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Refinance Calculator
Is refinancing worth it? Compare your current mortgage to a new loan to see monthly savings, total savings, and how long it takes to break even on closing costs.
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How This Calculator Works
This calculator compares the total cost of keeping your current mortgage versus refinancing to a new loan. It factors in closing costs to determine when you break even on the refinance.
Formula: Monthly Savings = Current Payment – New Payment. Break-Even = Closing Costs ÷ Monthly Savings. Lifetime Savings = Total Current Cost – (Total New Cost + Closing Costs).
Assumptions & Limitations
- • Both rates are fixed for their respective terms.
- • Closing costs are paid upfront (not rolled into the new loan).
- • Does not account for tax implications or cash-out refinancing.