Current Loan
New Refinance Loan
Enter lender fees, appraisal, title, etc.
Note: This tool provides estimates. Actual refinance terms may vary by lender, credit profile, and loan type.
Results
Current Monthly Payment (P&I)
$0
New Monthly Payment (P&I)
$0
Monthly Difference
$0
Total Interest Remaining (Current)
$0
Total Interest (New)
$0
Estimated Interest Savings
$0
Compared over the remaining/new loan term (P&I only).
Break-Even Time
—
How long it takes for monthly savings to recover closing costs.
New Loan Amount
$0
Quick tip:
Refinancing can lower your monthly payment, shorten your term, or both. Always compare total interest and the break-even point.
How This Refinance Calculator Works
This refinance calculator compares your current remaining loan balance, APR, and remaining term to a proposed new loan. It estimates your monthly payment (principal & interest), total interest costs, and how long it could take to break even on closing costs.
Break-even time is calculated by dividing closing costs by the monthly savings (if the new monthly payment is lower). If your new payment is higher, break-even may not apply.
FAQ
When does refinancing make sense?
Refinancing can make sense if you can lower your APR, reduce your term, or switch to a loan that better fits your budget—especially if you plan to stay in the home long enough to pass the break-even point.
What are closing costs?
Closing costs can include lender fees, appraisal, title fees, escrow, and other charges. Some borrowers pay upfront, while others roll costs into the new loan.
Is it better to roll closing costs into the loan?
Rolling costs reduces upfront cash, but increases the loan amount and may increase total interest. Compare both options to see which is better for your situation.
Does refinancing always lower my payment?
Not always. If you choose a shorter term, your monthly payment may increase even if the APR is lower. Always compare total interest and break-even time.
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