Borrow · Mortgage refinance
Mortgage refinance calculator
Compare current and new mortgage payments to estimate a simple monthly-savings break-even point.
Scenario inputs
Change the assumptions.
- Current balance
- Current rate (%)
- Remaining term (years)
- New rate (%)
- New loan term (years)
- Closing costs
Open the interactive calculator to enter values. Calculations run in your browser. Editing inputs does not change the page URL. Share calculation includes your inputs after # in the shared link. This URL fragment is not sent in the page HTTP request. Anyone with the link can read its values. Avoid sharing sensitive financial information.
How it works
The break-even date is the first question.
The calculator compares standard fixed-rate principal-and-interest payments, subtracts the new payment from the current payment, and divides closing costs by monthly savings when savings are positive.
This is a simplified comparison, not a refinance recommendation or lender quote. It excludes taxes, insurance, points, prepayment penalties, cash-out changes, and loan-specific fees beyond the closing-cost input.
Common questions
Before you use the number.
How is the refinance break-even point calculated?
Closing costs are divided by the estimated monthly payment savings. If the new payment is not lower, the calculator shows that a monthly-savings break-even is not reached.
Does a lower payment always mean a better refinance?
No. A longer new term can lower the payment while increasing the total time in debt. Compare the term and interest scenarios as well as the monthly payment.
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