CalculatorAI
Refinance Calculator
Decide if refinancing your mortgage makes financial sense.
Loan Comparison
Current Loan
$
%
Yr
New Loan Terms
%
Yr
$
Refinance Analysis
Monthly Savings
+$183/mo
Current Monthly$2026
New Monthly$1842
Lifetime Savings$50,008
Break-even Point28 Months
Refinancing lowers your monthly payment. Ensure you stay in the home long enough (past the break-even point) to recover closing costs.
Should You Refinance?
Refinancing involves replacing your existing mortgage with a new one, usually to lower your interest rate, reduce monthly payments, or change the loan term.
However, refinancing comes with **closing costs**. This calculator helps you find the "Break-Even Point"—the time it takes for your monthly savings to outweigh the cost of refinancing.
Frequently Asked Questions
When is it a good time to refinance?
Generally, if you can lower your interest rate by 0.75% to 1% or more, it is worth considering. Also consider how long you plan to stay in the home.
What are closing costs?
Closing costs typically range from 2% to 5% of the loan amount and include appraisal fees, title insurance, and lender origination fees.