Refinance Calculator

Discover Refinancing Possibilities

Determine if refinancing is right for you with our calculator that estimates potential savings, break-even points, and monthly payment changes.

Mortgage Refinance Calculator

Should I refinance my mortgage loan?

This calculator will help you to decide whether or not you should refinance your current mortgage at a lower interest rate. Not only will this calculator calculate the monthly payment and net interest savings, but it will also calculate how many months it will take to break even on the closing costs.

Principal Mortgage Balance

Monthly Mortgage Payment (Principal & Interest Only)

Current Interest Rate

Refinance Interest Rate

Number of Years You Will Be Refinancing For

Closing Costs (Dollars)

Closing Costs (Percentage Points)

Finance Closing Costs

Results

Monthly Payment if you refinance

Monthly Payment Reduction

Number of months for interest savings to offset closing costs

How much interest you will pay under your current monthly payment plan

How much interest you will pay under your refinanced monthly payment plan

How much interest you will save if you refinance

Net Refinancing Savings (interest savings less closing costs)

If you refinance your current {{ formattedCurrentInterestRate }}% mortgage to a {{ formattedRefinanceInterestRate }}% mortgage, your monthly payment will decrease by {{ formattedPaymentReduction }} and you will save {{ formattedInterestSavings }} in interest charges over the life of the mortgage. However, in order for this refinancing to yield any savings at all you will need to stay in your current home for at least {{ formattedMonthsToOffsetRounded }} months. That's how long it will take for the monthly interest savings to offset the closing costs attributable to refinancing.

*Calculator provides general estimations only. Inconsistencies may occur with the use of the calculator and the outcomes are not credit guarantees. For specific payment and interest information, please contact us.