Refinance Calculator

This refinance calculator compares your current loan to a proposed new loan by computing the monthly payment for each using the standard amortization formula. The difference in payments is your monthly savings. Dividing the closing costs by the monthly savings gives your break-even point in months.

The total savings figure shows the net financial benefit if you keep the new loan for its full term. This is calculated as: (Total current remaining payments) − (New loan total payments) − (Closing costs). A positive number means refinancing saves you money over the long run.

Be cautious when the calculator shows a long break-even period or negative total savings. These scenarios occur when closing costs are high relative to the monthly savings, when the new term is significantly longer than your remaining term, or when the rate difference is very small.

For the most accurate comparison, enter your current loan's remaining balance (not the original amount) and your remaining term (not the original term). You can find these on your most recent mortgage statement. This ensures you're comparing your actual remaining obligation against the proposed new loan.