Refinance Calculator
Calculate potential savings from refinancing your mortgage. Compare loan terms, break-even points, and determine if refinancing makes financial sense.
Analyzing...
Enter your loan details to see if refinancing is recommended for your situation.
Refinance Analysis
Compare your current mortgage with potential refinance options.
Current Loan Information
New Loan Information
For cash-out: higher than current balance
Refinancing Costs
Refinancing Analysis
Break-even Analysis
Refinancing Guide
When to Refinance
Consider refinancing when you can lower your rate by at least 0.5-1% or need to change loan terms.
Break-even Point
The break-even point is when your monthly savings equal your closing costs. Plan to stay in your home beyond this point to benefit from refinancing.
Closing Costs
Typical closing costs range from 2-5% of the loan amount. Include all fees in your calculation for accurate break-even analysis.
Types of Refinancing
- • Rate & Term: Lower rate or change term
- • Cash-Out: Access home equity
- • Cash-In: Pay down principal
- • Streamline: Simplified process
Refinancing Checklist
Rate Shopping Tips
- • Shop within 14-45 days to minimize credit impact
- • Compare APR, not just interest rates
- • Ask about discount points
- • Consider no-closing-cost options
- • Get loan estimates in writing
- • Factor in all fees and costs
Refinance Calculator Answers
What does the refinance calculator do?
It estimates your potential savings and new monthly payments when refinancing an existing loan by comparing current and new loan terms.
What factors affect refinancing savings?
Interest rates, loan term length, closing costs, and your current loan balance all impact potential savings.
Can it calculate break-even point?
Yes. The calculator can show how long it takes to recover refinancing costs through monthly savings.
Is refinancing always beneficial?
Not always. It depends on your current loan terms, credit score, and how long you plan to stay in the home.