Refinance Calculator
Find your break-even point and see if refinancing makes financial sense. Calculate monthly savings, total lifetime savings, and closing cost recovery time.
Current Loan
Remaining principal on your mortgage
Time left on your current mortgage
Calculated from your inputs
New Loan
Current market rate: 6.09%
Standard 30-year refinance
Typically 2-5% of loan amount (~$6,400)
Additional cash you want to take out
How Long Will You Stay?
Monthly Payment Comparison
Break-Even Analysis
Total Cost Over Loan Life
Things to Consider
How This Calculator Works
Our refinance calculator helps you determine if refinancing makes financial sense by comparing your current loan to a new loan scenario.
Break-Even Point
The break-even point is when your cumulative monthly savings equals your closing costs. It's calculated by dividing your total closing costs by your monthly savings.
Monthly Savings
We calculate the principal and interest payment for both your current loan (at its remaining term) and the new loan, then find the difference.
If you're rolling closing costs or taking cash out, those amounts are added to the new loan balance.
Total Interest Comparison
We calculate the total interest you'll pay over the life of each loan:
- Current: Payment × remaining months - remaining balance
- New: Payment × term months - new loan amount
Cash-Out Refinance
If you take cash out, the additional amount is added to your new loan balance. This increases your payment but gives you access to your home equity.
The calculator shows the true cost including the interest on the cash-out amount.
When Refinancing Makes Sense
Generally, refinancing is worthwhile when:
- You can reduce your rate by 0.5% or more
- You'll stay past the break-even point
- Closing costs are reasonable (2-3%)
- You're not significantly extending your term
What's Not Included
This calculator provides estimates and doesn't account for:
- Property taxes and insurance changes
- PMI differences between loans
- Tax deduction changes
- Opportunity cost of closing costs