First, tell us about your current loan

Current interest rate (%):

Current P&I payment ($):

(Do NOT include taxes and insurance.)

Outstanding balance ($):

Now, fill in your proposed refinance

How much would you like to refinance? ($):

Mortgage term:

New interest rate (%):

Closing cost for refinance ($):

(If unknown, assume 2.5% of your new loan.)

Results

Complete the fields above to compare your existing mortgage to a proposed refinance. The "Closing Cost" field is any points, lender fees, or title fees required for the refinance. If you intend to finance the closing cost into your new loan, enter that amount here. Solve for various loan terms to find the most cost-effective scenario.

How accurate is this calculator?

This calculator computes your new monthly P&I payment using the standard amortization formula and compares lifetime cost (payments × term) against your existing loan, factoring in closing costs. The break-even period is closing costs ÷ monthly savings. Real refinancing decisions also depend on whether you'd otherwise invest the savings, your tax bracket (mortgage interest deduction), and how long you actually plan to stay in the home. The general rule: if you'll be in the home longer than the break-even period, refinancing is usually worthwhile.

Want to know how we come up with our numbers? Read how our estimates compare to verified lender quotes →

Refinance Calculator