Mortgage Refinance Calculator
Determine if refinancing your mortgage is worth it. Calculate your new monthly payment, monthly savings, break-even point, and total lifetime interest savings.
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Frequently Asked Questions
When does refinancing make financial sense?
The break-even rule: if the monthly savings from the lower rate exceed the closing costs within a timeframe you plan to stay in the home, refinancing makes sense. Closing costs are typically 2–5% of the loan amount.
What is a rate-and-term refinance vs cash-out refinance?
Rate-and-term refinance: changes your interest rate and/or loan term without taking cash out. Cash-out refinance: takes a new larger mortgage and gives you the difference in cash, which you can use for renovations, debt payoff, etc.
Will refinancing reset my 30-year clock?
If you refinance into a new 30-year loan, yes — your payoff date extends. But your monthly payment decreases. You can offset this by making extra principal payments or choosing a shorter term (15 or 20 year) to pay off sooner.