Mortgage Refinance Calculator
See when refinancing pays for itself and whether it saves money over the life of the loan
How this calculator works
Refinancing replaces your mortgage with a new loan, usually at a lower rate. You pay closing costs up front, and the lower payment earns them back over time. The break-even point is closing costs divided by monthly savings.
A lower payment does not always mean lower total cost. Restarting a 30-year term on a loan you have already paid for years can add interest even at a lower rate, so the calculator also compares lifetime interest.
Refinancing usually makes sense if you plan to stay in the home well past the break-even point.
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