Estimate whether refinancing may save money by comparing current and new loan payments, closing costs, break-even point, interest savings, and net…
Formula
A refinance comparison starts by calculating the current loan payment and the new loan payment using the loan balance, interest rate, and remaining or new term. Monthly savings are then compared with closing costs to estimate the break-even point.
Decision planning
Refinancing may be useful when the new payment is lower, the break-even point happens before you plan to sell or refinance again, or the new loan meaningfully reduces lifetime interest. A shorter term may increase monthly payment but reduce total interest.
Use cases
Use it when comparing refinance offers, checking monthly savings, planning a cash-out refinance, or deciding whether closing costs are worth paying.
Compare refinance costs, monthly payments, interest impact, and break-even timing before making a loan decision.
Compare refinance costs, monthly payments, interest impact, and break-even timing before making a loan decision.
Compare refinance costs, monthly payments, interest impact, and break-even timing before making a loan decision.
Compare refinance costs, monthly payments, interest impact, and break-even timing before making a loan decision.
Compare refinance costs, monthly payments, interest impact, and break-even timing before making a loan decision.
Compare refinance costs, monthly payments, interest impact, and break-even timing before making a loan decision.
Calculator details
Last updated: July 2026
Formula used
Refinance Calculator uses the values you enter to estimate totals, rates, percentages, payments, balances, or comparison results for planning.
Assumptions
Example calculation
Enter a simple refinance calculator scenario, review the estimated result, then adjust one input at a time to compare outcomes.
When to use this calculator
Compare your current monthly loan payment with a refinanced payment
Disclaimer
This calculator is for estimation and educational use only. It does not replace professional financial, tax, legal, mortgage, investment, or accounting advice.
Questions
A refinance calculator compares your current loan with a new loan to estimate monthly savings, closing costs, break-even time, total interest, and net savings over the time you expect to keep the loan.
The break-even point is the number of months needed for monthly savings to recover refinancing costs. If you move or refinance again before break-even, the refinance may not save money.
Rolling costs into the loan can reduce upfront cash needed, but it increases the new loan balance and may increase total interest. Compare both options before deciding.
No. Results are estimates only. Actual savings depend on lender terms, credit score, closing costs, taxes, escrow, property details, and how long you keep the loan.
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