Refinance Calculator
See if refinancing your mortgage is worth it.
Compare current and new mortgage payments, factoring in closing costs and break-even point.
What you enter
- Current loan balance
- Current APR
- Years left
- New APR
- New term (years)
- Closing costs
Worked example
With the default inputs:
- Current loan balance: $280,000
- Current APR: 7.25%
- Years left: 27
- New APR: 6%
- New term (years): 30
- Closing costs: $5,000
| New monthly payment | $1,678.74 |
|---|---|
| Monthly savings | $293.00 |
| Break-even (months) | 17.1 |
| Lifetime interest change | $-34,497.86 |