Refinance Calculator
Compare keeping your current mortgage with replacing it. See principal-and-interest payments, closing costs and points. Full-term interest totals cover different periods when loan terms differ, not a same-horizon savings estimate.
Your numbers
Current loan
Illustrative example rate. Not an available or quoted rate.
New loan
Illustrative example rate. Not an available or quoted rate.
Title, appraisal, lender fees, prepaids
Optional, % of loan paid up front to lower the rate
Refinance summary
The modeled monthly principal-and-interest payment is $334 lower. That is a payment difference, not overall savings. Fees, how long you keep the loan and the balance still owed matter, especially when the terms differ.
Monthly payment
Cost to refinance
Same-period payments and remaining debt
How long you expect to keep the loan. No sale costs, tax effects or discounting are modeled.
Compare both payments and remaining debt. Financed closing costs and points are already in the new loan balance, not an additional cash payment. These figures do not select a winner.
Separate full-term interest totals, not comparable savings
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.
Curious whether refinancing actually pencils for you?
Work through a hypothetical break-even example, compare terms and fill in your own quote sheet. Free PDF, with no email required.
Download free guide (PDF)More refinance calculators
Frequently asked questions
How do I know if a refinance is worth it?
What's a typical break-even point on a refinance?
Does refinancing reset the loan?
Related glossary terms
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