Refinance Calculator
Calculate how much you could save by refinancing your mortgage. See your new monthly payment, monthly savings, break-even point, and total interest comparison.
Refinance Calculator
Current loan · New terms · Break-even analysis
When Does Refinancing Make Sense?
A refinance makes financial sense when the long-term interest savings outweigh the closing costs and you plan to stay in the home long enough to pass the break-even point. The break-even point is the number of months it takes for your monthly savings to recover the cost of refinancing.
The Break-Even Rule
If your break-even point is 24 months and you plan to stay in the home for at least 5 years, refinancing is likely worthwhile. If you plan to sell or move within 2 years, the closing costs may not be recovered in time.
Rate & Term vs. Cash-Out Refinance
A rate and term refinance simply changes your rate, term, or both without pulling equity. A cash-out refinance replaces your existing loan with a larger one and gives you the difference in cash. This calculator covers rate and term refinancing. Use the Refinance & HELOC guide for cash-out analysis.
