Mortgage Refinance Calculator
Estimate how refinancing may change your monthly payment and how long it may take to recover closing costs.
| Refinance Details | Enter Value |
|---|---|
| Current Loan Balance ($) | |
| Current Rate (%) | |
| New Rate (%) | |
| Remaining Term (months) | |
| Refinance Costs ($) |
Enter current and proposed mortgage details.
How to Use the Mortgage Refinance Calculator
Enter your current mortgage balance, existing rate, proposed refinance rate, remaining term and refinance costs to estimate payment changes and potential savings.
Practical Example
If refinancing lowers the monthly payment by USD 180 but costs USD 3,600 upfront, the simple break-even period is about 20 months.
Factors That Affect the Result
Closing costs, points, appraisal fees, taxes, loan term changes and how long you keep the property can determine whether refinancing is worthwhile.
Frequently Asked Questions
What is refinance break-even?
It is the time needed for monthly savings to recover refinance costs.
Does a lower rate always mean refinancing is better?
No. Fees and a longer term can offset rate savings.
Should I compare total interest too?
Yes. Monthly payment alone does not show the full cost.