Compare your current mortgage against a new refinance offer to see your monthly savings, break-even point, and total interest savings.
Google AdSense Banner
This area will contain advertisements after approval.
Google AdSense Banner
This area will contain advertisements after approval.
The break-even point is calculated as: Closing Costs ÷ Monthly Savings, giving the number of months it takes for your accumulated monthly savings to cover the cost of refinancing. If you plan to stay in the home shorter than this break-even period, refinancing may not be worthwhile despite a lower rate.
A lower interest rate doesn't automatically mean refinancing saves money overall, extending your loan term resets the amortization clock, potentially increasing total interest paid even at a lower rate. This calculator compares total remaining cost of your current loan against the new loan's total cost plus closing costs, giving a fuller picture than the rate alone.
A negative monthly savings means the new loan actually costs more per month than your current one, refinancing likely isn't beneficial in that scenario despite a lower rate, often due to a shorter new term.
Enter your total estimated closing costs, including any appraisal, origination, or other fees your lender quotes, as a single combined number in the closing costs field.
Google AdSense Banner
This area will contain advertisements after approval.