Refinance Calculator

See if refinancing your mortgage will save you money.

Current Loan Balance ($)

Current Interest Rate (%)

New Interest Rate (%)

New Term (Years)

Closing Costs ($)

Monthly Savings

Break-Even Period

What is this Online Refinance Calculator for?

The Refinance Calculator helps homeowners determine if refinancing their mortgage makes financial sense. It compares the monthly payment of a new loan against a hypothetical old loan with the same term to isolate the interest rate savings.

It calculates the "Break-Even Period"—the time it takes for your monthly savings to cover the closing costs of the new loan.

How does it work?

It calculates the monthly payment for the new loan terms and compares it to what the payment would be for the current balance at the old rate. This shows the pure cash flow difference generated by the lower rate.