Mortgage Refinance Calculator

vClock · Compare your current loan vs refinance options

Smart Refinance Analysis
Current Mortgage
Remaining Balance ($)
Current Interest Rate (%)
Remaining Years
Current Monthly Payment ($)
Refinance Options
New Interest Rate (%)
New Loan Term (Years)
Closing Costs ($)
New Monthly Payment ($)
Refinancing can lower your monthly payment or reduce your loan term. Compare savings below.
Refinance Analysis
Break-even Analysis
Interest Savings Comparison
Payment Schedule Comparison
Year Current Balance Refinance Balance Difference
Common Refinance Scenarios
Total Interest Savings
See how much interest you'll save over the life of the loan
Break-even Point
Know when your closing costs are recovered
Monthly Savings
Calculate your new monthly payment reduction

Frequently Asked Questions

When does refinancing make sense?
Refinancing typically makes sense when you can lower your interest rate by 0.5% to 1%, or if you want to shorten your loan term. Use this calculator to see your break-even point.
What are typical closing costs?
Closing costs typically range from 2% to 5% of your loan amount. They include appraisal fees, title insurance, origination fees, and other lender costs.
What is the break-even point?
The break-even point is when your monthly savings from refinancing equal your closing costs. If you plan to stay in your home beyond this point, refinancing saves you money.
Should I refinance to a shorter term?
Refinancing to a shorter term (e.g., 15 years) often comes with lower interest rates. Even if your monthly payment increases, you'll save significantly on total interest.
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Mortgage Refinance Calculator - Should You Refinance?

Our Mortgage Refinance Calculator helps you determine if refinancing your home loan makes financial sense. Compare your current mortgage with refinance options, see total interest savings, monthly payment changes, and your break-even point.

How it works: Enter your current loan details (balance, rate, remaining years) and refinance options (new rate, term, closing costs). The calculator shows you the monthly payment difference, total interest savings, and how many months to recover closing costs.

Perfect for: Homeowners considering refinancing, comparing loan offers, deciding between 15-year vs 30-year terms, and planning for financial freedom.

Key metrics: Monthly payment change, total interest savings, break-even timeline, lifetime savings, and year-by-year balance comparison.