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Mortgage Refinance Calculator

Compare your current mortgage to a new loan to see your monthly savings, how much interest you'd save over time, and how long it takes to recoup closing costs.

Compares principal & interest only. Property taxes, insurance, and PMI are excluded.

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New monthly payment
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Current monthly payment
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Monthly change
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Break-even point
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Lifetime interest difference
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How to read your refinance results

A refinance replaces your existing mortgage with a new one — ideally at a lower rate. The calculator compares the principal-and-interest payment on both loans, then weighs your monthly savings against the closing costs of refinancing.

The three numbers that matter

  • Monthly change — how much your P&I payment goes up or down.
  • Break-even point — months of savings needed to repay closing costs. Refinancing usually makes sense if you'll keep the loan well past this point.
  • Lifetime interest difference — the total interest you'd save (or pay) over the full term, including closing costs.

A common trap

Stretching a loan you're 5 years into back out to a fresh 30 years can lower the payment but cost more interest overall. If your goal is to save money rather than just free up cash flow, compare a shorter new term too.

New to mortgage terms? Start with What Is APR? and browse our Loans guides.

Frequently asked questions

What is the break-even point on a refinance?
It's how long it takes for your monthly savings to repay the refinance's closing costs. If closing costs are $5,000 and you save $250/month, your break-even is 20 months. If you plan to keep the home (and loan) past the break-even, the refinance can pay off.
Does a lower monthly payment always mean a refinance is worth it?
No. Resetting to a new 30-year term can lower the payment while increasing total interest, because you restart the clock. Always look at both the monthly change and the lifetime interest difference shown above.
Does this calculator include taxes, insurance, and PMI?
No — it compares principal and interest (P&I) only, so you can isolate the loan itself. Your real payment may also include property taxes, homeowners insurance, and possibly PMI.

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