Free Tools
Refinance Calculator
Enter your current loan and proposed new loan to instantly see monthly savings, your break-even point, and total lifetime interest impact.
Current & New Loan Details
Your Refinance Summary
Break-even Point
25 months
Time to recoup closing costs
Lifetime Interest Delta
$36,180
Savings over new loan term (after closing costs)
This calculator provides estimates for educational purposes only. Results are not a Loan Estimate, pre-approval, or commitment to lend, and may not reflect taxes, insurance, HOA dues, or other costs. Contact a loan officer for an accurate quote.
Understanding Your Results
What the Refinance Calculator Shows You
Three key numbers help you decide whether refinancing makes financial sense for your situation.
Monthly Savings
The difference between your current payment and new payment. Even modest savings of $100–$200/month add up to thousands over the life of the loan.
Break-Even Analysis
Divides your closing costs by your monthly savings. If break-even is 18 months and you plan to stay 5+ years, refinancing pays off. If you're moving soon, it may not.
Lifetime Interest Savings
The total interest difference between your old loan and new loan, minus closing costs. This is the true long-term financial impact of your refinance decision.
Rate & Term Refinance
The most common refinance — you keep your balance but change the rate, term, or both. Ideal when rates have dropped since you closed or when you want to shorten your payoff timeline.
Cash-Out Refinance
Replace your current mortgage with a larger one and pocket the difference as cash. Great for home improvements, debt consolidation, or major expenses. Ask us about cash-out options.
Streamline Refinance
FHA and VA loans may qualify for streamlined refinancing with reduced paperwork and no appraisal required. Talk to a loan officer to see if your loan qualifies.
Refinance FAQ
Common Questions About Refinancing
How does a refinance calculator work?
Enter your current loan balance, remaining term, and interest rate — then enter the new rate and term you're considering. The calculator computes both monthly payments, your monthly savings, and how long it takes to recoup the closing costs (your break-even point).
What is a break-even point?
Your break-even point is how many months it takes for your monthly savings to exceed the closing costs you paid to refinance. If you plan to stay in the home past the break-even point, refinancing typically makes financial sense.
When does refinancing make sense?
Refinancing is worth considering when: (1) you can lower your rate by at least 0.5%–1%, (2) you plan to stay in the home longer than the break-even period, or (3) you want to change your loan term — for example, from 30 years to 15 years to pay off faster.
What are typical refinance closing costs?
Refinance closing costs typically run 2%–5% of the loan amount. Common fees include origination fees, appraisal, title insurance, and recording fees. Some lenders offer "no-closing-cost" refinances where fees are rolled into the rate.
Does refinancing reset my loan term?
It depends on the new term you choose. If you refinance your 30-year mortgage into a new 30-year loan after 5 years, you are extending repayment. Choosing a shorter term (like 20 or 15 years) avoids this and can save considerable interest.
Is Now a Good Time to Refinance?
Our loan officers will pull your actual rate options and show you the real numbers — no obligation.