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Refinance Calculator

Should you refinance? Find your monthly savings, break-even point, and lifetime interest saved.

Current Loan

Remaining Balance

Interest Rate (%)

Remaining Term (months)

New Loan

New Rate (%)

New Term (months)

Closing Costs

Monthly Savings

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Current Payment

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New Payment

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Break-Even

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Total Interest Saved

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How to think about refinancing

The break-even point is how long it takes for your monthly savings to exceed the closing costs. If you plan to stay in your home longer than the break-even period, refinancing typically makes sense.

Break-even = Closing Costs ÷ Monthly Savings
Monthly Payment = P × [r(1+r)ⁿ] / [(1+r)ⁿ − 1]