Compare your current loan to a new refinance structure including points, costs, fees, and cash out.
Refinance Calculator
Current Loan
New Loan
How to use this calculator
Enter your current loan balance, current interest rate, and the remaining term on your existing mortgage. Then enter the rate you're being quoted on the new loan and the term you'd like — most refinances reset to a fresh 30-year, but a 20-year or 15-year term can dramatically cut lifetime interest. Add the closing costs you've been quoted (typical range 2–5% of the loan amount). The calculator returns three numbers that matter: monthly payment savings, break-even month (when accumulated savings equal closing costs), and lifetime interest impact across the new loan vs. continuing your current loan. Pay close attention to the break-even figure — if you plan to sell or refinance again before the break-even date, the refinance loses money on net. Stay past it and the savings are real. The calculator also shows total interest difference over the full new term, which often reveals that resetting to a fresh 30-year clock raises lifetime interest even at a lower rate.
How the math works
Two computations matter. First, monthly P&I before and after, using the standard amortization formula on each balance/rate/term combination. Subtraction gives monthly savings. Second, break-even month = closing costs ÷ monthly savings. Structure: enter your current loan balance, current rate, and remaining term to compute today's monthly P&I. Then enter the proposed new rate and term to compute the refinance scenario's monthly P&I. The difference is your monthly savings. Divide closing costs by monthly savings to get break-even month. The calculator also surfaces total interest paid over the full term of each scenario — important because resetting back to a fresh 30-year clock can sometimes raise lifetime interest even at a lower rate, depending on how far into your existing loan you already are. Use today's rate from the mortgage rates page when comparing — pricing changes daily.
When to use this vs the others
Use this calculator for rate-and-term refinances where you're swapping your existing mortgage for a new one with different rate or term but no cash out. If you're considering pulling equity for a renovation or other expense, the cash-out refinance calculator is structured for that. If you're weighing a cash-out refi against a HELOC (often the right call when you have a low first-mortgage rate), the HELOC vs cash-out comparison page covers the structural tradeoffs.
Frequently asked questions
What's a good break-even point for a refinance?
Generally under 36 months is considered solid; under 24 months is excellent. Anything beyond 60 months is risky unless you're certain you'll stay in the home long-term. Compare your break-even to your expected time in the home — if break-even is 40 months and you'll sell in 24, the refi loses money.
Should I extend back to a fresh 30-year term?
It lowers your monthly payment most aggressively, but it can also raise your lifetime interest because you're starting amortization over. If you're 8 years into a 30-year, refinancing to a fresh 30-year means you'd be paying for 38 years total. Consider matching your remaining term (e.g., refinance into a 22-year) instead.
Is paying points worth it on a refinance?
Depends on hold period. One point typically buys a 0.25% rate reduction. If your monthly savings from that quarter-point exceed the upfront point cost over your expected hold, buy points. For a refi with a 5+ year hold, points often pencil; for short holds they don't.
Are FHA Streamline and VA IRRRL refinances handled here?
The calculator works for any rate-and-term refinance. FHA Streamline and VA IRRRL specifically have streamlined documentation and sometimes don't require a new appraisal — but the math (closing costs, monthly savings, break-even) is the same. Just enter the streamlined-program closing costs your lender quotes.
How long does a typical refinance take to close?
30–45 days for a full conventional refinance. Streamline programs (FHA Streamline, VA IRRRL, USDA Streamline) close in 15–25 days. Cash-out refinances trend slightly longer because of additional appraisal and equity verification. Lock your rate at signing for the full closing window plus a small buffer.