Refinance Calculator
Compare Old vs New Mortgage Terms
Your Refinance Results
Monthly Savings
$0
per month
Break-Even Point
0
months
Tip: If you plan to move before the break-even point, refinancing may not be worth it.
Understanding Mortgage Refinance: Is It Right for You?
A Mortgage Refinance can help you lower monthly payments, reduce interest costs, or access equity in your home. This calculator compares your current mortgage with new potential terms to help you decide if refinancing makes financial sense.
Key benefit: Lower your monthly payment and potentially save thousands over the life of your loan.
How to Use This Calculator
- Current Interest Rate: The rate on your existing mortgage.
- New Interest Rate: The estimated rate you could get when refinancing.
- Loan Balance: How much you currently owe on your mortgage.
- Years Remaining: Number of years left on your current mortgage term.
- Closing Costs: Estimated fees involved in refinancing (can include origination fees, appraisal, etc.)
Click “Calculate Savings” to see how much you could save each month and how long it would take to recoup closing costs.
Interpreting Your Results
- Monthly Savings: Difference between your current and new monthly payments.
- Break-Even Point: Number of months required to recover the cost of refinancing through monthly savings.
If your break-even point is within your expected time living in the home, refinancing might be a smart choice.