Refinance Calculator –
See Your Real Savings
Compare your current mortgage to a new rate and term. See your new monthly payment, the break-even point on closing costs, and how much interest you'd save over the life of the loan.
Refinance Calculator
Enter your current loan and the new loan terms to see your savings and break-even point.
Estimates only. Compares remaining interest on your current loan to total interest on the new loan; does not include taxes, insurance, or PMI. Confirm actual terms and costs with your lender.
Loan Balance Comparison
| Period | Current Payment | Current Balance | New Payment | New Interest | New Balance |
|---|---|---|---|---|---|
| Click Calculate Refinance Savings to generate the comparison schedule. | |||||
How to Use the Refinance Calculator
Model any refinance scenario in under a minute — then see if it's worth doing.
Enter Current Loan
Input your current balance, rate, and remaining term.
Add the New Terms
Enter the new rate, new term, and estimated closing costs.
Check Break-Even
See how many months it takes for savings to cover closing costs.
Compare Schedules
Review the month-by-month balance comparison between both loans.
When Does Refinancing Make Sense?
Refinancing isn't always a win — the math depends on rate, timeline, and goals.
Dropping your rate by even 0.5–1% can meaningfully cut your monthly payment and lifetime interest, especially on larger balances.
Moving from a 30-year to a 15-year loan often raises your payment slightly but can save massively on total interest paid.
Borrow against your home's equity for renovations, debt payoff, or other goals — increasing your balance and monthly payment.
If your home has appreciated past 20% equity, refinancing can eliminate private mortgage insurance and lower your payment.
If you plan to sell or move before the break-even point, refinancing usually won't pay off — closing costs won't be recovered.
A new 30-year term restarts your interest-heavy early years — factor this into total interest, not just the monthly payment.
Break-Even Point by Rate Drop
Based on a $320,000 loan balance and $6,400 (2%) closing costs, refinanced into a new 30-year term.
| Rate Drop | Old Payment | New Payment | Monthly Savings | Break-Even |
|---|---|---|---|---|
| 7.25% → 6.75% | $2,183 | $2,076 | $107/mo | ≈ 60 months |
| 7.25% → 6.25% | $2,183 | $1,970 | $213/mo | ≈ 30 months |
| 7.25% → 5.75% | $2,183 | $1,867 | $316/mo | ≈ 20 months |
| 7.25% → 5.25% | $2,183 | $1,767 | $416/mo | ≈ 15 months |
Frequently Asked Questions
Everything you need to know about refinancing your mortgage.
How do I know if refinancing is worth it?
What is the break-even point on a refinance?
Does refinancing restart my loan term?
What are typical refinance closing costs?
Can I do a cash-out refinance?
How many times can I refinance my mortgage?
Why Use Our Refinance Calculator?
Built for homeowners who want the real math behind a refinance decision.
Real-Time Results
Every figure updates instantly as you type — no page reloads needed.
True Side-by-Side View
Compare your current loan against the new loan in one clean view.
Break-Even Built In
Instantly see how long it takes for savings to cover closing costs.
Full Comparison Schedule
Month-by-month balances for both loans, side by side.
100% Private
Your loan details never leave your browser. Nothing is stored or uploaded.
Free Forever
No subscriptions, no trials, no limits — unlimited calculations at no cost.
Related Mortgage Calculators
More free mortgage tools from WebToolOcean.