Refinance Calculator
Does refinancing actually save you money? Find the break-even.
Current monthly payment:
New monthly payment:
Monthly savings:
Break-even point:
How to use this calculator
Enter your balance, current rate, new rate, new term and closing costs, then press Calculate. Old and new payments plus the break-even month are shown.
What the result means
Break-even is how many months of savings it takes to cover closing costs. If you'll move before that, refinancing loses money even at a lower rate.
Frequently asked questions
When is refinancing worth it?
When rates dropped meaningfully AND you'll stay past the break-even point.
What's the term trap?
A 30-year refi of a loan with 25 years left resets the clock — lower payment, but five extra years of interest.