Mortgage Refinance Calculator
See your new monthly payment, monthly savings, and how many months it takes to break even on closing costs when you refinance your mortgage. Free and accurate.
- New payment
- 1419.47
- Monthly savings
- 347.48
- Break-even (months)
- 15
How to use
- Enter your current loan balance, rate, and the months remaining.
- Enter the new rate, new term in months, and the closing costs.
- Read your new payment, monthly savings, and break-even point.
Examples
- $250k 7% → 5.5%:
save $347.48/mo, break even in 15 mo - New term:
300 mo remaining refinanced to 360 mo
FAQ
- How is the break-even point calculated?
- Break-even months = closing costs ÷ monthly savings, rounded up. It is the number of months you must keep the new loan before the savings outweigh the refinance cost.
- Why does my monthly payment drop but the loan still cost more?
- Extending the term (e.g. 300 months to 360) lowers each payment but adds more payments overall, so total interest can rise even when the monthly amount falls.
- What if the new payment is not lower?
- If the new loan does not reduce your monthly payment, refinancing offers no monthly savings and the calculator will tell you so.