Calculator
Refinance Calculator
See if refinancing your mortgage makes financial sense for you.
Current Loan
$
%
$
Include principal, interest, taxes & insuranceNew Loan
%
$
Typically 2-5% of loan amountMonthly Savings+$292per month
Current Payment$1,995
→
New Payment$1,703
Break-Even Point18 months
Closing Costs$5,000
Total Savings (Lifetime)+$1,824,645
New Payoff DateJan 2029
Refinancing Makes Sense
You'll recover closing costs in 18 months and save money long-term.
When to Consider Refinancing
- Lower Interest Rate: If current rates are at least 0.5-1% lower than your existing rate.
- Change Loan Term: Switch from 30-year to 15-year to save on interest.
- Cash Out: Tap into your home equity for major expenses.
- Remove PMI: Refinance when you've reached 20% equity.
Costs to Consider
- Closing Costs: Typically 2-5% of loan amount, includes appraisal, origination, and title fees.
- Break-Even Point: How long until monthly savings cover closing costs.
- Reset the Clock: Starting a new 30-year loan means more interest over time.
- Prepayment Penalties: Check if your current lender charges fees for early payoff.