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    Refinance Calculator

    Calculate whether refinancing pays off with this free online refinance calculator. See your new mortgage payment, monthly savings and break-even month.

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    How to use Refinance Calculator

    1. 1Enter the remaining balance, current interest rate and years left on your loan
    2. 2Enter the new interest rate, the new loan term and the closing costs
    3. 3Choose whether you pay the costs upfront or add them to the loan, then read the savings and break-even month

    Frequently asked questions

    How do I know if refinancing is worth it?▾

    Divide the closing costs by the monthly savings to get the break-even point. If you will keep the home longer than that many months, refinancing usually pays off. Also compare the total interest, because a longer term can cost more overall.

    What is the break-even point on a refinance?▾

    It is the number of months it takes for the lower payment to earn back the closing costs. With 5,000 in costs and 200 saved each month, you break even after 25 months.

    How much does it cost to refinance?▾

    Closing costs are usually 2% to 6% of the loan amount and include lender fees, an appraisal, title insurance and taxes. Some lenders let you add them to the loan, which raises the balance instead of requiring cash.

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