Financial Calculators
Refinance Calculator
See if refinancing your mortgage is worth it.
FreeNo sign-upWorks in your browser
Enter details
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Result
New monthly payment
$1,419.47
Monthly savings
$300.06
Break-even on closing costs
13 months
About the Refinance Calculator
Decide whether refinancing your mortgage makes sense. Enter your current balance, rate, and years left, then the new rate, term, and closing costs — the calculator shows your new monthly payment, the monthly savings, and how many months it takes to break even on the closing costs. If you'll stay in the home past the break-even point, refinancing usually pays off.
How to use the Refinance Calculator
- 1Enter your current balance, rate and years left, new rate, term, and closing costs.
- 2Read the result instantly — it recalculates as you type.
- 3Adjust the numbers to model different scenarios.
Frequently asked questions
Is refinancing worth it?
It's worth it if you'll keep the loan past the break-even point (closing costs ÷ monthly savings) and the new rate is meaningfully lower.
What are typical closing costs?
Roughly 2–5% of the loan amount. This tool factors them into the break-even so you see the true payback.