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Refinance Comparison Calculator
Got two refinance quotes? Don't just compare rates — compare total cost. Enter both offers to see monthly savings, break-even points, and which deal actually costs less.
Educational calculators — always consult a licensed professional before making financial decisions.
Your remaining principal — check your latest statement.
Your existing interest rate.
How many months until your current mortgage is paid off.
The rate quoted by your first refinance lender.
Lowest monthly payment. Best if reducing your payment is the main goal of refinancing.
Origination fees, title, appraisal, etc.
The rate quoted by your second refinance lender.
Lowest monthly payment. Best if reducing your payment is the main goal of refinancing.
Origination fees, title, appraisal, etc.
Current monthly payment
$2,168
Remaining balance: $300,000 at 7.25%
Offer A vs. Offer B
Offer A
Offer B
Better dealFor educational purposes only. Total cost comparison assumes you keep each loan to full term. Break-even assumes you stay at the same payment. Always verify with your lender.
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What you'll need
- ·Current mortgage balance and rate
- ·Remaining term on current loan
- ·Rate and term for Offer A
- ·Closing costs for Offer A
- ·Rate and term for Offer B
- ·Closing costs for Offer B
What you'll get
- ✓Side-by-side comparison — Both offers at a glance
- ✓Break-even analysis — When each offer starts saving money
- ✓Monthly savings — vs. your current payment
- ✓Better deal highlighted — Clear winner over the loan term
How it works
Enter current mortgage
Input remaining balance, current rate, remaining term, and monthly payment.
Enter new loan terms
Input refinance rate, new term, and estimated closing costs.
See break-even and savings
Get monthly savings, break-even month, and total 30-year interest savings.
Refi Savings by Rate Drop: $350,000 Balance
| Current Rate | New Rate | Monthly Savings | Break-Even (w/ $4K costs) |
|---|---|---|---|
| 7.5% | 6.5% | $217 | 18 months |
| 7.5% | 6.0% | $327 | 12 months |
| 7.5% | 5.5% | $440 | 9 months |
State guides
How this varies by state
Property taxes, insurance costs, first-time buyer programs, and closing costs differ significantly across states. See local data for your state.
California
Texas
Florida
New York
Illinois
Pennsylvania
Ohio
Georgia
North Carolina
Michigan
New Jersey
Virginia
Washington
Arizona
Colorado
Tennessee
Frequently asked questions
How do I compare two refinance offers?+
Compare total cost (interest + fees), not just the monthly payment. A lower rate with higher fees may cost more over the loan term. Use the break-even point to decide: if you plan to stay in the home longer than the break-even, the lower-rate offer is better. If you'll move or refi again sooner, the lower-fee offer may win.
What is the break-even point for a refinance?+
Break-even = closing costs ÷ monthly savings. For example, $6,000 in closing costs saving $200/month breaks even at 30 months (2.5 years). If you stay in the home longer than 30 months, you come out ahead. If you sell or refi again sooner, you lose money on the refi.
Is a lower interest rate always better when refinancing?+
Not necessarily. A lower rate with higher fees may actually cost more over your planned time horizon. A 0.5% rate reduction saving $150/month sounds great — but $10,000 in fees takes 67 months to recoup. If you plan to stay only 4 years, the low-fee offer is cheaper even with a higher rate.
What closing costs should I expect when refinancing?+
Typical refinance closing costs run 2–5% of the loan amount, or $4,000–$10,000 on a $200K loan. Common fees include: origination fee ($1,000–3,000), appraisal ($400–700), title search and insurance ($700–1,500), recording fees ($50–200), and prepaid interest. Some lenders offer 'no-closing-cost' refis — but those costs are rolled into the rate or loan balance.
Ready to find the better deal?
Back to the calculator ↑Refinance Comparison Calculator is built and maintained by the RealCostIQ editorial team. Cost ranges and rates are checked against published industry data and contractor quotes, and revised when the underlying figures move. Read our data methodology or more about who builds this. Every calculation runs in your browser — no account, and none of your inputs are stored.
Cost ranges and rates here are checked against contractor quotes and published industry data. If a number still looks off, email Support@RealCostIQ.com and we'll review and fix it.