Mortgage Refinance Calculator
Enter your current loan details and the new rate you're targeting. Get your monthly savings, break-even point, and total interest comparison in under a minute.
What you'll need
- Current loan balance
- Current interest rate
- Months remaining on your loan
- New interest rate you're targeting
- New loan term
- Expected refinance closing costs
What you'll get
Monthly savings
New vs current payment
Break-even point
Months to recoup closing costs
Total interest comparison
Current vs refinanced loan
Net lifetime savings
After closing costs
How It Works
Enter current loan info
Provide your current balance, rate, and remaining term.
Enter new loan terms
Input the proposed refinance rate, term, and closing costs.
See your break-even
Find out how many months until savings offset the cost of refinancing.
Refinance Savings by Rate Drop (on $300,000 balance)
| Rate Drop | Monthly Savings | Break-even (est.) | 10-yr Savings |
|---|---|---|---|
| 0.5% | $90 | 28 months | $8,200 |
| 1.0% | $180 | 22 months | $17,500 |
| 1.5% | $265 | 19 months | $26,300 |
| 2.0% | $350 | 17 months | $35,000 |
Assumes $5,000 closing costs. Actual break-even depends on your loan balance and costs.
Frequently asked questions
When does it make sense to refinance my mortgage?
Refinancing generally makes sense when you can lower your rate by at least 0.5–1%, you plan to stay in the home long enough to recoup closing costs (reach the break-even point), and you're not resetting too far back on your amortization schedule.
What is a break-even point on a refinance?
The break-even point is how many months it takes for your monthly savings to offset the closing costs. If closing costs are $5,000 and you save $200/month, you break even in 25 months. You need to stay in the home beyond that point for refinancing to benefit you.
How much does it cost to refinance a mortgage?
Refinance closing costs typically run 2–5% of the loan balance. On a $300,000 loan, expect $6,000–$15,000. Costs include origination fees, appraisal, title insurance, and prepaid items. Some lenders offer no-closing-cost refinances, which roll costs into a higher rate.
Should I refinance to a shorter loan term?
Refinancing from a 30-year to a 15-year mortgage saves significant interest (often hundreds of thousands of dollars) but substantially raises monthly payments. It's smart if you can comfortably afford the higher payment and want to build equity faster.
Ready to run the numbers?
Analyze My Refinance →