Mortgage Refinance Calculator
Calculate your savings and break-even point for refinancing
Current Loan
$
%
$
Years Remaining
New Loan (Refinance)
%
New Loan Term
$
Typically 2–5% of loan amount
Refinance Result
New Monthly Payment
$1,580
Save $168/month
- Break-Even Point
- 24 months (2.0 years)
- Closing Costs
- $4,000
- Total Interest (Current)
- $274,400
- Total Interest (New)
- $318,861
- Net Savings
- -$48,461
You'll break even on closing costs after 24 months. Only refinance if you plan to stay in the home longer than that.
Ready to take the next step?
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When Should You Refinance?
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Rates drop 0.75%+
The traditional rule of thumb. Check your specific break-even period.
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You plan to stay 3+ years
Short-term stays rarely allow enough time to recoup closing costs.
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Switching loan types
ARM to fixed for payment stability, or to remove FHA MIP.
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Cash-out refinance
Access equity for home improvements or debt consolidation (check rates).