Mortgage Refinance Calculator

Use our Mortgage Refinance Calculator to compare your current mortgage with a new one: the monthly payment, how long it takes to win back the closing costs, and what you save — or lose — over the life of the loans.

Enter what you still owe, your rate and the time left, then the new rate, term and closing costs, paid at closing or rolled into the loan. The calculator shows both payments, the break-even point on the closing costs, and the net saving: what you’d still pay on your current mortgage minus everything you’d pay on the new one, costs included.

Watch the net saving, not just the payment. Going from 25 years left to a new 30-year loan lowers the payment partly by stretching the debt out, so a refinance can cut the monthly bill and still cost more in the end. Highest new rate that still saves shows the rate an offer has to beat.

The figures are principal and interest only. For loans other than mortgages, use our Loan Refinance Calculator — it uses the same calculation.