Mortgage Refinance Calculator
Check if refinancing makes sense. Compare your payment now with a new rate and see how long it takes to recover the closing costs.
Example refinance results
How this calculator works
We calculate the payment on your current balance at your current rate and remaining term, then the payment on the same balance at the new rate and term. Break-even is closing costs divided by monthly savings. The total cost difference compares all payments on the old loan to all payments plus closing costs on the new one. Taxes and insurance are not included.
FAQ
When does refinancing make sense?
When you will stay in the home longer than the break-even time and the lower rate is meaningful.
Does a longer new term cost more?
Resetting to 30 years can lower the payment but add interest overall. Compare the total cost row.
Are closing costs rolled in?
Here they are paid up front. If you add them to the loan, your payment will be slightly higher.
Rates and limits last updated: October 2026. This is an estimate for general information only, not financial, tax or legal advice.