Refinance calculator.
Compare your current loan with a refinance offer. Estimate the new monthly payment, monthly savings, closing-cost break-even point, and total interest difference.
Use the Refinance Calculator.
Compare your current loan with a new loan. Results update automatically as you type, and you can also press Calculate.
Enter your refinance details
Current loan
Use the remaining balance and payment from your current loan statement.
New loan
Add the new offer details, points, costs, and optional cash-out or cash-in.
Example calculation is loaded automatically on first page load. Use Load example to restore it anytime, or Clear fields to reset the calculator.
Enter your current balance, new rate, and new term to compare the refinance.
New loan composition
See how the refinance balance is built from your remaining balance, optional cash-out, and any financed costs.
Donut chart appears after calculation.
Old loan vs new loan
Comparison chart appears after calculation.
About the Refinance Calculator
This refinance calculator helps you compare an existing loan with a proposed replacement loan. It is built for mortgage refinance planning, but the same side-by-side logic can also help with auto, student, personal, or other fixed-payment loan refinance decisions.
Enter your current loan balance, current payment, interest rate, and time remaining. Then add the new loan term, new interest rate, refinance costs, points, optional cash-out, optional cash-in, and whether you plan to finance the costs into the new balance. The calculator estimates the new monthly payment, payment change, break-even time, cash needed at closing, new loan amount, and lifetime difference.
What this refinance calculator includes
Current loan details
Remaining balance, current monthly payment, current interest rate, and time remaining help estimate what the existing loan would cost if you do not refinance.
New loan offer
New term and new interest rate determine the estimated refinance payment. A longer term can lower the payment but may increase total interest.
Points, costs, and fees
Points and closing costs are included in the break-even calculation. One point is typically 1% of the loan amount before financed costs.
Cash-out or cash-in
Cash-out increases the new balance and can raise total interest. Cash-in reduces principal but requires more money at closing.
How to read the refinance result
New monthly payment estimates the payment on the replacement loan. Monthly savings compares the current payment with the new payment. Break-even estimates how long the monthly savings take to recover refinance costs. Lifetime difference compares the remaining current-loan payments with the new-loan payments plus any upfront refinance costs.
When refinancing may make sense
Refinancing may be worth considering when the new rate is lower, your credit profile has improved, you want to change loan terms, you need to remove or add a borrower, you want to consolidate debt, or you need cash-out funds and understand the tradeoffs. The strongest refinance cases usually have a short break-even period and positive savings over the time you expect to keep the loan.
When refinancing may not save money
A refinance may be less attractive if closing costs are high, the new term is much longer, the monthly savings are small, you plan to sell or pay off the loan soon, or cash-out borrowing increases the balance too much. A lower monthly payment does not automatically mean a lower lifetime cost.
Refinance costs to verify
Before relying on the result, check whether your quote includes origination charges, application fees, appraisal fees, title and recording charges, credit report fees, prepaid interest, escrow changes, mortgage insurance, lender credits, discount points, and any prepayment penalty on the current loan. APR may differ from the note rate because it reflects certain financing costs.
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Disclaimer: This refinance calculator is for education and planning only. It is not financial, mortgage, tax, legal, credit, or investment advice. Actual refinance offers can vary based on APR rules, closing disclosures, escrow accounts, taxes, insurance, mortgage insurance, lender credits, discount points, prepayment penalties, title charges, credit score, property value, underwriting, loan type, and local regulations. Review official loan documents and speak with qualified professionals before making a refinance decision.
Refinance calculator FAQ
Answers about refinance savings, break-even time, points, cash-out, cash-in, closing costs, and total loan cost.
What does this refinance calculator compare?
It compares your existing loan with a proposed refinance using your remaining balance, current payment or rate, time remaining, new rate, new term, points, costs and fees, cash-out amount, cash-in amount, and whether costs are financed.
What is the refinance break-even point?
The break-even point estimates how many months of monthly payment savings are needed to recover refinance costs. If the new payment is the same or higher, there is no payment-savings break-even.
What information do I need before using the calculator?
Use your latest loan statement or online account to find your remaining balance, current payment, current rate, and remaining term. Use your refinance quote or loan estimate for the new rate, new term, points, lender fees, and closing costs.
Should I enter principal and interest only?
For the cleanest loan-to-loan comparison, enter principal and interest only. Taxes, insurance, escrow, HOA dues, and mortgage insurance can change during a refinance and may need to be reviewed separately.
What are points?
Points are upfront charges based on the new loan amount. One point is usually 1% of the loan amount. Paying points may lower the interest rate, but the upfront cost should be compared with the monthly savings and the time you expect to keep the loan.
What is cash-out refinancing?
Cash-out refinancing replaces your current loan with a larger new loan and gives you the difference in cash. It can be useful for liquidity, home projects, or debt consolidation, but it increases the amount borrowed and can raise total interest.
What is cash-in refinancing?
Cash-in refinancing means paying extra money at closing to reduce the new loan balance. It can lower the monthly payment, reduce interest, or help meet loan-to-value requirements, but it requires more upfront cash.
Should I finance refinance costs into the new loan?
Financing costs can reduce the cash needed at closing, but it increases the new principal and can add interest over time. Paying costs upfront usually makes the break-even calculation easier to understand.
Can refinancing lower my payment but cost more overall?
Yes. Extending the loan term can reduce the monthly payment while increasing total interest. Review the monthly savings, break-even point, new loan amount, and lifetime difference together.
How does the calculator handle a missing current payment?
If the current monthly payment is blank, the calculator estimates it from the remaining balance, current interest rate, and time remaining. Entering the actual principal-and-interest payment from your statement usually gives a better comparison.
Is this calculator only for mortgages?
No. It is most commonly used for mortgages, but the same logic can help compare refinance options for fixed-payment auto loans, student loans, personal loans, and similar debt.
Is this refinance calculator financial advice?
No. It is an educational estimate. Actual results depend on lender terms, APR, fees, escrow changes, taxes, insurance, mortgage insurance, credit profile, underwriting, prepayment penalties, and official loan documents.