$284,500 new balance at 5.9%
- Monthly savings
- $263.67
- Current payment
- $1,951.15
- Break-even time
- 17 months
- Total cost change
- -$1,266.89
Refinancing can lower payment but still cost more if the term is extended or closing costs are high.
Refinance Calculator
Use this free refinance calculator to estimate new payment, monthly savings, closing-cost break-even time, total interest change, and total cost change.
Formula steps Estimate limits shown Examples included Private history
Formula steps
- Estimate the remaining current loan payment and cost.
- Add closing costs to the new principal for a rolled-cost comparison.
- Estimate the new fixed payment and compare monthly payments.
- Divide closing costs by monthly savings when the new payment is lower.
How to use the refinance calculator
- Enter the requested dollar amounts, rates, terms, tax settings, or contribution details.
- Use rates as percentages, such as 6.5 for 6.5%, and check whether a field asks for a monthly or annual amount.
- Press the calculate button to see the answer, supporting metrics, and formula steps.
- Use the result as a planning estimate only, then copy it if the assumptions look right.
Common uses
Compare a current loan with a possible refinance.
Estimate monthly savings from a lower rate.
Check how long closing costs may take to break even.
See whether a longer term could reduce payment but increase cost.
Examples
New payment and break-even estimate
Payment and interest comparison
Break-even estimate
Frequently asked questions
Plain-language answers about when to use the estimate, what your numbers mean, what is left out, and how privacy works.
When should I use the Refinance Calculator?
Use it for early planning and side-by-side comparisons, especially for tasks like these: Compare a current loan with a possible refinance. Estimate monthly savings from a lower rate. Treat the answer as a planning estimate, not a final quote.
What is the Refinance Calculator doing with my numbers?
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. If the result seems too high or too low, first check whether each field expects a monthly amount, annual amount, dollar value, or percent.
What does this estimate leave out?
This does not include lender underwriting, taxes, escrow changes, credit rules, prepayment penalties, cash-out rules, or official loan disclosures. Real finance decisions can also depend on fees, timing, local rules, credit details, and provider-specific terms.
Does the site save my finance inputs?
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.