Mortgage Refinance Calculator

Compare rates, calculate savings, and find your break-even point

Mortgage Details

Current Mortgage
-
Enter the remaining balance on your current loan
Current annual interest rate
Years left on current mortgage
Optional: For verification only
New Mortgage
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Total amount of new mortgage
Proposed new annual interest rate
Duration of new mortgage
Total refinancing costs

Rate Comparison

Compare different interest rates to see how they affect your monthly payment and total interest costs.

Savings Analysis

Detailed breakdown of your refinance savings over time and various scenarios.

When to Refinance

Rate Drop Rule
Consider refinancing when rates are 0.75-1% lower than your current rate, unless you have a very large loan balance.
Break-Even Point
Only refinance if you plan to stay in the home longer than it takes to recover closing costs through monthly savings.
Loan Term Consideration
Switching to a shorter term can save thousands in interest, but will increase your monthly payment.

Frequently Asked Questions

What is the break-even point?
The number of months it takes for your monthly savings to equal your closing costs. You should stay in the home beyond this point.
Should I roll closing costs into the loan?
Only if you can't afford to pay them upfront and the interest cost doesn't outweigh the refinance benefits.
How much can I save by refinancing?
Savings depend on your loan balance, rate difference, and how long you keep the loan. Use this calculator to see your specific savings.

Saved Calculations

Sample Refinance
4.5% → 3.5%, $300K loan, 30 years

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