🔄 Mortgage Refinance Calculator
Compare your current mortgage payment to a new refinanced loan, and find out how many months it takes to break even on closing costs.
Should you refinance?
Refinancing replaces your existing mortgage with a new loan, usually to get a lower interest rate, change the loan term, or both. The key questions are how much your monthly payment changes and how long it takes for those monthly savings to cover the closing costs of the new loan (the breakeven point).
How this calculator works
The calculator computes your current monthly payment from your remaining balance, current rate, and remaining term, then computes a new monthly payment using the new rate and new term applied to the same balance. It divides your closing costs by the monthly savings to find the breakeven point in months. If refinancing does not lower your payment, no breakeven is shown since the costs would never be recovered through payment savings alone.
This calculator compares monthly payment and closing costs only; it does not account for changes in total interest paid over a longer or shorter new term, taxes, or insurance. Review a full loan estimate from your lender before deciding. For general planning purposes only.