Refinance Calculator
See whether refinancing lowers your payment enough to cover closing costs.
How to use
Enter your remaining balance and terms, then the proposed refinance terms and estimated closing costs.
Examples
- A lower rate with high fees may take years to break even.
- Shortening the term can raise the payment while cutting total interest.
Formula
Payment uses the standard amortizing formula. Break-even months ≈ closing costs ÷ monthly payment savings (when savings > 0).
Frequently asked questions
Should I roll closing costs into the loan?
This tool treats costs as cash paid upfront for break-even. If financed, your new balance would be higher.
Does this include taxes and insurance?
No — it compares principal & interest only.
Do you store the numbers I enter?
Calculations run in your browser. Inputs are not sent to our servers.