Refinance Calculator

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

Files processed in your browser — never uploaded to our servers

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

1 / 25

Compare Current Rates

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

Compare mortgage rates at LendingTree →Compare rates at Bankrate →

What is Refinance Calculator?

A refinance calculator determines whether replacing your current mortgage with a new loan at a lower rate saves money after accounting for closing costs. The key metric is the break-even point: how many months it takes for monthly savings to offset what you paid to refinance. Refinancing typically costs 2–5% of the loan amount in closing costs — even loans advertised as 'no-cost' usually roll those costs into the rate or loan balance. This calculator weighs the lower rate against the cost to obtain it, so you can determine whether refinancing makes financial sense given how long you realistically plan to stay in the home.

How to use

Enter your current loan balance, current interest rate, and the remaining term on your existing mortgage.
Enter the new interest rate you have been quoted and the new loan term you are considering.
Enter estimated closing costs — typically 2–3% of the loan amount for most refinances.
Click Calculate to see monthly savings, total interest comparison, and break-even point in months.
Compare the break-even point to how long you plan to stay in the home. If break-even is 36 months but you plan to move in 24, refinancing likely is not worth it.
Run separate scenarios for paying closing costs out of pocket vs. rolling them into the loan to see the true long-term cost of each option.

Why it matters

Refinancing can save hundreds of dollars a month, but only if the timing is right. Homeowners who refinance without calculating the break-even point often pay closing costs they never recoup — especially those who sell or refinance again within a few years. Conversely, waiting too long when rates are falling costs real money every month. This calculator gives you a clear, numeric decision criterion: if the break-even falls within your expected time horizon, refinancing is likely a sound financial move.

Pro tip

The 'no-closing-cost refinance' is rarely free. Lenders typically roll costs into the loan balance or into the rate — usually 0.25–0.375% higher. Run the calculation with costs paid out of pocket versus rolled in: the out-of-pocket version saves more money if you plan to stay long term, while the rolled-in version preserves cash flow if you may move sooner.

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.