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Compare mortgage refinance rates, calculate monthly savings, and determine your break-even point. Analyze multiple scenarios with our comprehensive refinance calculator.
✓You'll save $418/month
✓Break-even in 12 months
Important Note:
This calculator provides estimates only. Actual rates, terms, and costs may vary. Consult with multiple lenders and a financial advisor before making refinancing decisions.
A mortgage refinance calculator is a financial tool that helps homeowners evaluate whether refinancing their current mortgage may be beneficial. It calculates potential savings, break-even points, and compares different refinancing scenarios to help you make informed decisions.
This calculator factors in your current loan details (balance, rate, term), new loan options (rate, term, closing costs), and additional considerations like points, PMI, property taxes, and insurance. It provides analysis including monthly payment changes, estimated interest savings, break-even timeline, and loan-to-value ratios.
Whether you're considering lowering your monthly payment, shortening your loan term, eliminating PMI, switching from ARM to fixed-rate, or accessing home equity through cash-out refinancing, this calculator helps you understand the potential financial impact to determine if refinancing aligns with your goals.
Input your home value, current loan balance, interest rate, and remaining term.
Enter new interest rate, loan term, closing costs, and cash-out amount if applicable.
Include points, extra payments, property tax, insurance, and PMI for accurate calculations.
Review results across 4 tabs: Summary, Breakdown, Scenarios, and Amortization.
The difference between your current and new monthly payment (principal + interest only).
Target: $100+ savings
Time needed to recover closing costs through monthly savings.
Target: Under 5 years
Total interest saved over the life of the loan minus closing costs.
Target: Positive savings
Percentage of home value being borrowed. Lower LTV = better rates.
Target: Below 80%
Traditional rule: Refinance when rates drop 1-2% below your current rate. Modern guideline: Even 0.5-0.75% drop can be worthwhile if you plan to stay long-term.
0.5%+ drop = Consider refinancing
If your credit score has improved 50+ points since your original mortgage, you may qualify for significantly better rates and terms.
50+ point increase = Better rates
Once you reach 20% equity, refinance to eliminate PMI (Private Mortgage Insurance) and save $100-300+ monthly.
20%+ equity = Remove PMI
Access home equity for renovations, debt consolidation, or investments. Typically limited to 80% LTV with competitive rates.
Up to 80% LTV available
Reduce your monthly mortgage payment by securing a lower interest rate
Switch to 15 or 20-year term to pay off mortgage faster and save on interest
Accelerate equity building with shorter terms or extra payments
Cash-out refinance to fund renovations, education, or debt consolidation
Convert ARM to fixed-rate for payment stability and peace of mind
Remove private mortgage insurance once you reach 20% equity
Typical refinance closing costs range from 2-6% of the loan amount. Here's what to expect:
Processing your loan application
Professional home valuation
Verify ownership and protect lender
Lender's processing fee
Pull your credit history
For $300,000 loan
Our refinance calculator uses standard mortgage formulas and follows guidelines from reputable financial institutions:
Important Disclaimer:
This calculator provides estimates for educational purposes only. Results are not guaranteed and should not be considered financial advice. Actual refinance terms, rates, and savings will vary based on your specific situation, lender requirements, credit profile, and market conditions. Always consult with qualified mortgage professionals and compare multiple lenders before making refinancing decisions.
Compare Best Rate, 15-Year, Cash-Out, and No Closing Costs scenarios
Month-by-month payment breakdown with principal/interest split
Visual recommendations and key decision factors highlighted
Instant recalculation as you adjust any parameter
Our calculator provides comprehensive scenario analysis, break-even calculations, and detailed refinancing comparisons to help you make informed decisions.