Mortgage Refinance Calculator

Could refinancing your mortgage lower your payment?

If you’re considering refinancing your mortgage, it helps to understand how a new rate or loan term could affect your monthly payment. While refinancing may help lower your monthly payment or reduce the total interest you pay, it can also come with upfront costs, such as closing fees. Our free Mortgage Refinance Calculator helps you compare your current mortgage to a new one so you can estimate your payment, savings, and whether refinancing makes sense for you.  

What you’ll learn 

• Your estimated monthly payment after refinancing 
• Your potential monthly savings compared to your current loan 
• Your estimated break-even point—when your savings may outweigh your refinance costs 
• How different rates and loan terms affect your savings

How to use the calculator

1. Enter your current loan balance, interest rate, and remaining term. 
2. Add the new loan amount, interest rate, and term you’re considering. 
3. Enter your estimated refinance fees and closing costs. 
4. Review your estimated payment, monthly savings, break-even point, costs, and overall savings. 
5. Adjust the rate, term, or fees to compare your options. 

Tip: If you plan to move in the next few years, pay close attention to your break-even point. It may take time for your savings to offset the cost of refinancing.