Should you refinance? Enter your current loan details and the new rate you’re considering. This calculator shows your monthly savings, break-even point, and total interest saved over the life of the loan.
Current Loan
New Loan
How This Calculator Works
This calculator compares your current mortgage payment to what you'd pay after refinancing. It factors in the new interest rate, loan term, and closing costs to show you the real picture — not just the monthly savings, but the break-even point and lifetime cost difference.
Break-even point is the number of months it takes for your monthly savings to cover the closing costs. If you plan to sell or move before that point, refinancing doesn't make financial sense.
Important: Refinancing to a lower rate but extending your term (e.g., from 20 years remaining to a new 30-year loan) may lower your monthly payment but increase the total interest you pay. Look at the lifetime savings number, not just the monthly number.
For a deeper analysis, read: Should You Refinance Your Mortgage in 2026?