Mortgage Refinance Calculator
Put your current loan next to a refinance offer. Enter remaining and new terms in years and months, then check monthly savings, break-even, and what happens to total interest.
Lower payment vs. lower lifetime cost
A refinance replaces your current mortgage with a new one. People usually do it for a lower rate, a smaller payment, a shorter term, or to lock an adjustable loan into a fixed rate.
A smaller payment is not the whole story. Stretch the term — even at a lower rate — and you can pay more interest over the life of the loan.
Use break-even as a timing check: if you expect to keep the home past that point, and lifetime interest does not climb much, the refinance is easier to justify. This calculator shows both the monthly change and the lifetime interest change side by side.
How break-even is calculated
When closing costs are paid in cash and the new payment is lower, break-even months = cash closing costs ÷ monthly P&I savings (rounded up). Example: $4,800 cash costs and $200 monthly savings → 24 months. If costs are financed into the new loan, this simple cash break-even is not shown — the costs raise the balance and interest instead.
Assumptions
- Fixed-rate loans; remaining term entered in years and months.
- Closing costs are a single upfront figure you enter.
- Does not model cash-out, ARM products, or tax effects.