Refinance inputs
Use the remaining balance you would refinance into a new loan.
Essential Calculator
Refinance Calculator
Use this refinance calculator to compare your current mortgage with a new loan and estimate whether the savings justify the upfront costs.
How to use this page
- Enter the balance you plan to refinance, the new rate, new term, and estimated closing costs.
- Use the chart to see the new balance path after refinancing.
- Compare monthly savings with upfront costs before deciding whether the move is worth it.
Results
Monthly payment$1,657
Total interest$301,346
Total paid$596,346
M360$0
What this calculator helps you see
Refinancing is usually about two questions: how much does the monthly payment change, and how long will it take to recover the new closing costs. This page keeps both in view.
When to use this calculator
Check the break-even point
This is useful when you want to know how long you would need to stay in the loan for the refinance to pay off.
Compare payment relief versus total cost
A refinance can lower the monthly payment but still increase long-term interest if the new term resets the clock.
Formula
Refinance value depends on payment change, term length, and upfront costs
The new payment follows standard amortization math, but the practical decision often comes down to how quickly monthly savings offset the costs of refinancing.
Worked example
Refinancing a $295,000 balance at a lower rate may reduce the payment, but that benefit should be weighed against closing costs and how long you expect to stay in the home.
| Item | Value |
|---|---|
| Refinanced balance | $295,000 |
| New rate | 5.4% |
| New term | 30 years |
| Main question | Will savings outweigh closing costs? |
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Before you decide
- Outputs are estimates and should be reviewed against lender or plan-specific terms.
- Inputs are intentionally transparent so assumptions are easy to audit.
- Rates, fees, taxes, and account terms can change the final result.
Page details
- Updated April 15, 2026
- For assumptions and general guidance, see Methodology.
- For how explanatory content is written, see Editorial Policy.
Refinance checkpoints
| Question | Why it matters | Typical effect |
|---|---|---|
| Lower rate? | Reduces payment and interest | Positive |
| Longer term? | Can raise total interest | Mixed |
| High costs? | Delays break-even point | Negative |
Common questions
Does a lower rate always mean refinancing is worth it?
Not always. You still need to compare fees, the new term, and how long you expect to keep the loan.
What is the break-even point?
It is the point where cumulative monthly savings catch up to the closing costs and other refinancing fees.