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Mortgage Refinance Calculator

Compare your current mortgage with a refinance offer to estimate monthly payment change, payoff timing, closing cost break-even, and total cost difference.

Current mortgage

Refinance offer

Refinance summary

Enter your loan details to compare.
Payment
No change
Payoff
Same payoff time
Total cost
No total difference
Closing costs
No closing costs
Current principal & interest
$0/mo
New principal & interest
$0/mo

Total difference over time

Above $0 means refinancing has cost less so far. Below $0 means keeping the current loan has cost less so far.

How to use this mortgage refinance calculator

Compare your current mortgage with a refinance offer to estimate payment change, break-even timing, and total cost difference.

  1. Enter your current balance, interest rate, and remaining term.
  2. Add the refinance rate, new term, and closing costs.
  3. Choose whether closing costs are paid upfront or rolled into the new loan.
  4. Review monthly payment change, break-even timing, and the total difference chart.

When refinancing can make sense

A refinance can lower your monthly payment, reduce interest, or both.

The right choice depends on the new rate, new term, closing costs, and whether you keep the loan long enough to pass the break-even point.

A lower payment is not automatically better if it comes from restarting a longer loan term and increasing total interest.

How the refinance comparison works

The calculator compares principal and interest on your current loan path with the proposed refinance path.

The current payment is estimated from remaining balance, current rate, and time left. The refinance payment is estimated from the new balance, rate, and term.

If closing costs are paid upfront, they are subtracted from savings. If costs are rolled into the new loan, they increase the new loan balance. Current mortgage payments stop after the current loan would be paid off.

The comparison does not include taxes, insurance, credit score changes, escrow refunds, prepayment penalties, or tax effects.

Mortgage refinance FAQ

What is a refinance break-even point?
It is the amount of time needed for a lower monthly payment to make up for the closing costs paid to refinance.
Is a lower payment always better?
Not always. A lower payment can come from restarting a longer loan term, which may increase total interest if you keep the loan for a long time.
Should closing costs be paid upfront or rolled in?
Paying upfront keeps the new loan balance lower. Rolling costs into the loan reduces cash needed at closing but usually increases the payment and total interest.

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