Home Refinance Calculator

Monthly savings = your current payment − your new estimated payment at the new rate, term, and loan balance (plus any closing costs rolled into the new loan). This is a straight (non-cash-out) rate-and-term refinance — you're not borrowing extra, just replacing your loan's terms.

Break-even (months) = closing costs ÷ monthly savings. It tells you how long you'd need to keep the new loan before the accumulated monthly savings exceed what you paid in closing costs — refinancing typically only makes sense if you plan to stay in the home longer than this.

Besides rate improvement, refinancing can also shorten your term (paying off faster, even if the payment doesn't drop much), remove PMI once you have enough equity, or switch from an adjustable-rate to a fixed-rate loan for payment stability.

Yes — enter your estimated closing costs and this calculator rolls them into the new loan balance (a common approach), then compares the resulting payment to your current one and estimates your break-even point.

If you enter your current loan's rate and remaining years, this calculator projects the total interest left to pay on your current loan versus the new loan over its full term, and shows the difference — this captures the full picture beyond just the monthly payment, since a longer new term can lower your payment while still costing more in total interest.