Refinance Calculator
Compare your current loan to a new rate or term. This calculator finds the month your closing costs are paid back through lower payments, and your total interest saved.
Current loan
New loan
- Current monthly payment (P&I)$0
- New monthly payment (P&I)$0
- Monthly savings$0
- Remaining interest — keep current loan$0
- Total interest — new loan$0
- Lifetime interest saved$0
How to read the break-even point
If you'll keep the home (or the loan) longer than the break-even month shown above, refinancing likely saves you money overall. If you expect to move or refinance again before then, the closing costs may not be worth it — even if the new rate is lower.
This calculator compares principal & interest only. It's worth also checking whether resetting your amortization to a new 30-year term (instead of matching your remaining years) changes the picture, since a longer term lowers your payment but can increase total interest paid.
Want the full picture on your current or new loan? Use the mortgage calculator for a complete amortization schedule.