended or closing costs are high.
Does this replace a loan estimate?
No. Compare it with official lender Loan Estimates.
Related tool: Mortgage Calculator.