Mortgage Refinance Calculator

Refinancing makes sense when you can lower your interest rate by at least 0.5–1%, plan to stay in the home long enough to recoup closing costs, and your credit score qualifies for better terms. Our calculator compares your current loan to a new one and shows exactly when you'll break even.

Divide your closing costs by your monthly payment savings. For example, $5,000 in closing costs and $200/month in savings means break-even at 25 months. Our calculator factors in upfront vs. rolled-in closing costs and shows the break-even point on an interactive chart.

A cash-out refinance can fund home improvements or debt consolidation at lower rates than credit cards, but it increases your loan balance and monthly payment. Use our cash-out preset to model taking $50K out and see how it affects your break-even and total savings.

Refinance closing costs typically range from 2–6% of the loan amount, or $2,000–$10,000 for most homeowners. Costs include appraisal, title insurance, origination fees, and recording fees. You can pay upfront or roll costs into the new loan balance.

A 15-year loan builds equity faster and saves total interest but raises monthly payments. A 30-year loan maximizes monthly savings. Use our 'What if I do a 15-year loan?' preset to compare. The right choice depends on your budget and how long you plan to stay.