Mortgage Refinance Calculator
Last updated: July 2026
Compare your current mortgage with a new refinance loan, including closing costs and break-even time.
Estimated monthly savings
$0.00
- Current payment: $0.00
- New payment: $0.00
- Break-even time: —
- Estimated total savings after costs: $0.00
On this page
Quick summary: Compare your current mortgage with a new refinance loan, including closing costs and break-even time. Enter the requested values, calculate, review the result, and compare more than one realistic scenario before making a decision.
Read the complete guide
What this calculator does
The Mortgage Refinance Calculator compares an existing mortgage with a proposed replacement loan. It can estimate changes in monthly payment, interest cost, and the time required to recover refinance closing costs.
How to use the calculator step by step
Enter the remaining balance and terms of the existing loan, then the proposed new rate, term, and refinance costs requested by the page. Compare both monthly savings and the effect of restarting or extending the repayment period.
How the calculation works
The calculator estimates payments for the current and proposed loans using their respective balances, rates, and terms. Simple break-even time can be calculated by dividing refinance costs by monthly payment savings.
Worked example and scenario testing
If refinancing costs 4,000 and lowers the monthly payment by 160, the simple break-even period is 25 months. Selling or refinancing again before then may prevent those upfront costs from being recovered.
How to interpret your result
A lower monthly payment does not necessarily mean lower lifetime cost. Extending the repayment period can reduce the payment while keeping debt outstanding longer.
Accuracy, assumptions, and limitations
The estimate may not include taxes, escrow changes, prepaid interest, mortgage insurance, lender credits, opportunity cost, variable rates, or tax consequences.
Common mistakes to avoid
Do not compare only the old and new interest rates. Include closing costs, remaining term, new term, and how long you realistically expect to keep the new mortgage.
Privacy and browser-based calculations
Only mortgage scenario values are needed. Do not enter account numbers, Social Security numbers, or lender credentials.