Refinance Calculator
See your new payment, monthly savings and how long it takes to break even on closing costs.
Refinance analysis
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Get my personalized quoteAbout this calculator
A refinance calculator helps you decide whether replacing your current mortgage with a new loan is worth it. Enter your current balance, rate and years remaining, then the new rate, term and estimated closing costs. We compute your current and new monthly payments, the monthly savings, and the break-even point — the number of months it takes for those savings to recoup your closing costs.
The break-even period is the single most important number in any refinance decision. If you plan to stay in the home well beyond the break-even point, refinancing usually pays off. If you might sell or refinance again before then, the upfront costs may outweigh the savings.
Keep in mind that extending your term — for example refinancing a loan with 25 years left back into a fresh 30-year — can lower your monthly payment while increasing total interest over the life of the loan. Compare both the monthly savings and the long-term picture, then request a personalized refinance quote to see real rates.
Frequently asked questions
- What is a refinance break-even point?
- It is how long it takes for your monthly savings to add up to the cost of refinancing. If closing costs are $6,000 and you save $200 a month, you break even in 30 months.
- Is it worth refinancing for a small rate drop?
- Sometimes. Even a small drop can be worthwhile on a large balance if you plan to stay past the break-even point. Use the calculator to confirm the savings outweigh the closing costs.
- Will refinancing reset my loan term?
- It can. Refinancing into a new 30-year loan restarts the clock, which lowers payments but may raise total interest. You can also refinance into a shorter term to pay off faster.
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