Mortgage Refinance Calculator
Should you refinance your mortgage? Calculate your break-even point, monthly savings, and total interest savings. Compare your current loan to new refinance options.
Current Mortgage
New Mortgage Terms
1.00% lower
Typically 2-5% of loan amount
Refinance Analysis
New Monthly Payment
$1,419.47
Break-Even
$11.00
11m
Lifetime Savings
$52,789.90
$52,790
Refinancing may make sense
You could save $52,790 over the life of your loan after 11m break-even period.
Total Cost Comparison
Loan Term Comparison
| New Term | Monthly Payment | Total Cost | Lifetime Savings | Break-Even |
|---|---|---|---|---|
| 10 years | $2,713 | $330,579 | $238,221 | Never |
| 15 years | $2,043 | $372,688 | $196,112 | Never |
| 20 years | $1,720 | $417,732 | $151,068 | 2y 5m |
| 30 years(Selected) | $1,419 | $516,010 | $52,790 | 0y 11m |
Rate Reduction
-1.00%
Good savings potential
Years Added/Removed
+5 years
Extended payoff
Closing Costs
$5,000
2.0% of loan balance
Refinancing Tips
- •Rule of thumb: Refinancing often makes sense if you can reduce your rate by at least 0.75-1%
- •Consider your timeline: If you plan to move before break-even, refinancing may not be worth it
- •Shorter terms: 15-year loans typically have lower rates but higher monthly payments
- •Closing costs: Shop around - some lenders offer no-closing-cost refinances (but with higher rates)
- •Credit score matters: Improve your score before applying to get the best rates
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How to Use This Refinance Calculator
This free mortgage refinance calculator helps you make informed financial decisions. Simply enter your values above and see your results instantly - no signup required.
Why Use Our Calculator?
- •Instant Results: See calculations update in real-time as you adjust values
- •Visual Charts: Understand your finances with interactive visualizations
- •Mobile Friendly: Works perfectly on any device
- •100% Free: No hidden fees or signup required