Refinance Calculator
Calculate potential savings from refinancing your mortgage. Compare new rates, break-even points, and monthly payment changes.
📋 Current Loan
✨ New Loan
Including closing costs if rolled in
📊 Loan Comparison
| Current Loan | New Loan | Difference | |
|---|---|---|---|
| Monthly Payment | $ | $ | |
| Interest Rate | |||
| Total Interest | $ | $ | |
| Total Cost | $ | $ | |
| Loan Term |
📈 Savings Over Time
| year | Cumulative Savings | Net Benefit |
|---|---|---|
| $ |
About Refinance Calculator
Refinancing only pays off once the closing costs are earned back, so this calculator puts your current balance, rate and remaining term next to the proposed loan and shows the new payment, the monthly saving and the break-even month. It totals interest and lifetime cost both ways, and gives a verdict: a rate drop under half a point, or a break-even that lands beyond your remaining term, is called out as not worth it. A ten-year timeline tracks cumulative savings net of closing costs, all computed in your browser.
Use Cases
How to use
Under Current Loan enter the Remaining Balance, Current Interest Rate and Remaining Term in years. The Current Monthly Payment is worked out for you.
Under New Loan enter the New Loan Amount, including closing costs if you plan to roll them into the mortgage, and the New Interest Rate.
Choose a New Loan Term of 30, 20, 15 or 10 Years, then enter your Closing Costs in dollars.
Read New Monthly Payment, Monthly Savings and Break Even Months, plus the verdict line saying whether refinancing makes sense on these terms.
Use the Loan Comparison table to see monthly payment, interest rate, total interest, total cost and term for the current and new loan side by side.
Check Savings Over Time for cumulative savings and the net benefit each year once closing costs are paid back.
Pro Tips
- Enter your values carefully — small differences in inputs can lead to large changes in the Refinance Calculator result, especially for long time periods.
- Use the Refinance Calculator to compare multiple scenarios side by side. Open the tool in several tabs to see how different assumptions impact your outcome.
- Bookmark this Refinance Calculator and return whenever your situation changes — small updates in income, rates, or expenses are easy to recompute.
- Export or copy the result before closing the tab. Since the Refinance Calculator stores no data server-side, your inputs reset when you navigate away.
- Combine this Refinance Calculator with our other financial tools (loan, tax, budget calculators) for a more complete financial picture.
Frequently Asked Questions
Yes. The Refinance Calculator is 100% free, with no signup, no paywall, no limits, and no watermarks on results. You can use it as often as you need.
No. The Refinance Calculator runs entirely in your browser. Your inputs stay on your device and are never transmitted to our servers, guaranteeing privacy.
The Refinance Calculator uses industry-standard formulas and returns mathematically precise results based on the inputs you provide. Always verify with a professional advisor for major decisions.
Yes. The Refinance Calculator is fully responsive and works on iOS, Android, and all modern mobile browsers with no app install required.
After the initial page load, most calculations run offline because the logic runs in JavaScript on your device. If you lose connection mid-session, you can usually keep calculating.
While the Refinance Calculator provides accurate computations, it does not replace professional advice. For tax, legal, medical, or major investment decisions, consult a certified advisor.