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.
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 |
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?
Compare Offers →