🔄 Refinance Calculator
See how refinancing could change your monthly payment and total interest costs.
Should you refinance?
Refinancing replaces your current loan with a new one, ideally at a lower interest rate or with different terms. Whether it’s worth it depends on how much you’ll save each month compared to the upfront closing costs you’ll pay to get the new loan.
How this calculator works
The calculator computes your current monthly payment based on your remaining balance, rate, and years left, then computes a new monthly payment for the refinanced loan at the new rate and term. It subtracts the two to find your monthly savings, divides your closing costs by that monthly savings to estimate your break-even point in months, and compares total interest paid under each loan to estimate lifetime savings.
This is a general planning estimate. It does not account for taxes, PMI changes, or costs rolled into the new loan balance — get a personalized quote from a lender before deciding.