Replacing your current mortgage with a new one can lower your rate, shorten your term, or let you tap into home equity, but it isn’t automatically worth the closing costs involved. Enter your current loan details alongside a new rate and term, and this mortgage refinance calculator shows your new payment and how long it takes to break even on the cost of refinancing.
Mortgage Refinance Calculator
Compare your current loan against a new rate and term to find your exact break-even timeline.
Cumulative Net Savings Over Time
That break-even point should drive the decision more than the lower payment alone. If refinancing costs several thousand dollars in fees and only saves you a small amount monthly, it may take years to actually come out ahead — a poor fit if you’re planning to move or refinance again before then.
Before refinancing, it’s worth checking whether an FHA option might offer better terms for your situation — see our FHA loan calculator. For the complete payment breakdown after refinancing, our loan amortization schedule calculator shows your new schedule in full.