Mortgage Refinance Calculator
Will refinancing to a lower interest rate make sense for you? This calculator shows you your new monthly payment and net interest savings, and the amount of time it will take to offset closing costs for your home.
Would refinancing save me money?
Compare your current loan with a new one: the payment, the break-even point and the interest you would still pay.
Principal and interest only. Sharing creates a link with the numbers you entered, so someone else can open the same results. Nothing you enter is saved on this site. These are estimates from the numbers you enter, not a loan offer or a rate quote. Your actual rate, payment and costs depend on your credit, the loan program and the property.
Using the Refinance Calculator
Compare your current loan with a new one to see how your payment would change. The key question is whether you’ll keep the new loan long enough for the savings to cover your closing costs. For more on timing and costs, see the refinancing page. The calculator above shows that break-even point: how many months it takes for the monthly savings to cover your closing costs.
Look beyond the payment
- Total interest. A longer new term can lower the payment but raise the total you pay.
- Loan type. Moving from an adjustable rate to a fixed rate, or from FHA to conventional, can matter as much as the rate.
- Cash-out vs. a second mortgage. If you like your current rate, a HELOC or second mortgage may be a better way to borrow.
Refinance Calculator Questions
What do refinance closing costs include?
Lender fees, appraisal, title and recording, and prepaid interest and escrow. They vary by loan and lender, and your Loan Estimate will itemize every cost.
Can I roll the closing costs into my new loan?
Often, yes, if you have enough equity. That raises your loan balance, so compare the total cost both ways.
Will refinancing hurt my credit?
A new credit check can cause a small, temporary dip. Shopping several lenders within a short window is generally treated as a single inquiry for mortgage scoring.
How soon can I refinance after buying?
It depends on the loan type. Some programs have waiting periods, especially for cash-out refinances. Peter can tell you when you’re eligible.