Refinance Calculator
See how much refinancing could save you and how long it takes to break even on closing costs.
Enter your numbers and select Calculate to see results.
About This Calculator
This refinance calculator compares your current mortgage payment to a new loan at a different rate and/or term, showing your monthly savings and the break-even point — how many months it takes for those savings to cover the closing costs of refinancing.
How This Is Calculated
Break-Even (months) = Closing Costs ÷ Monthly Savings
- Closing Costs
- — Total fees to refinance (appraisal, origination, title, etc.)
- Monthly Savings
- — Current payment minus new payment
If refinancing saves $180/month and costs $5,000 in fees, you break even in about 28 months — refinancing pays off if you plan to stay in the home longer than that.
Assumptions
- Compares principal & interest only; does not include changes in taxes, insurance, or PMI removal.
- Assumes both loans are fixed-rate.
- Lifetime interest savings compares the current loan's remaining term against the new loan's full term.
Frequently Asked Questions
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Last updated January 15, 2026. Results are estimates for informational purposes only — read our disclaimer.