🔄 Refinance Calculator
Compare your current mortgage with a new refinance loan. See if refinancing saves you money and how long it takes to break even.
How to Use This Refinance CalculatorFree & Accurate
Compare your current mortgage with a new refinance loan. See if refinancing saves you money and how long it takes to break even. Perfect for homeowners considering rate reductions, cash-out refinancing, or shortening their loan term.
Enter Current Loan
- • Balance - Remaining loan amount
- • Rate - Current APR
- • Payment - Monthly mortgage
- • Years Paid - How long so far
Add New Loan Terms
- • New Rate - Offered APR
- • New Term - 15/20/30 years
- • Closing Costs - Refinance fees
- • Extra Payment - Pay more monthly
Compare & Analyze
- • New Payment - Updated monthly
- • Monthly Savings - Cash flow
- • Total Interest - Cost comparison
- • Break Even - Payback period
Decide & Save
- • Verdict - Refinance or not
- • Interest Saved - Lifetime savings
- • Break Even - When it pays off
- • Action Plan - Next steps
Pro Tip: A good rule of thumb is to refinance if you can lower your rate by at least 1% and plan to stay in your home for at least 2-3 years. Our calculator shows you the exact break-even point - the time it takes for your monthly savings to cover the closing costs!
Why Use Our Refinance Calculator? Our free refinance calculator helps you compare your current mortgage with a new loan to determine if refinancing makes financial sense. Whether you're looking to lower your rate, shorten your term, or access home equity, our tool provides accurate calculations with detailed payment breakdowns and break-even analysis. Compare different rates, terms, and closing costs to make an informed decision about your mortgage refinance.
● Basic Inputs
State average 0.28-2.42%. Verify local county rate.Verify official rate →
💡 All calculations are estimates. Rates vary by lender and location. Please verify with official sources for accurate numbers.
Enter values to see results
Results update automatically