Calculator

Refinance Calculator

Calculate if refinancing your mortgage makes sense. See monthly savings, break-even months, and total interest saved.

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Refinance Calculator

Should you refinance? Find your break-even point and total savings

📋Your Current Loan

✨New Loan Terms

🤔Should I Refinance?

⚠ī¸
Maybe — Borderline Case

Break-even in 14 months. Worthwhile if you plan to stay long-term, but weigh the hassle of refinancing.

📊Side-by-Side Comparison

📋 Keep Current Loan

Monthly Payment$2,069.18
Interest Rate7.5%
Remaining Term300 mo (25 yr)
Total Interest Left$340,752.59

✨ Refinance

New Monthly Payment$1,769.79
New Interest Rate6.5%
New Term360 mo (30 yr)
Total Interest$357,124.57
Monthly Savings
+$299.38
per month
Break-Even Point
14 mo
(2 yr)
Total Interest Saved
$16,371.98
extra cost
Closing Costs: $4,000.00 — these are due upfront and are the reason you need to stay past break-even. After 14 months, every payment puts money back in your pocket.

ℹī¸How to Use This Refinance Calculator

Enter your current loan details — remaining balance, interest rate, and remaining months. Then enter your new loan terms — new rate, new term length, and estimated closing costs.

The break-even point is when your cumulative monthly savings exceed your closing costs. If you plan to move or pay off the loan before break-even, refinancing likely isn't worth it.

Note: Extending your loan term (e.g., refinancing into a new 30-year) reduces monthly payments but may increase total interest paid — the comparison table shows both scenarios.

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