Mortgage Refinance Calculator
Compare your current mortgage with a refinance: new payment, monthly savings, break-even months and net lifetime savings. All runs in your browser.
Refinance comparison
Current loan
New loan
Results
New payment
$1,754
Monthly savings
$272
Break-even
19 months
months to recover costs
Closing costs
$5,000
Interest saved
$81,555
Net lifetime savings
$76,555
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Cumulative payments: current vs new
Cost comparison
| Current loan | New loan | |
|---|---|---|
| Current payment | $2,026 | — |
| New payment | — | $1,754 |
| Monthly savings | $272 | — |
| Remaining interest | $307,686 | — |
| New total interest | — | $226,131 |
| Interest saved | $81,555 | — |
| Net lifetime savings | $76,555 | — |
Features
- New payment & monthly savings
- Break-even months on closing costs
- Net lifetime savings
- Cumulative payment comparison chart
- Shareable result card + CSV export
Frequently asked questions
How the maths works
A refinance is worth it when the interest you save exceeds the closing costs. The break-even month is the moment the savings pay for the fees — after that, every month is a gain.
- 1Current loan: amortize the remaining balance at the current rate over the remaining term.
- 2New loan: amortize the balance (plus rolled-in costs and cash-out) at the new rate over the new term.
- 3Monthly savings = current payment − new payment; break-even = closing costs ÷ monthly savings.
- 4Net lifetime savings = (current remaining interest − new total interest) − closing costs.
Figures are illustrative and exclude taxes, insurance, PMI and rate changes. Not financial advice.
Everything you need to know
The break-even is the real test
A lower rate almost always lowers the payment, but closing costs must be repaid from that saving first.
As a rule of thumb, if you cannot break even within about two years, the refinance is usually not worth the paperwork and fees.
Watch the term, not just the rate
Restarting a 30-year term can look cheap monthly while quietly adding years of interest.
Compare the same remaining term first — only then decide whether shortening or extending the term serves your plan.
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Refinance scenarios
Jump to a pre-filled example, or start from scratch.
Refinance $400K from 7% to 5.5%
The classic rate-cut refi — how much the payment drops and how long it takes to break even.
Refinance from 30-Year to 15-Year
The term-shortening play: trade a bigger payment for a mortgage-free decade.
No-Closing-Cost Refinance
When the lender absorbs the fees, every month of savings is pure gain from day one.
Refinance with a 2-Year Break Even
A healthy refi rule of thumb — if you cannot break even in about 2 years, question the deal.
$500K Jumbo Mortgage Refinance
Big balances amplify every rate change — the jumbo refi math at $500K.
Cash-Out Refinance — $50K for Home Renovation
Turn home equity into cash — and see what a fresh 30-year clock costs.
FHA to Conventional Refinance (Drop PMI)
Beyond the rate, the real win is often killing the monthly mortgage-insurance premium.
Refinance from ARM to Fixed Rate
Trading a low teaser rate for a locked-in payment — what the certainty costs today.