Mortgage Refinance Calculator

About this tool

Compare your current mortgage to a refinance offer - see the new monthly payment, how much you'd save each month, how many months it takes to recoup the closing costs, and the net interest savings over the life of the loan.

How to use it

1. Enter your remaining balance, current interest rate, and remaining term on your existing mortgage.
2. Enter the new interest rate, new loan term, and closing costs from the refinance offer you're considering.
3. See the new monthly payment, your monthly savings, the break-even point, and the net lifetime savings.

Frequently asked questions

How is the break-even period calculated?

It's the closing costs divided by your monthly savings, rounded up to the nearest month - how long it takes the lower payment to pay back what refinancing costs upfront. If the new payment isn't actually lower, no break-even period is shown, since there's nothing to recoup.

What does 'net lifetime savings' compare?

It compares the total interest you'd pay if you kept your current loan for its remaining term against the total interest on the new loan over its own term, minus the closing costs. If the new term is a different length than your current loan's remaining term, this isn't a perfectly like-for-like comparison, but it's the standard way most refinance calculators frame the decision.

Does this include taxes, insurance, or PMI?

No - this calculates principal and interest (P&I) only, the same scope as the Loan Calculator. Property taxes, homeowners insurance, PMI, and escrow are not included.