Refinance Calculator

Use it when you want to test the exact inputs on this page: Compare a current loan with a possible refinance. Estimate monthly savings from a lower rate. The result is a check against your assumptions, not proof that a lender, tax app, broker, platform, or provider will use the same number.

Current balance means what is still owed on the loan you already have. Current rate means the yearly rate used to estimate your remaining current payment. Current remaining term means how many years are left if you keep the current loan. New rate means the yearly rate for the refinance idea you want to test. New term means how many years the new loan would run. Closing costs means the refinance costs entered as dollars. This calculator rolls them into the new balance.

Break-even means the rough number of months it takes monthly savings to cover closing costs. If costs are $4,500 and the new payment saves about $263.67 per month, the simple break-even is about 17.1 months.

Yes. A new 30-year term can drop the monthly payment by stretching the debt over more months. Always compare total cost change, not only the new payment.

It gives one clean comparison where the new loan starts with the current balance plus entered costs. If you plan to pay costs out of pocket, compare that separately with your lender paperwork.

In plain language: The calculator estimates the current loan payment, rolls closing costs into the new balance, estimates the new payment, then compares monthly payment and total cost. Break-even only appears when the new payment is lower. If the new payment is higher, the calculator shows no monthly-savings break-even.

Start with the new monthly payment, then read monthly savings, break-even time, and total cost change. A lower payment is only helpful if the costs and longer term still make sense.

This does not include lender underwriting, taxes, escrow changes, credit rules, prepayment penalties, cash-out rules, discount-point tradeoffs, rescission timing, or official loan disclosures. Use the lender Loan Estimate, Closing Disclosure, and payoff quote before acting. Check points, lender credits, escrow changes, tax changes, PMI, cash-out rules, prepayment penalties, and rescission timing.

Check whether closing costs are paid upfront, rolled into the loan, or traded for a higher rate. Also check whether the new quote uses interest rate or APR.

Compare both. Interest rate helps explain the payment. APR can include more loan costs, so it can make an offer with a low rate but high fees look less cheap.

Not as a separate field. If points or lender fees are part of the refinance costs, include them in closing costs, then use the Loan Estimate to decide whether paying upfront for a lower rate is worth it.

No. The calculator runs in your browser tab. Recent answers stay only on the page while you use it, and they are not sent to a server.