Mortgage Refinance Calculator
Find out how much you could save by refinancing your mortgage and calculate your break-even point.
National average rates from the Freddie Mac Primary Mortgage Market Survey. Your actual rate may vary based on credit score, lender, and location.
Current Payment
$2,025.62/mo
New Payment
$1,703.37/mo
Monthly Savings
$322.25
Break-Even Point
16 months (1.3 years)
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What is a Mortgage Refinance Calculator?
A mortgage refinance calculator helps you determine whether refinancing your existing mortgage makes financial sense. It compares your current loan terms to a new loan and calculates your monthly savings, total interest savings, and break-even point — the number of months it takes to recoup the closing costs.
Refinancing replaces your existing mortgage with a new one, typically to secure a lower interest rate, reduce the monthly payment, shorten the loan term, or access home equity (cash-out refinance). Closing costs typically range from 2–5% of the loan amount.
The break-even point is the most critical metric in a refinance decision. If your break-even is 24 months and you plan to stay in your home for 10 years, refinancing makes strong financial sense. If you plan to move in 18 months, the closing costs will not be recouped.
How to Use the Mortgage Refinance Calculator
Find out how much you could save by refinancing your mortgage.
- 1
Enter your current loan details
Input your current balance, interest rate, and remaining term.
- 2
Enter the new loan terms
Input the new interest rate and term you are considering.
- 3
Enter closing costs
Input the estimated closing costs for the refinance (typically 2–5% of the loan amount).
- 4
View your savings
The calculator shows your monthly savings, total interest savings over the life of the loan, and the break-even point in months.
Live Market Data
Fed Rate
3.64%
10yr Treasury
4.31%
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