Calculators
Mortgage Refinance Calculator
Calculate the new payment, monthly saving, break-even months and lifetime cost difference of refinancing a mortgage.
- Runs in your browser
- Nothing uploaded
The tool
Enter your numbers below. Results update as you type, and nothing leaves your browser.
Everything you enter stays on your own machine. Nothing is sent to us or to anyone else, which you can confirm in your browser network tab.
What people use it for
- Deciding whether to refinance
- Comparing refinance offers
- Planning how long to stay in a home
- Explaining refinance trade-offs
About this tool
What the Mortgage Refinance Calculator does
Refinancing replaces your mortgage with a new one, usually at a lower rate, but it costs closing fees and can restart the term. This calculator compares the remaining cost of your current loan with the new loan plus costs, and shows how many months the monthly saving takes to cover the closing costs.
It also works as a mortgage refinance break-even calculator.
Formula
- Payments use the standard amortisation formula
- Monthly saving = current payment − new payment
- Break-even = closing costs ÷ monthly saving
- Lifetime saving = remaining current payments − (new payments + closing costs)
Worked example
Using the starting values in the calculator above:
| Input | Value |
|---|---|
| Current loan balance | $280,000 |
| Current rate | 7.25% |
| Years remaining | 27 |
| New rate | 6% |
| New term | 30 |
| Refinance closing costs | $6,000 |
| Result | Value |
|---|---|
| Monthly saving | $293.00 |
| Break-even | 20.5 months |
| Lifetime saving (including costs) | $28,498 |
| Current payment | $1,971.74 |
| New payment | $1,678.74 |
How to read the result
A longer new term can lower the payment yet increase total interest; the lifetime figure shows whether you really save.
Keep paying your old payment amount on the new loan to capture the lower rate and finish sooner.
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Questions
Questions about this tool
The things clients actually want to know — costs, timelines, ownership and what happens after launch.
When you will keep the loan past the break-even point and the lifetime cost falls.
There is no fixed rule; what matters is the break-even period and lifetime saving.
Yes, commonly 2% to 5% of the loan amount.
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