Compare a new loan against your current payment to see monthly and lifetime savings from refinancing.
How the Mortgage Refinance Calculator works
The refinance calculator compares a new loan (your remaining balance at a new rate and term) against your current payment, showing monthly and lifetime savings.
Example calculation
Refinancing a $280,000 balance from a $2,100 payment to 5.75% over 30 years drops the payment to about $1,634 — saving roughly $466 a month.
Tips for using the Mortgage Refinance Calculator
- Divide closing costs by monthly savings to find your break-even months.
- Resetting to 30 years can raise total interest even at a lower rate.
- Refinance only if you'll stay past the break-even point.
Mortgage Refinance Calculator — frequently asked questions
- What about closing costs?
- Refinancing has closing costs (often 2–5%). Divide them by monthly savings to find your break-even point.
- Does resetting the term cost more?
- Restarting at 30 years can increase total interest even at a lower rate — compare carefully.
- What are typical closing costs?
- Usually 2–5% of the loan amount, paid up front or rolled in.
- What is a no-closing-cost refinance?
- The lender covers costs in exchange for a slightly higher rate — compare both.
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