Mortgage Refinance Calculator
Compare your current mortgage against a refinanced loan: new monthly payment, monthly savings, break-even point, and 5-year savings after closing costs. Live.
Current Payment: — | New Payment: —
Mortgage Refinance Calculator
A mortgage refinance calculator tells you whether replacing your current home loan with a new one actually saves you money. Enter your current balance and interest rate, the new rate and term you are offered, plus your estimated closing costs — Numbrary instantly compares the monthly payments and shows your real monthly savings.
The key number is the break-even point: the number of months it takes for your monthly savings to cover the closing costs. If you plan to stay in the home past that point, refinancing pays off; if you might move sooner, it probably doesn't. The calculator also shows your net savings after 5 years, a realistic horizon for most homeowners.
All calculations run locally in your browser — nothing is uploaded, and there is no signup. Use it alongside the loan calculator to model the full picture before you talk to a lender.
Frequently Asked Questions
How do I calculate the break-even point on a refinance?
Divide your total closing costs by the monthly payment savings. Example: $5,000 in closing costs ÷ $200 saved per month = 25 months to break even. If you stay in the home longer than that, you come out ahead.
What costs should I include in closing costs?
Include the lender's origination fee, appraisal, title insurance, credit report, and any points you pay. Exclude costs that get refunded or are prorated, like escrow for taxes and insurance.
Is a lower rate always worth refinancing?
No. A lower rate only pays off if your monthly savings recoup the closing costs before you sell or refinance again. This calculator shows exactly how many months that takes.
Should I extend my term when refinancing?
Extending the term lowers the payment but adds years of interest. A rate-and-term refinance to the same remaining term usually maximizes total savings; a longer term can make sense if you need cash flow relief now.
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