Refinance Calculator
Use this when you already have a mortgage and want to compare it with a refinance offer.
Mortgage vs. Refinance
You are estimating a new home loan, purchase payment, taxes, insurance, PMI, HOA dues, or a standard amortization schedule.
You already have a mortgage and need to compare a new offer, closing costs, break-even timing, cash-out, and net interest.
Your Refinance Estimate
Payment relief, break-even timing, and interest cost in one comparison.
Current vs. Refinance
Refinance Cost Assumptions
Refinance Check
Enter refinance details to compare monthly savings and net interest cost.
How Refinance Math Works
This page is built for fixed-rate refinance planning, not final lender disclosure review.
Compare principal and interest
The calculator compares the current principal-and-interest payment with the estimated payment on the new fixed-rate loan.
Treat closing costs upfront
Closing costs are not rolled into the new loan in this model. They reduce net savings and drive the break-even estimate.
Separate cash-out from savings
Cash-out increases the new loan amount and payment. It is shown separately so borrowed cash is not mistaken for interest savings.
Refinance Decision Guide
The best refinance scenario depends on why you are replacing the loan.
Rate-and-term refinance
Best compared with the same or shorter remaining payoff horizon. A lower rate can still cost more if the term is reset too far.
Payment relief
A lower payment can help monthly cash flow, but the lifetime interest cost may rise when the new term is much longer.
Cash-out refinance
Use cash-out assumptions carefully. The extra principal is debt you receive as cash today and repay with interest over the new term.
Refinance FAQ
Common questions before comparing a refinance offer with your current mortgage.
How is this different from the mortgage calculator?
The mortgage calculator estimates a home loan or purchase scenario from the loan terms you enter. This refinance calculator starts with an existing mortgage, compares it with a new refinance offer, and includes closing costs, break-even timing, cash-out, and whether the new loan actually improves the total cost.
What is the break-even point on a refinance?
The break-even point is the estimated time it takes for monthly payment savings to recover closing costs. If the new payment is not lower, the calculator shows no payment-based break-even.
Should I refinance if the monthly payment is lower?
Not always. A longer new term can lower the payment while increasing total interest. Compare the monthly savings, break-even timing, and net interest after closing costs.
Does this include taxes, escrow, or lender-specific fees?
No. This calculator focuses on principal, interest, closing costs, and optional cash-out. Confirm APR, escrow changes, prepaid interest, points, and lender fees before making a refinance decision.