Mortgage Refinance Calculator
Compare your current mortgage with a new rate to see your monthly saving, when the closing costs pay back and the lifetime saving.
- Free
- No sign-up
Enter your current and new mortgage details to see the savings.
Worked example
With these example inputs:
- Mortgage balance$350,000
- Current rate7%
- Years left25 yr
- New rate5.5%
- New term25 yr
- Closing costs$4,500
Monthly savings: $324.42
- New payment$2,149
- Current payment$2,474
- Break-even1 yr 2 mo
- Lifetime savings$92,826
Frequently asked questions
When is refinancing worth it?
It often pays off if you will stay in the home past the break-even point, where the monthly saving has covered the closing costs.
Does a longer term reduce the benefit?
Resetting to a fresh long term lowers the payment but can add interest over time, so weigh the lifetime saving alongside the monthly saving.
What costs come with refinancing?
Closing costs, an appraisal and origination fees. Weigh them against the monthly savings before deciding.
What is the break-even point?
It is the number of months it takes for the savings to cover the upfront costs. After it, refinancing starts to pay off.
Will refinancing reset my loan term?
A new 30-year term restarts the clock, which can raise total interest even with a lower rate.