About the Refinance Calculator
Should you refinance? Compare your current loan with a new rate and term: monthly savings, break-even point and lifetime savings.
Also known as: mortgage refinance calculator, refinancing savings, refi calculator, break even refinance.
How to use this calculator
- Enter current balance, current rate, years remaining, new rate and the other fields.
- The result updates instantly as you type — press Calculate (or Enter) at any time.
- Review the breakdown shown under the main result.
- Use Copy result or Share to save the answer or send a link with your inputs.
Formula
Break-even months = closing costs ÷ monthly savings
Worked example
Using the values pre-filled in the calculator above:
- Current balance = 300,000
- Current rate = 7.5 %
- Years remaining = 27 years
- New rate = 6.25 %
- New term = 30 years
- Closing costs = 5,000
the calculator returns:
- Monthly savings: 315.05
- Break-even: 16 months
- Lifetime savings: 30,578.71
- Current payment: 2,162.2