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Refinance Calculator
Compare your current loan to a refinance and see break-even point.
This is a hypothetical analysis. Saving a scenario does not change My Housing Plan.
Compares principal & interest only — excludes escrow, PMI, discount points, and other fees beyond the closing costs you enter.
Your current loan
Enter your existing mortgage balance and terms.
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New refinance loan
Compare against a new rate, term, or cash-out amount.
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What if?
Quick refinance scenarios
Toggle a preset to compare against your baseline inputs.
Refinance Comparison
Side-by-side look at your current loan vs. a refinance.
Refinance may improve your position
Lower monthly payment and less lifetime interest, with closing costs recovered within your remaining term.
- New term adds 2 years vs your remaining schedule.
Summary$283.35/mo saved
$2,227.70
Current Payment
$1,944.35
New Payment
+$283.35
Monthly Savings
1 yr 4 mo
Break-Even on Closing Costs
Detailed Comparison
| Current Loan | After Refinance | |
|---|---|---|
| Loan amount | $320,000 | $320,000 |
| Monthly P&I | $2,227.70 | $1,944.35 |
| Remaining Term | 28 yr | 30 yr |
| Total Interest (from today) | $428,508 | $379,967 |
| Closing Costs | — | $4,500 |
| Interest Saved | $48,541 | |
Refinancing could save $48,541 in total interest with a lower monthly payment.
Refinance Calculator — Compare Your Current Loan
Compare your current mortgage to a refinance offer. See monthly payment savings, total interest difference, and how long it takes for closing costs to break even. Useful when rates drop or your credit has improved.
Common questions
- When does refinancing make sense?
- Refinancing often makes sense when you can lower your rate enough that monthly savings recover closing costs within a few years — especially if you plan to keep the home. Run your numbers with your actual rate quotes and expected closing costs.
- What is the break-even point on a refinance?
- Break-even is when cumulative monthly savings equal the upfront closing costs. If break-even is three years and you may move in two, the refinance may not pay off. Our calculator estimates this from your inputs.
- Should I refinance to a shorter term?
- A shorter term raises monthly payments but cuts total interest. Compare payment change, break-even, and total interest saved — not just the rate — before deciding.
Learn
Related guides
Should You Refinance If Rates Drop?
Learn when a lower rate pays off after closing costs, and how break-even timing affects your refinance decision.
6 min read →