See if refinancing actually saves you money
Compare your current mortgage with a new rate and term. See real monthly savings, lifetime savings, and whether a refi is worth the closing costs — for your exact loan.
Current loan
New loan
Old vs new
Assumes you keep the new loan to term. If you sell or refi again early, actual savings may differ. Estimates only based on national averages. Always confirm with a licensed lender.
See whether refinancing is worth it
Compare your current loan with a new rate and term to estimate monthly savings, closing costs, and long-term impact.
Want to know your break-even point?
Lower monthly payments are only helpful if you stay in the home long enough. Estimate how long it takes to recover refinance costs.
Does refinancing make sense for you?
- ✓ Current rate is at least 0.75-1% above today’s market rate.
- ✓ You plan to stay longer than the break-even point.
- ✓ Your credit has improved since your original mortgage.
- ✓ You want to switch from an ARM to a fixed rate, or drop PMI.
- ✓ You are okay resetting the clock if the monthly savings are substantial.
Side-by-side your old and new loan
1. Enter your current loan balance and rate.
2. Enter the remaining years on your existing loan.
3. Enter the new rate and term you are quoted.
4. Enter the refinance closing costs (typically 2-4% of loan).
Compare monthly savings to break-even before signing.
Lifetime vs short-term savings
Monthly savings = old payment – new payment. Break-even = closing costs ÷ monthly savings.
Lifetime savings = old total interest – new total interest – closing costs.
If you plan to stay longer than break-even AND lifetime savings are positive, refinancing is almost always a win.
Related tools
Keep planning with our other free calculators and guides.
Refi break-even calculator
How long until the refi pays for itself.
Amortization calculator
See the new schedule month by month.
Extra payment calculator
Pay off your current loan faster instead.
PMI calculator
Can a refi drop your PMI?
What is PMI?
Understand PMI before you refinance.
Mortgage calculator
Full PITI calculator with PMI.