Refinance Calculator
Compare your current mortgage to a new one. We show your new monthly payment, how many months it takes to recoup closing costs (your breakeven), and the lifetime-interest difference — so you can see whether refinancing actually saves money, not just lowers the payment.
A lower monthly payment is good, but check lifetime interest too — extending the term can lower the payment while raising total interest.
Frequently asked questions
When is refinancing worth it?
Refinancing usually makes sense when the new rate is meaningfully lower than your current one and you'll stay in the home past the breakeven point — the month when accumulated monthly savings exceed your closing costs. This calculator shows that breakeven directly.
What is the refinance breakeven point?
It's how long it takes for your monthly savings to recoup the closing costs of the new loan. If closing costs are $6,000 and you save $250/month, breakeven is 24 months. Refinancing pays off only if you keep the loan past that point.
Can refinancing cost me more even at a lower rate?
Yes. Resetting a loan to a new 30-year term can lower your monthly payment while increasing total lifetime interest, because you restart the amortization clock. Always check the lifetime-interest figure, not just the monthly payment.
What are typical refinance closing costs?
Refinance closing costs generally run about 2%–5% of the loan amount — appraisal, title, origination, and recording fees. Some lenders offer 'no-closing-cost' refinances that fold those fees into a slightly higher rate.
Sources: Consumer Financial Protection Bureau — refinancing your mortgage; Freddie Mac — when to refinance.
Estimates for educational purposes only — not a loan offer, financial advice, or a commitment to lend. Actual rates, payments, and terms vary by lender and creditworthiness.