Refinance Calculator

Calculate if refinancing your mortgage makes sense by comparing your current loan to new terms.

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Loan Amount

Annual Interest Rate (%)

Term (Months)

Monthly Payment

$1,535.22

Total Interest

$210,565.62

Total Cost

$460,565.62

Principal (54%)Interest (46%)

$250,000.00$210,565.62

Amortization Over Time

Amortization Schedule

Month	Payment	Principal	Interest	Balance
1	$1,535.22	$389.39	$1,145.83	$249,610.61
2	$1,535.22	$391.17	$1,144.05	$249,219.44
3	$1,535.22	$392.96	$1,142.26	$248,826.48
4	$1,535.22	$394.76	$1,140.45	$248,431.72
5	$1,535.22	$396.57	$1,138.65	$248,035.14
6	$1,535.22	$398.39	$1,136.83	$247,636.75
7	$1,535.22	$400.22	$1,135.00	$247,236.54
8	$1,535.22	$402.05	$1,133.17	$246,834.48
9	$1,535.22	$403.89	$1,131.32	$246,430.59
10	$1,535.22	$405.75	$1,129.47	$246,024.85
11	$1,535.22	$407.60	$1,127.61	$245,617.24
12	$1,535.22	$409.47	$1,125.75	$245,207.77

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Compare Current Rates

Rates shown are for illustration. Compare real offers from lenders to find your best rate.

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Frequently Asked Questions

Refinancing typically makes sense when you can lower your rate by at least 0.5–1%, plan to stay in the home long enough to recoup closing costs, and have good credit.

Refinance closing costs typically run 2–5% of the loan amount. Include these in your break-even calculation.

The break-even point is how many months it takes for your monthly savings to exceed your closing costs. Divide closing costs by monthly savings.

Yes, refinancing from a 30-year to a 15-year mortgage often gets you a lower rate and much less total interest, though your monthly payment will be higher.