Mortgage Refinance Calculator — Compare Old vs New Payment
Compare your current mortgage payment against a refinanced rate and term, and see your break-even point on closing costs.
About This Calculator
Compares your current mortgage payment against a new refinanced rate and term, showing monthly savings and how many months it takes to recover any refinancing closing costs.
About This Calculator
Compares your current mortgage payment against a new refinanced rate and term, showing monthly savings and how many months it takes to recover any refinancing closing costs.
Frequently Asked Questions
How do I know if refinancing is worth it?
Compare your current monthly payment to the new one at the lower rate. If there are closing costs, check the break-even point (closing costs ÷ monthly savings) — if you plan to stay in the home longer than that, refinancing is likely worth it.
What counts as refinancing closing costs?
Typically appraisal fees, origination fees, title insurance, and other lender charges — often 2-5% of the loan amount. Ask your lender for the exact figure for your specific refinance offer.
Does a lower rate always mean lower monthly payments?
Usually, but not always — if you also shorten the loan term significantly, the monthly payment could still be higher even at a lower rate, though you would pay much less total interest. Compare both the monthly payment and total interest.
Is this mortgage refinance calculator free to use?
Yes — it is completely free to use online, with no sign-up required.
Related Calculators
Quick Facts
You Might Also Need
Mortgage Calculator
Calculate monthly mortgage payment, total interest, and full cost of y...
Loan Amortization Calculator
See your full loan breakdown — principal vs interest for every payment...
Compound Interest Calculator
See the power of compounding. Calculate how your money grows exponenti...