Mortgage Calculators

Should I Refinance Calculator

Get a clear answer on refinancing: the new payment, your monthly saving, the break-even point, and whether it’s worth it for how long you’ll stay.

Inputs

Current balance

Current rate

Years left on current loan

New rate

New term (years)

Refinance closing costs

Years you’ll keep the home

Estimates only. Change any value to recalculate instantly.

Yes — refinancing pays off $261.61/mo saved break-even in 17 months

Current payment $1,760.48

New payment $1,498.88

Break-even 17 mo

Verdict Refinance

Payment compared

New payment $1.5k
Current premium $262

Cumulative cost Keep current loanRefinance (incl. costs)

You save $261.61 a month and recoup the $4,500 closing costs in 17 months — well within the 8 years you plan to stay. Refinancing makes sense.

Cumulative cost by year (you plan to stay 8 years)View table

Year	Keep current	Refinance	Running savings
1	$21,126	$22,487	-$1,361
2	$42,252	$40,473	$1,779
3	$63,377	$58,460	$4,918
4	$84,503	$76,446	$8,057
5	$105,629	$94,433	$11,197
6	$126,755	$112,419	$14,336
7	$147,881	$130,406	$17,475
8	$169,007	$148,392	$20,614
9	$190,132	$166,379	$23,754
10	$211,258	$184,365	$26,893
11	$232,384	$202,352	$30,032
12	$253,510	$220,338	$33,172
13	$274,636	$238,325	$36,311
14	$295,761	$256,311	$39,450
15	$316,887	$274,298	$42,590
16	$338,013	$292,284	$45,729
17	$359,139	$310,271	$48,868
18	$380,265	$328,257	$52,007
19	$401,391	$346,244	$55,147
20	$422,516	$364,230	$58,286
21	$443,642	$382,217	$61,425
22	$464,768	$400,203	$64,565
23	$485,894	$418,190	$67,704
24	$507,020	$436,176	$70,843
25	$528,145	$454,163	$73,983
26	$549,271	$472,149	$77,122
27	$570,397	$490,136	$80,261
28	$570,397	$508,122	$62,275
29	$570,397	$526,109	$44,288
30	$570,397	$544,095	$26,302

How this calculator works

This calculator runs entirely in your browser — nothing you enter is sent anywhere, and there is no sign-up. Change any input and the result, breakdown, and schedule update instantly.

Rate and cost fields are pre-filled with current benchmarks (Federal Reserve / Freddie Mac via FRED (St. Louis Fed)), so your first result is already realistic — replace them with your own quote to see your numbers. To weigh one option against another, use the loan comparison calculator.

30-year fixed mortgage rate, 2019–2026

Source: Freddie Mac PMMS via FRED. Annual averages; latest weekly reading shown.

Common questions

Is this calculator free, and do I need to sign up?

Yes and no — it is completely free and asks for no account or personal details. Every calculation happens in your browser, so nothing you type is stored or sent to us.

How accurate are the results?

The math is exact for the inputs you give it, but the defaults are national benchmarks — your real rate, fees, taxes, and insurance will differ. Treat the result as a close estimate to refine with a real quote.