Refinance Calculator
Calculate if refinancing your mortgage makes financial sense. See your potential savings.
Refinance Calculator
Calculate if refinancing your mortgage makes financial sense
Formula
Monthly Savings = Current Payment - New PaymentHow to Use This Calculator
- 1
Enter current loan
Input your current loan balance and interest rate.
- 2
Add new rate
Enter the new interest rate you've been offered.
- 3
Set remaining term
Enter how many months are left on your current loan.
- 4
Include closing costs
Add the estimated closing costs for refinancing.
- 5
View analysis
See if refinancing makes financial sense for you.
Frequently Asked Questions
When should I refinance?
Generally, refinancing makes sense if you can lower your rate by 0.5-1% or more, plan to stay in the home past the break-even point, and closing costs are reasonable.
What is the break-even point?
The break-even point is when your monthly savings equal the closing costs. After this point, you're saving money by refinancing.
What are typical closing costs?
Closing costs typically range from 2-5% of the loan amount, including appraisal, title insurance, and lender fees.