The Refinance Calculator weighs your current mortgage against a new loan. It shows the new monthly payment, total interest saved (or lost), and the break-even point where closing costs are recovered — the number that decides whether refinancing pays off given how long you will stay.
Refinance Calculator
Compare your current mortgage to a new loan: monthly savings, total interest saved, and the break-even point where closing costs are recovered.
Current loan
New loan
Refinance outcome
Export & Share
About Refinance Calculator
Features
- Payment compare: Current vs new monthly.
- Interest saved: Lifetime interest difference.
- Break-even: Months to recover closing costs.
- Term awareness: Flags if a longer term adds interest.
- Export: CSV, JSON or plain text.
How to Use
- Current loan: Balance, rate, remaining months.
- New loan: Rate, new term, closing costs.
- Read: Savings, interest delta, break-even.
- Export.
Examples
Example 1 — Clear win. 7% → 5.5%, costs $4k, saves $180/mo: break-even ~22 months.
Example 2 — Term restart. New 30y on remaining 20y adds total interest despite lower rate.
Example 3 — Shorten. Refi to 15y cuts interest most but raises payment.
Example 4 — High costs. Big closing costs push break-even past your move date.
Example 5 — Small drop. A 0.25% drop may not beat the costs.
Benefits
- Break-even clarity: Know when refinancing actually pays.
- Avoid traps: See if a longer term erases savings.
- Compare terms: Test 15y vs 30y side by side.
- Private: No account, no upload, nothing stored.
Frequently Asked Questions
What does refinance compare?
Your current loan’s payment and remaining interest versus a new loan’s payment and interest at a new rate and term.
What is break-even?
The months for monthly savings to repay the refinance closing costs. Before that, you have not net-gained.
Why might interest saved be negative?
If the new term restarts the clock, you can pay more total interest despite a lower rate.
Should I shorten the term?
Refinancing to a shorter term often saves the most interest but raises the payment.
What costs are included?
Lender fees, points, appraisal, title and recording — entered as total closing costs.
Is this advice?
No — it is math. Pair the break-even with how long you will stay in the home.
Is my data stored?
No. All calculation runs in your browser; nothing is uploaded, saved or logged.