Refinance Calculator
100% in your browser — nothing is uploadedCurrent loan
New loan
Typically 2–6% of the loan amount — see your Loan Estimate
Break-even point
17 months
Saving $369.62/month after refinancing
Heads up: the monthly payment drops, but stretching back to a 30-year term means you'd pay more total interest over the life of the loan. Consider matching the new term to your remaining 25 years.
Refinancing only makes sense if you keep the loan long enough for the monthly savings to repay the closing costs — that crossover is your break-even point, and it's the one number this calculator is built around. Enter your current loan and the rate you're being offered, and you'll see the break-even in months alongside the lifetime interest difference.
Beware the hidden trap of resetting the clock: refinancing 25 remaining years into a fresh 30-year loan can lower your payment while increasing the total interest you'll ever pay. The lifetime comparison below catches exactly that.
How to use the refinance calculator
- Enter your current loan balance, interest rate, and years remaining.
- Enter the new rate, new term, and estimated closing costs.
- Check the break-even point — if you'll move or pay off before then, refinancing loses money.
- Compare lifetime interest on both paths, not just the monthly payment.
Frequently asked questions
What is a break-even point?
Closing costs divided by monthly savings. If refinancing costs $6,000 and saves $200/month, you break even after 30 months — keep the loan longer than that and the refinance was worth it.
When is refinancing a bad idea?
When you'll sell or pay off before break-even, when the new term resets so far that lifetime interest rises despite a lower rate, or when closing costs are rolled into the balance and you compare payments without accounting for them. This calculator surfaces all three.
What closing costs should I expect?
Typically 2%–6% of the loan amount, covering origination, appraisal, title, and recording fees. Ask the lender for a Loan Estimate — the figure on page 2 is the number to enter here.
Does this calculator store my information?
No. It runs entirely in your browser; we never see, store, or transmit your numbers.