Refinance Calculator
Compare your current loan to a refinance to see monthly savings and the break-even point.
Compares principal & interest only. A longer new term can lower the payment but raise total interest.
DISCLAIMER: This calculator provides estimates for general informational and educational purposes only and is not financial, investment, tax, or legal advice. Results are approximate and may not reflect your actual situation, fees, taxes, or current rates. Consult a qualified professional before making financial decisions.
What Is the Refinance Calculator?
The Refinance Calculator compares your current loan payment with a new one to show your monthly savings and how many months it takes to recoup the closing costs (the break-even point). Enter both loans and the costs to decide if refinancing is worth it. All local to your device.
How It Works
Enter your current balance, rate and months remaining, then the new rate, new term and closing costs. The new payment, monthly savings and break-even point update instantly.
When to Use It
Use it when rates drop, before refinancing a mortgage or other loan, or to weigh closing costs against monthly savings.
Frequently Asked Questions
- What is the break-even point?
- The number of months of savings needed to cover the closing costs. If you'll keep the loan longer than that, refinancing typically pays off.
- Does a lower payment always mean savings?
- Not necessarily — extending the term lowers the payment but can increase total interest paid. This tool compares payments; weigh total cost too.
Last reviewed: 2026-06-27