Refinance Calculator
Estimate refinance savings, break-even time, and compare your current mortgage to a new rate and term. Includes optional cash-out and closing costs.
Roll closing costs into new loan
If off, costs are assumed paid out-of-pocket
Current balance
$386,908
Current P&I: $2,661.21
New P&I payment
$2,319.71
New principal: $386,908
Monthly savings
$341.50
Out-of-pocket costs: $6,000
Break-even
18 months
Cash-out: $0
Interest comparison (estimate)
Remaining interest on current loan: $475,324. Total interest on new loan: $448,187.
| Month | Old | New | Diff |
|---|---|---|---|
| 1 | $2,661.21 | $2,319.71 | $341.50 |
| 2 | $2,661.21 | $2,319.71 | $341.50 |
| 3 | $2,661.21 | $2,319.71 | $341.50 |
| 4 | $2,661.21 | $2,319.71 | $341.50 |
| 5 | $2,661.21 | $2,319.71 | $341.50 |
| 6 | $2,661.21 | $2,319.71 | $341.50 |
| 7 | $2,661.21 | $2,319.71 | $341.50 |
| 8 | $2,661.21 | $2,319.71 | $341.50 |
| 9 | $2,661.21 | $2,319.71 | $341.50 |
| 10 | $2,661.21 | $2,319.71 | $341.50 |
| 11 | $2,661.21 | $2,319.71 | $341.50 |
| 12 | $2,661.21 | $2,319.71 | $341.50 |
| 13 | $2,661.21 | $2,319.71 | $341.50 |
| 14 | $2,661.21 | $2,319.71 | $341.50 |
| 15 | $2,661.21 | $2,319.71 | $341.50 |
| 16 | $2,661.21 | $2,319.71 | $341.50 |
| 17 | $2,661.21 | $2,319.71 | $341.50 |
| 18 | $2,661.21 | $2,319.71 | $341.50 |
| 19 | $2,661.21 | $2,319.71 | $341.50 |
| 20 | $2,661.21 | $2,319.71 | $341.50 |
| 21 | $2,661.21 | $2,319.71 | $341.50 |
| 22 | $2,661.21 | $2,319.71 | $341.50 |
| 23 | $2,661.21 | $2,319.71 | $341.50 |
| 24 | $2,661.21 | $2,319.71 | $341.50 |
Our refinance calculator helps you compare your current mortgage to a new loan. Use it to estimate monthly savings, break-even time (if paying closing costs out-of-pocket), and export a comparison table.
Common Use Cases
- ✓Lowering monthly payments
See how a lower interest rate or longer term impacts your monthly P&I payment.
- ✓Break-even analysis
Estimate how many months it may take to recover closing costs from monthly savings.
- ✓Cash-out planning
Model optional cash-out and understand its effect on principal and payment.
- ✓Comparing scenarios
Try different rates, terms, and closing cost assumptions quickly.
Key Features
Current vs new payment
Estimate remaining balance from original loan inputs and compare to the new payment.
Break-even estimate
If you pay costs out-of-pocket, estimate the break-even month count.
24-month comparison table
Download a CSV of a simple month-by-month payment comparison.
Privacy-first
Runs in your browser—no sign-up and no data stored.
Frequently Asked Questions
What does break-even mean in refinancing?
Break-even is the estimated time (in months) for monthly savings to cover out-of-pocket closing costs. It is a planning metric and not a guarantee.
Is the remaining balance calculation exact?
This tool estimates remaining balance using standard amortization math. Actual balances can differ due to escrow, extra payments, timing, and rounding.
Should I roll closing costs into the loan?
Rolling costs into the loan can reduce cash needed at closing, but increases the principal and can increase interest paid over time.
Does this include taxes and insurance?
This calculator focuses on principal & interest (P&I). Taxes and insurance can be added on top depending on your escrow setup.