Refinance Calculator
Refinancing replaces your existing mortgage with a new one—usually at a different rate and term. This calculator compares your current loan against the new refinance terms side-by-side, with closing costs included. The summary panel shows how much you save per month, your net lifetime savings after closing costs, and the break-even point in months where the savings finally pay back what the refinance cost to execute.
Inputs
Current loan (compare against)
Results
See Personalized RatesBalance & interest over time
When does a refinance make sense?
The classic rule of thumb: refinance when you can drop your rate by at least 0.75–1 percentage point AND you plan to stay in the home past the break-even point. A refinance that saves $200/month with $4,000 in closing costs breaks even at 20 months; if you will move in two years, the math is thin.
Cash-out vs rate-and-term refinance
Rate-and-term refinances replace the rate and/or term on your existing balance. A cash-out refinance increases your loan balance to pull equity out as cash—useful for big expenses but it raises the monthly payment and resets the clock on interest.