Free Mortgage Refinance Calculator
Compare your current mortgage with a new refinance loan. Estimate monthly payment savings, closing costs, break-even time, and long-term interest savings.
Mortgage Information
Your Refinance Results
Current Monthly Payment
$1,767
New Monthly Payment
$1,459
Monthly Payment Savings
$308
Break-Even Point
17 months
Estimated Lifetime Net Savings
-$131
Lifetime savings compare total interest over each loan's full remaining term, minus upfront refinancing costs. Different loan terms can affect the comparison.
How Mortgage Refinancing Works
Refinancing replaces your existing mortgage with a new loan. Homeowners may refinance to reduce their interest rate, change their repayment term, or adjust their monthly payment.
A lower monthly payment does not always mean lower overall borrowing costs. Extending the loan term may increase total interest paid. Closing costs should also be considered.
Frequently Asked Questions
When does refinancing make sense? Refinancing may be worthwhile when the expected benefits exceed closing costs and other borrowing expenses.
What is the refinance break-even point? It estimates how many months of reduced payments are needed to recover upfront closing costs. It does not account for the difference in remaining loan balances at that point.
Are taxes and insurance included? No. Monthly payments shown include principal and interest only.
Estimates assume fixed-rate loans with monthly payments and closing costs paid upfront. They exclude taxes, insurance, loan fees beyond entered closing costs, tax effects, and changes in home value. Actual lender terms may differ.