Refinance Calculator
How it works: Enter your current loan details and new loan terms to see if refinancing makes financial sense. The calculator shows monthly savings, break-even point, and total savings over the loan term.
Overview
Decide if refinancing makes sense with our Refinance Calculator. Enter your current loan balance, interest rate, and monthly payment, along with the new loan terms and closing costs to see if refinancing will save you money. Perfect for mortgage refinancing, student loan refinancing, or any loan refinance decision. The calculator shows your new monthly payment, monthly savings, break-even point (when you recoup closing costs), and total savings over the loan term. All calculations happen instantly in your browser with no data storage. Whether interest rates have dropped or you want to shorten your loan term, this tool helps you make an informed refinancing decision and understand the true financial impact.
About
About Refinance Calculator
Calculate if refinancing your loan makes financial sense. See monthly savings, break-even point, and total savings after closing costs.
Features:
- Calculate new monthly payment
- See monthly savings
- Find break-even point
- Calculate total savings over loan term
- Compare current vs. new loan
- 100% client-side - your data stays private
FAQ
When should I refinance?
Consider refinancing when rates drop 0.5-1% below your current rate, you want to shorten your loan term, or you need to lower monthly payments. Make sure you'll stay in the home past the break-even point.
What are typical closing costs?
Refinance closing costs typically range from 2-5% of the loan amount ($4,000-$10,000 on a $200,000 loan). Some lenders offer no-closing-cost refinances with slightly higher rates.
What's a break-even point?
The break-even point is when your monthly savings equal your closing costs. If you refinance with $5,000 in costs and save $200/month, you break even in 25 months.
Should I refinance to a shorter term?
Refinancing to a shorter term (30-year to 15-year) builds equity faster and saves interest, but increases monthly payments. Make sure you can afford the higher payment.
Related Tools
Overview
Decide if refinancing makes sense with our Refinance Calculator. Enter your current loan balance, interest rate, and monthly payment, along with the new loan terms and closing costs to see if refinancing will save you money. Perfect for mortgage refinancing, student loan refinancing, or any loan refinance decision. The calculator shows your new monthly payment, monthly savings, break-even point (when you recoup closing costs), and total savings over the loan term. All calculations happen instantly in your browser with no data storage. Whether interest rates have dropped or you want to shorten your loan term, this tool helps you make an informed refinancing decision and understand the true financial impact.
About
About Refinance Calculator
Calculate if refinancing your loan makes financial sense. See monthly savings, break-even point, and total savings after closing costs.
Features:
- Calculate new monthly payment
- See monthly savings
- Find break-even point
- Calculate total savings over loan term
- Compare current vs. new loan
- 100% client-side - your data stays private
FAQ
When should I refinance?
Consider refinancing when rates drop 0.5-1% below your current rate, you want to shorten your loan term, or you need to lower monthly payments. Make sure you'll stay in the home past the break-even point.
What are typical closing costs?
Refinance closing costs typically range from 2-5% of the loan amount ($4,000-$10,000 on a $200,000 loan). Some lenders offer no-closing-cost refinances with slightly higher rates.
What's a break-even point?
The break-even point is when your monthly savings equal your closing costs. If you refinance with $5,000 in costs and save $200/month, you break even in 25 months.
Should I refinance to a shorter term?
Refinancing to a shorter term (30-year to 15-year) builds equity faster and saves interest, but increases monthly payments. Make sure you can afford the higher payment.