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Mortgage refinance calculator

A rate-and-term refinance, checked properly: closing costs, the years you add back, and the date you'll likely sell.

Your current mortgage

today

Current payment (principal & interest): $2,391.22/mo

The refinance offer

new
Until you sell, pay off or refinance again
Worth a close look: it breaks even in 2 yr 3 mo and you are $23,541 ahead after 10 yr.
Keep current$746,061
Refinance$742,050

Total still to pay, including refinance costs

New payment
$2,038was $2,391
Monthly change
−$353less each month
Break-even
2 yr 3 mosimple method: 2 yr
After 10 yrs
$23,541ahead
Interest left, current
$406,061
Interest, new loan
$393,850

Your net position, month by month

$33,867$12,834−$8,200now5y10y15y20y25y30ybreak-even 2 yr 3 mo
Ahead (+) or behind (−) vs keeping your loan

Counts refinance costs, the payment difference and the difference in what you still owe. Crossing zero is the true break-even.

Ask about these numbers

An AI analyst reads your inputs and results above and explains them. The calculator works without it.

Getting the inputs right

  • Balance: use the payoff figure from your servicer, not the original loan amount.
  • Time left: a 30-year loan taken out four years ago has 26 years left.
  • Closing costs: add up sections A, B and C on the Loan Estimate (origination, services you can't shop for, services you can). Leave out prepaid interest and escrow deposits.
  • Keep it: the median US homeowner stays about a decade, according to the National Association of Realtors, but your plans are what count.

Ways to keep the savings

If you take a new 30-year loan but keep paying your old amount, the extra goes to principal and you'll finish before your original date. Many lenders also offer 20- or 25-year terms that roughly match what you have left.

Buying discount points lowers the rate for an upfront fee. Whether that pays depends on how long you keep the loan: the mortgage points calculator works it out.

The term-reset trap

Payment
$2,129 → $1,749
Debt-free in year
30 → 37
Still to pay from today
$587,595 → $629,539$41,944 more, despite a lower rate

A lower rate cuts interest per dollar, but a fresh 30-year term adds years of payments. Matching the time you have left (or paying the old amount on the new loan) keeps the full rate benefit.

Questions people ask

How much does it cost to refinance a mortgage?
Refinance closing costs in the US commonly run about 2% to 6% of the loan amount, according to Freddie Mac. On a $300,000 loan that is roughly $6,000 to $18,000, depending on lender fees, points, title insurance and state recording taxes. See our closing costs guide.
Is a 15-year refinance better than a 30-year?
A 15-year refinance usually carries a lower rate and costs far less interest, but the payment is much higher. Try the new term at 15 in the calculator: if the payment is affordable, the lifetime savings are usually large.
Does the calculator include taxes and insurance?
No. Property tax, homeowners insurance and HOA dues usually stay the same after a rate-and-term refinance, so leaving them out gives a cleaner comparison. Mortgage insurance is the exception: if refinancing removes PMI, add that monthly amount to your saving.
How soon can I refinance my mortgage?
Conventional loans can often be refinanced right away with a new lender, though some lenders require about six months of payments. Cash-out refinances and FHA streamline refinances have their own seasoning periods. Check any prepayment penalty on your current loan first.
Should I refinance to remove PMI?
If your home has gained enough value to bring your loan to 80% of it or less, a refinance can remove private mortgage insurance. Compare that against simply asking your current servicer to cancel PMI based on a new appraisal, which is often cheaper.

Related calculators

Refinance calculatorCurrent loan vs new offer: payment, break-even, lifetime cost.Break-even calculatorThe month your refinance costs are paid back.Cash-out refinanceLTV check and the real interest rate on the cash.Mortgage pointsBuying down the rate: cost vs payback.Refinance closing costsWhat each fee is and what is negotiable.Amortization calculatorPayment and full schedule, with extra payments.