Mortgage Refinance Calculator
Compare your current mortgage with proposed refinance terms to estimate the payment change, closing-cost break-even point, total interest difference, and modeled net savings.
Look beyond the lower payment
The comparison places the entered current and proposed fixed-rate schedules beside entered refinance costs. A payment reduction can come from a lower rate, a longer new term, or both.
Tradeoffs to weigh
A longer replacement term may improve monthly cash flow while increasing total modeled interest. Upfront costs and the time you expect to keep the loan affect whether payment savings recover those costs.
What the model assumes
Rates, balances, terms, and costs are user-provided and held fixed. The tool does not price points, taxes, discharge costs, penalties, cash-out effects, changing insurance, or country- and product-specific fees.
Checks before relying on it
Request the lender’s written disclosure, compare its annual cost and fees with the scenario, and verify prepayment or exit terms on the current loan. Consider your likely holding period rather than relying on break-even alone.
Continue with estimate the current mortgage paymentcompare early payoff optionscompare refinance scenariosreview accuracy standards.
Understanding the break-even point
Refinancing can involve closing costs, fees, and sometimes points. A simple break-even estimate divides upfront costs by modeled monthly payment change; it does not capture every cost, tax consequence, or change in loan balance. Whether refinancing suits you depends on your actual terms and plans.
Assumptions and methodology
This tool models remaining interest on the current loan and interest on the proposed loan from the values you provide. It assumes fixed rates and compares modeled interest and entered refinance costs. It does not quote a rate, validate closing costs, or account for every jurisdiction-specific tax, fee, or lender rule.