Refinancing Calculator
Compare your current mortgage with a new refinanced loan to see your monthly savings and break-even.
Refinancing Calculator
Compare your current mortgage with a new refinanced loan to see your monthly savings and break-even.
Real-World Examples
Balance: $300,000, current: 6.5%, new: 5%, 25 years left
Save ~$281/month, ~$84,000 total
Balance: $200,000, current: 6%, new: 5.5%, 20 years left
Save ~$64/month, ~$15,400 total
Balance: $150,000, current: 5%, new: 4.75%, 15 years left
Save ~$22/month, ~$3,900 total
Common Mistakes to Avoid
Ignoring refinance closing costs
Fix: Refinancing typically costs 2-5% of the loan in fees. Divide the total cost by your monthly savings to find the break-even point — if you will sell before then, refinancing is not worth it.
Resetting the loan term to 30 years
Fix: Refinancing into a new 30-year term lowers the payment but can increase total interest even at a lower rate, because you pay interest for longer. Compare against your remaining term, not a fresh 30 years.
Refinancing for a small rate drop
Fix: A common rule is to refinance only if you can cut your rate by at least 0.5-1% and plan to stay long enough to recoup the costs. Small savings rarely justify the fees.