Finance

Refinance Calculator

Find your mortgage refinance break-even point and monthly savings.

Current Loan

$
%
yrs

New Loan

%
$

Typical: 2–5% of loan amount

Monthly Savings
$—
Break-Even Point
— months
Current Payment
$—
New Payment
$—
Interest Saved (Lifetime)
$—
Total Cost Difference
$—
How to Use
  1. Enter your remaining loan balance.
  2. Enter your current interest rate and remaining term.
  3. Enter the new rate you've been offered and your desired term.
  4. Add closing costs (usually 2–5% of loan; estimate if unsure).
  5. The calculator shows your monthly savings and the break-even point — how many months until your savings exceed the closing costs.

Formula

Monthly Payment = P × [r(1+r)ⁿ] / [(1+r)ⁿ − 1]
Break-Even = Closing Costs ÷ Monthly Savings
P = Principal (remaining balance)
r = Monthly interest rate
n = Number of payments

Refinancing makes financial sense when the monthly savings exceed your closing costs before you plan to move. The break-even point is the key metric — if you stay in your home beyond that point, you come out ahead. Read more at CFPB's refinancing guide.