Mortgage Refinance Calculator

The classic screen: the new rate is at least 0.75–1 point lower, you'll stay past the break-even month (closing costs ÷ monthly savings), and the lifetime math is positive. All three show up in this calculator — the third one is where longer terms quietly fail.

The month when accumulated payment savings equal what you paid to refinance. $6,000 of costs at $250/month of savings breaks even in 24 months. Sell or refinance again before that and the deal lost money regardless of the lower rate.

Because a refinance usually resets the clock. Trading 27 remaining years at 7.25% for a fresh 30 years at 6% means paying interest for three extra years — often tens of thousands more despite the smaller payment. Matching the new term to your remaining years avoids the trap.

Financing costs preserves cash but you pay interest on them for the life of the loan, and your break-even becomes murkier since nothing was paid upfront. If you have the cash and will stay put, paying upfront is usually cheaper.

Typically 2–5% of the loan: origination and underwriting fees, appraisal, title insurance, and recording. 'No-closing-cost' refinances bury the costs in a higher rate — run that offer here as a higher new rate with $0 costs to compare honestly.