Mortgage Refinance Calculator

Quickly evaluate whether refinancing could save you money. Enter your current loan and proposed new terms to estimate the new payment, monthly savings, break-even time, and lifetime interest savings.

Results

New payment
$0
Monthly savings
$0
Break-even time
—
Lifetime interest saved
$0
Current payment (est.): $0
New payment (P&I): $0
Costs financed: $0

Methodology & formulas

PI = r × L / (1 − (1 + r)^(−n)) with r = APR/12, n = months
MonthlySavings = PI_current − PI_new
BreakEvenMonths = Costs / MonthlySavings
InterestSaved ≈ Interest_current_remaining − Interest_new_total

Frequently asked questions

Is refinancing worth it if the rate drop is small?

Compare the monthly savings to your total closing costs. The shorter the break-even time, the more attractive the refi.

Should I reset to 30 years?

Lower payments come from longer terms; consider a 20- or 15-year refi to reduce total interest if the payment fits your budget.

Author: Ugo Candido. Reviewed by: Finance SME Team. Last updated: . Category: Finance › Mortgages.