Mortgage Refinance Calculator
Compare current and refinance mortgage payments, savings, and break-even time.
Current monthly payment
$2,261.69
New monthly payment
$1,867.43
Monthly savings
$394.26
Break-even time
1 year, 4 months
Lifetime savings
$232.10
Refinance comparison
| Scenario | Monthly payment | Total payments | Total interest |
|---|---|---|---|
| Current loan | $2,261.69 | $678,508.03 | $358,508.03 |
| New loan | $1,867.43 | $678,275.93 | $352,275.93 |
Break-even timeline
Positive net savings means the refinance has recovered closing costs.
| Month | Cumulative monthly savings | Closing costs | Net savings | Status |
|---|---|---|---|---|
| 1 | $394.26 | $6,000.00 | $-5,605.74 | Not yet |
| 2 | $788.52 | $6,000.00 | $-5,211.48 | Not yet |
| 3 | $1,182.78 | $6,000.00 | $-4,817.22 | Not yet |
| 4 | $1,577.04 | $6,000.00 | $-4,422.96 | Not yet |
| 5 | $1,971.30 | $6,000.00 | $-4,028.70 | Not yet |
| 6 | $2,365.56 | $6,000.00 | $-3,634.44 | Not yet |
| 7 | $2,759.82 | $6,000.00 | $-3,240.18 | Not yet |
| 8 | $3,154.08 | $6,000.00 | $-2,845.92 | Not yet |
| 9 | $3,548.34 | $6,000.00 | $-2,451.66 | Not yet |
| 10 | $3,942.60 | $6,000.00 | $-2,057.40 | Not yet |
| 11 | $4,336.86 | $6,000.00 | $-1,663.14 | Not yet |
| 12 | $4,731.12 | $6,000.00 | $-1,268.88 | Not yet |
| 13 | $5,125.38 | $6,000.00 | $-874.62 | Not yet |
| 14 | $5,519.64 | $6,000.00 | $-480.36 | Not yet |
| 15 | $5,913.90 | $6,000.00 | $-86.10 | Not yet |
| 16 | $6,308.16 | $6,000.00 | $308.16 | Breakeven reached |
| 17 | $6,702.42 | $6,000.00 | $702.42 | Breakeven reached |
| 18 | $7,096.69 | $6,000.00 | $1,096.69 | Breakeven reached |
| 19 | $7,490.95 | $6,000.00 | $1,490.95 | Breakeven reached |
| 20 | $7,885.21 | $6,000.00 | $1,885.21 | Breakeven reached |
| 21 | $8,279.47 | $6,000.00 | $2,279.47 | Breakeven reached |
| 22 | $8,673.73 | $6,000.00 | $2,673.73 | Breakeven reached |
| 23 | $9,067.99 | $6,000.00 | $3,067.99 | Breakeven reached |
| 24 | $9,462.25 | $6,000.00 | $3,462.25 | Breakeven reached |
Showing 24 of 28 rows. Download CSV for the full schedule.
Payment comparison
Monthly payment before and after refinance.
Formula
Monthly savings = current payment - new payment. Break-even = closing costs / monthly savings.
The mortgage refinance calculator compares an existing loan balance with a new rate and term, including closing costs.
How to Use
The mortgage refinance calculator compares an existing loan balance with a new rate and term, including closing costs. Fill in Current balance, Current rate, Years remaining, New rate, New term, and Closing costs, then review the calculated Current monthly payment, New monthly payment, Monthly savings, Break-even time, and Lifetime savings.
- Open the calculator : Start with Mortgage Refinance Calculator.
- Enter values : Fill in the required inputs and any optional settings.
- Review the result : Read the output and use the about page for more detail if needed.
Common Questions
What does the Mortgage Refinance Calculator estimate?
Compare current and refinance mortgage payments, savings, and break-even time.
What can change the estimate?
This is an estimate, so taxes, fees, payment timing, compounding, and changing returns can move the result.