Mortgage Refinance Calculator
See your new mortgage payment and potential savings by refinancing.
Curious about upfront affordability instead? Visit our Loan Affordability Calculator.
New monthly payment
$1,475.32
- Current monthly payment
- $1,724.62
- Monthly savings
- $249.29
- Break-even
- 19 months
- Total savings
- -$13,732.07
Estimates assume closing costs are financed into the new loan. Taxes and insurance are not included.
Email my calculations
Receive a printable breakdown (PDF) to revisit your calculations later.
Balance comparison over time
Visualize how your current mortgage and the refinanced loan pay down month by month.
Planning a vehicle purchase too? Jump to our Auto Loan Calculator.
How to use the Refinance Calculator
Determine whether replacing your current mortgage with a new loan lowers payments, shortens the term, or unlocks cash-out funds.
- Enter your existing balance, rate, and remaining term.
- Add the proposed new rate, term, and closing costs.
- Select whether you are taking cash out or keeping the balance the same.
- Compare payment changes, total interest saved, and break-even timelines.
Refinance Calculator key terms
Knowing how each field influences the results keeps the math grounded in reality.
Break-even point
The time it takes for monthly savings to recoup closing costs.
Cash-out refinance
Replaces your mortgage with a larger loan so you can withdraw equity for renovations or debt consolidation.
Rate-and-term refinance
Keeps the balance the same but lowers the rate or shortens the term to save interest.
Refinance Calculator planning ideas
Try running a few “what if” scenarios to translate the numbers into real-world decisions.
Shorten the term
Compare a 30-year vs. 15-year refinance to see how much faster you build equity.
Cash-out renovation
Model taking equity out to fund projects and verify that the new payment still fits your budget.
No-cost refinance
Test lender credits or higher rates that eliminate closing costs to see if the convenience is worth it.
Frequently asked questions
When does refinancing hurt instead of help?
If you extend the term significantly or sell before the break-even point, you may pay more in the long run. Always compare lifetime interest, not just payment changes.
Will refinancing reset my PMI?
If your new loan exceeds 80% loan-to-value, PMI could return. Use a current appraisal estimate to avoid surprises.