Mortgage Refinance Calculator
Should you refinance? Enter your current balance, rate, and remaining term plus the new rate, term, and closing fees to see the monthly savings, interest saved, and break-even point.
How this calculator works
The calculator compares the payment on your remaining balance at your current rate and term against the same balance at the new rate and term. Monthly savings is the difference; break-even is the refinance fees divided by the monthly savings — the number of months you must keep the new loan before the refi pays for itself. Total interest saved accounts for the full remaining term of each option.
Frequently asked questions
What is a good break-even point for refinancing?
Rule of thumb: refinance if you will stay in the home longer than the break-even period. A break-even under 24–36 months is usually attractive; longer than that, the savings may never materialize if you move or sell early.
Should I refinance to a longer term for a lower payment?
Lowering the rate is good; extending the term often is not — you trade a smaller payment for more total interest. This calculator shows both numbers side by side, so compare the interest columns, not just the monthly payment.
What costs are included in refinance fees?
Origination fees, title insurance, appraisal, and recording fees — typically 2–6% of the loan amount. Some lenders offer no-cost refis that roll fees into a slightly higher rate; run both options through this calculator to see which wins.
Disclaimer: Results are estimates for general information only and do not constitute financial, tax, or legal advice. Figures reflect 2026 rules and may change. Always confirm current limits and consult a qualified professional before making decisions. Official figures: IRS.gov · 2026 limits per IRS tax inflation adjustments.