Mortgage Refinance Calculator
Compare your current mortgage to a new loan. See your new payment, monthly savings, how many months it takes to recover closing costs and how much interest you could save.
Your numbers
- Current payment
- $2,113
- New payment
- $1,799
- Break-even
- 20 months
- Lifetime savings (after costs)
- $30,962
How the mortgage refinance calculator works
The break-even month equals closing costs divided by monthly payment savings. Lifetime savings compare total remaining payments on the old loan against total payments (plus costs) on the new one.
Example
Using the default inputs (Current loan balance: $300,000; Current interest rate: 7.25%; Years remaining: 27; New interest rate: 6%; New loan term (years): 30; …), the calculator returns monthly savings of $314. Change any field above to see your own result and charts update instantly.
Good for these goals
Frequently asked questions
How long should I stay to make refinancing worthwhile?
You should plan to stay at least until the break-even month. Many homeowners look for a break-even of under 24–36 months.
Does a longer term always cost more?
Resetting to a 30-year term lowers the payment but can raise total interest even at a lower rate. Compare lifetime interest, not only the payment.
Related mortgage & home calculators
All Mortgage & Home →Extra Mortgage Payment
Interest saved and years cut by paying extra
Mortgage & HomeAmortization Schedule
Year-by-year principal and interest breakdown
Mortgage & HomeRent vs Buy
Compare net worth from renting versus buying
Mortgage & HomePMI
Private mortgage insurance cost and when it ends
Mortgage & HomeClosing Costs
Estimate cash needed at closing
Mortgage & HomeHELOC
Home equity line of credit limit and payments
Learn more
More Mortgage & Home guides →Fixed-Rate vs Adjustable-Rate Mortgage
Compare fixed-rate and adjustable-rate mortgages (ARMs), including rate caps, risks and the situations where each…
Mortgage & HomeShould You Refinance Your Mortgage? A Break-Even Approach
Refinancing can lower your payment or shorten your loan, but closing costs matter. Learn the break-even test and…
Mortgage & HomeHow Mortgages Work
Learn how a mortgage works, from principal and interest to escrow, amortization and the true monthly cost of owning…
Mortgage & HomeHow Much Down Payment Do You Really Need to Buy a House?
The 20% rule is a myth for many buyers. See minimum down payments for conventional, FHA, VA and USDA loans and the…
Estimates are for educational purposes only and are not financial, tax or legal advice. Results depend on your inputs and simplified assumptions; tax figures reflect 2026 federal rules and may differ from your situation. See our disclaimer. © 2026 FinanzCalc.