Mortgage Refinance Calculator
Compare your current mortgage with a potential refinance before focusing on the new rate alone. Estimate the new all-in payment, monthly savings, break-even point and savings over the period you expect to keep the loan.
Use Mortgage Refinance Calculator →How our calculator estimates workWhat the refinance calculator does
The calculator compares your current principal-and-interest payment with a new fixed-rate loan. It can include closing costs, rolled-in costs, cash-out, property tax, insurance and HOA when estimating the monthly difference and break-even period.
Information you can enter
- Current balance, APR and remaining term
- New APR, new term and closing costs
- Cash-out amount, cost roll-in choice and years you plan to keep the loan
How to use it
- Enter the remaining details of your current mortgage.
- Enter the proposed refinance rate, term, closing costs and any cash-out amount.
- Review monthly savings, estimated break-even and the cost comparison over your expected stay.
What can change the result
Upfront or financed refinance costs can offset payment savings, especially over a short holding period.
Restarting with a longer term can lower the payment while changing lifetime interest and payoff timing.
The longer you keep the refinanced loan, the more time monthly savings have to offset the transaction cost.
Frequently asked questions
What is a refinance break-even point?
It is an estimate of how long monthly savings may take to recover the closing costs of refinancing.
Can I include cash-out refinancing?
Yes. The calculator includes an optional cash-out amount in the estimated new loan principal.
Should I refinance only because the rate is lower?
Not necessarily. Closing costs, loan term, time in the home and the new loan balance can all affect whether the refinance improves your overall outcome.