Mortgage Refinance Calculator

1. Enter your current loan balance, remaining term, and current monthly principal and interest payment.
2. Add the new refinance rate and term you want to compare.
3. Enter estimated refinance closing costs, choose whether they are paid upfront or rolled into the new loan, and add your expected stay horizon.
4. Review the updated comparison to see how the monthly payment, estimated remaining payments, and payoff timeline change. When costs are paid upfront, also review the payment-based break-even timing; when they are financed, review how the larger balance affects the payment and interest estimate.
5. Use the horizon review and amortization-schedule handoff to see whether the refinance tradeoff fits how long you expect to keep the loan or home.

This works well for evaluating refinance tradeoffs before you move on to a lender quote or formal refinance application.

If you already know your current and new monthly principal-and-interest payments and only want the break-even timing, use the Refinance Break-Even Calculator.

Use this example to see how a refinance comparison can surface both monthly payment change and long-term tradeoffs.

• Current balance: $285,000
• Remaining term: 24 years
• Current monthly principal and interest payment: $2,213.72
• New refinance rate: 6.10%
• New refinance term: 20 years
• Closing costs: $6,500 paid upfront

With those assumptions, the estimated new monthly payment is about $2,058.30, which is about $155.42 lower than the current payment.

The estimated remaining payments on the current loan are about $637,551.36, compared with an estimated $500,493.05 in new payments plus closing costs for the refinance option.

Because the closing costs in this example are paid upfront, the payment-based refinance break-even point is about 42 months, or about 3.5 years.

This example shows why a refinance decision is not only about lowering the payment. Refinance rate, new loan term, closing costs, and total remaining payments all matter.