Refinance Calculator
Compare your current mortgage to refinance options and calculate break-even point, monthly savings, and lifetime savings
Current Loan
New Loan
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Is Refinancing Right for You?
Refinancing can save thousands—or cost you money if done at the wrong time. Our calculator compares your current mortgage to potential refinance options, showing monthly savings, break-even point, and total lifetime impact. Make a data-driven decision about refinancing your home.
Understanding Mortgage Refinancing
Refinancing replaces your current mortgage with a new one, typically to get a lower interest rate, change loan terms, or access equity. The key is whether the savings outweigh the closing costs. Your break-even point is when cumulative savings equal the cost to refinance.
Break-Even Calculation
Break-Even Months = Closing Costs / Monthly SavingsHow to Use This Calculator
Refinancing Scenarios
Rate Reduction
Rates dropped since you bought—see how much you could save monthly and overall.
Term Change
Compare keeping your current term vs. shortening or extending it.
ARM to Fixed
Lock in a stable rate before your adjustable rate increases.
Frequently Asked Questions
Generally, if you can lower your rate by 0.75-1% or more, plan to stay in the home past the break-even point, and have good credit for the best rates. Also consider if you want to change your loan term.