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Refinance Calculator

Calculate monthly savings and break-even point for refinancing your mortgage. Decide if a new loan makes sense.

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Is Refinancing Worth It?

Lower rates sound great, but closing costs can eat up your savings! Our Refinance Calculator does the math to see if switching loans actually makes sense for you. Compare your current mortgage against a new offer to see your monthly savings and—most importantly—your "break-even point." This is the number of months it takes for the interest savings to pay for the cost of refinancing.

Lifetime Savings Analysis

Sometimes a lower monthly payment actually costs you MORE in the long run if you extend your term back to 30 years. This tool calculates the total lifetime interest for both scenarios. Use it to strategize: maybe you refinance to a lower rate but keep paying your old amount to pay off the house years earlier! Make your decision based on hard numbers, not just a flashy advertised rate.

Rule of Thumb: Many financial experts suggest refinancing only if you can lower your rate by at least 0.75% to 1% and plan to stay in the home long enough to break even.

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