Mortgage calculator
Refinance Calculator
Estimate monthly savings and break-even time for a refinance.
Built for U.S. financial rules and mortgage conventions.
September 2026
Enter your details
Results update privately in your browser.
Understand the estimate
What your result means
Break-even is the estimated number of months for monthly principal-and-interest savings to recover cash closing costs. It does not tell you whether refinancing is automatically better.
A lower payment can come from a lower rate, a longer term, or both. Compare the remaining term and lifetime interest as well as the monthly change.
Important considerations
Before you decide
- Ignoring closing costs or expected time in the home.
- Treating lower monthly payment as the only measure of value.
- Overlooking that a new longer term can change total interest.
How we calculate
A transparent estimate you can inspect.
Formula
Current and refinanced principal-and-interest payments are compared; closing costs are treated as a cash cost for break-even and lifetime-savings estimates.
Privacy
Your values are calculated locally and are not sent to a server by this calculator.
Use with care
Results are for informational purposes, not financial, tax, legal, lending, or investment advice.
Understanding your results
Monthly savings compares two principal-and-interest schedules; break-even compares those savings with cash closing costs.
Assumptions and limitations
- Excludes taxes, escrow, PMI, and lender-specific fees.
Common questions
Before you decide
What is refinance break-even?
It is the estimated time for monthly principal-and-interest savings to equal the closing costs you enter.
Does a lower payment always mean refinancing is better?
No. A lower payment can come with a longer term, closing costs, or a different lifetime-interest outcome.