Mortgage Refinance Calculator
About Mortgage Refinance Calculator
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 : Use Mortgage Refinance Calculator from the Finance category.
- Check the inputs : Review the required values and any optional settings.
- Read the formula : Use the formula and notes below to understand how the result is produced.
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.
Inputs
- Current balance
- Current rate
- Years remaining
- New rate
- New term
- Closing costs
Outputs
- Current monthly payment
- New monthly payment
- Monthly savings
- Break-even time
- Lifetime savings
Formula
Monthly savings = current payment - new payment. Break-even = closing costs / monthly savings.