Refinance Calculator
See if refinancing your mortgage lowers your payment, and how long the savings take to repay the closing costs.
How to use it
Enter your remaining balance and rate, the new rate and term you were quoted, and the closing costs. You will see the new monthly payment, your monthly savings, and the break-even month — the point where the savings have repaid the closing costs.
Watch out for the term trap
Restarting a fresh 30-year term lowers your payment even at the same rate, but can raise your total interest. This calculator shows total interest for both loans side by side so you can see the full trade-off, not just the monthly number.
Frequently Asked Questions
When does refinancing make sense?
A common guide: if you can cut your rate by 0.75–1% or more and you will stay in the home past the break-even month, refinancing usually pays off.
Can I roll closing costs into the loan?
Yes — many lenders offer it, but you then pay interest on those costs. This calculator treats costs as paid upfront; increase the balance to model rolling them in.
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