Loan Refinance Calculator — Should You Refinance?
Compare your current loan with a refinanced loan to see total savings and break-even point.
Refinance Comparison
Current Loan
New Loan
Frequently Asked Questions
When does it make sense to refinance?
Refinancing makes sense when you can lower your interest rate by at least 0.5–1%, you plan to stay in the home past the break-even point, and the closing costs are reasonable relative to your savings.
What is the break-even point for refinancing?
The break-even point is when your cumulative monthly savings equal the closing costs. For example, if refinancing saves $150/month and costs $3,000, your break-even is 20 months.
Does refinancing restart my loan term?
Usually yes — most refinances reset the loan to a new 15- or 30-year term. The calculator shows the total savings accounting for the extended term.
What closing costs should I expect when refinancing?
Typical refinance closing costs are 2–5% of the loan amount, covering origination fees, appraisal, title search, and other lender fees. Enter your estimated costs in the calculator.