Mortgage Refinance Calculator – Compare and Save
Compare your current mortgage with a refinance offer. See monthly savings, total interest savings, and break-even months. Decide if refinancing makes sense for your situation. Free tool, no sign-up.
Mortgage Refinance Calculator
Compare your current mortgage with a refinance offer. See monthly savings, interest savings, and break-even period.
How refinance savings are calculated
The calculator uses the standard EMI formula to compute monthly payments for both your current and proposed loans. Monthly savings = current payment − new payment. Break-even = closing costs ÷ monthly savings (when savings are positive). Refinancing is recommended when break-even is less than the time you plan to keep the loan.
When refinancing makes sense
Refinancing replaces your existing mortgage with a new one, usually at a lower interest rate. You pay closing costs (appraisal, title, origination) in exchange for lower monthly payments or a shorter term. The key question is whether the long-term savings outweigh the upfront costs.
Use this calculator to compare your current loan with a refinance offer. Enter your remaining balance (not the original loan amount), current rate, and remaining term. Then enter the new rate and term. The calculator shows monthly savings and how many months it takes to break even. If you plan to stay in the home past the break-even point, refinancing may be worthwhile. Consider your timeline and consult a lender for actual quotes.