Calculator
Refinance Comparison Calculator
Compare your current loan with a new one, including closing costs and break-even.
Current P&I
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New P&I
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- Monthly change—
- Break-even on costs—
Estimates only, based on the numbers you enter. Not a Loan Estimate, rate quote, offer or commitment to lend. Actual terms depend on credit, property, program and market conditions.
Reading the results
Break-even is how many months of payment savings it takes to recover your closing costs. If you'll sell or refinance again before then, the refinance may not pay off.
Restarting a 30-year term can lower your payment while increasing total interest. The lifetime line shows that trade-off. Compare a shorter new term to see the difference.
Not included
Escrow changes, mortgage insurance, prepaid interest and skipped payments. Thinking about cash out instead? Read HELOC vs. cash-out refinance.
Common questions
How do I know if refinancing is worth it?
Divide your total closing costs by your monthly savings to get the break-even month. If you expect to keep the loan well past that point, the refinance may pay off. Also compare total interest, because restarting a 30-year term can lower the payment but raise lifetime cost.
Can I roll closing costs into a refinance?
Often, yes, if you have enough equity and the program allows it. Rolling costs in means less cash at closing, but a larger loan and more interest over time. This calculator shows both ways.
Want real numbers for your scenario?
I'll run your situation against actual program guidelines and walk you through every line.
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