Refinance Calculator

Compare your current mortgage to a new rate and term. See how your monthly payment changes, what it costs to refinance, and how the move affects total interest over the life of the loan.

Your numbers

Current loan

Current balance

Current rate

Illustrative example rate. Not an available or quoted rate.

Years remaining

yrs

New loan

New rate

Illustrative example rate. Not an available or quoted rate.

New term

yrs

Closing costs

Title, appraisal, lender fees, prepaids

Discount points

Optional, % of loan paid up front to lower the rate

Roll closing costs and points into the new loan instead of paying them at the closing table.

Refinance summary

You would save about $334 per month. You would also pay about $43,574 less in total interest over the life of the new loan compared to the remaining interest on your current loan.

Monthly payment

Current payment (P&I)$2,253

New payment (P&I)$1,920

Monthly savings$334

Cost to refinance

Closing costs$4,500

Discount points$0

Total cost of refinance$4,500

Cash at close$0

New loan amount$324,500

Lifetime interest impact

Remaining interest on current loan$410,108

Total interest on new loan$366,534

Difference-$43,574

Total cost over new loan term$691,034

A lower monthly payment can still mean more total interest if the new term is longer than what you have remaining. Use the Break-Even Calculator to see how long it takes to recover the refinance cost.

Results are estimates based on user inputs and do not represent loan terms, APR, or a financing offer. Pre-filled values are illustrative examples, not available or quoted rates. Actual terms depend on credit, property, program, and underwriting.

Curious whether refinancing actually pencils for you?

Talk it through with a loan officer to understand real refinance terms based on your actual loan, credit, and goals. Free, no pressure.

Discuss Your Scenario

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Break-Even Calculator

Find the month a refinance pays for itself based on monthly savings versus closing costs.

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Cash-Out Refinance Calculator

See your new monthly payment, the total interest cost, and a simple stress-level read on the scenario.

Open calculator

Frequently asked questions

How do I know if a refinance is worth it?

Two questions: does it save you a meaningful amount per month, and will you stay in the home long enough to recoup the closing costs? If both answer yes, the math usually works.

What's a typical break-even point on a refinance?

Most refinances break even in 2–4 years depending on closing costs and the rate drop. If you'll be in the home longer than that, the refinance generally pencils.

Does refinancing reset the loan?

Yes. A refinance starts a new loan with a new term. If you refinance into another 30-year, you reset the clock, which can mean more lifetime interest even at a lower rate. Compare carefully.

Related glossary terms

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Want the story behind the numbers?

HubWhen to refinanceThe plain-English checklist behind this calculator.Read
HubRate-and-term refinanceHow a standard refi works step by step.Read
ArticleWhat actually moves mortgage rates (and what does not)Context on why today's rate is where it is.Read
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