Decide if refinancing saves money. Compare your current loan to a new rate and term side by side.
Compare your current mortgage against new refinance rates
A 1% rate reduction typically saves hundreds per month. Even a 0.5% drop can be worth it for larger loans.
If you recoup closing costs in under 3 years, refinancing is usually a smart financial move.
If you plan to stay in your home past the break-even point, refinancing pays off long-term.
Cross-checked against authoritative formulas (IRS, NIST, ACM) and updated for 2025/2026 tax years and rates.
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FAQ
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A refinance calculator is a free mortgage tool that compares your current loan with a new refinance loan and shows the monthly savings, total interest savings, and break-even point. Our refinance calculator accounts for closing costs, new loan term, and any cash-out amount. The refinance calculator is used to decide if refinancing is worth the upfront cost.
How it works
Our refinance calculator lets you find the monthly savings, total interest savings, and breakeven point for a refinance, in three steps.
Type the current loan balance, current interest rate, and years remaining on the loan. The calculator uses these to compute your current monthly payment and total interest remaining.
Type the new interest rate, new loan term (in years), and closing costs. If you are doing a cash-out refinance, add the cash-out amount to the new loan balance. Closing costs are typically 2-5% of the loan.
The result shows the new monthly payment, the monthly savings, the total interest saved over the life of the loan, and the breakeven point in months. If breakeven is shorter than your time horizon in the home, refinancing pays off. The share button creates a link with your inputs pre-filled.
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