Refinance Calculator
Find out exactly how much refinancing saves you — and how long it takes to break even on closing costs.
Your Current Loan
Your Savings
- Current Payment —
- New Payment —
- Closing Costs —
- Breakeven Point —
- Total Interest Saved —
See Today's Refinance Rates From Top Lenders
Rates are updated daily. Getting quotes from multiple lenders is the single best way to save money on a refi — even a 0.25% difference on $280k saves over $14,000.
Compare Refi Rates Now →Ready to Lock In a Lower Rate?
Check if you qualify in minutes — no hard credit pull to get your rate quote.
Get My Rate Quote →When Does Refinancing Make Sense?
Refinancing replaces your existing mortgage with a new one — ideally at a lower interest rate. It makes financial sense when the monthly savings outweigh the closing costs within the time you plan to stay in the home.
The Breakeven Rule
Divide your closing costs by your monthly savings. If you plan to stay longer than that number of months, refinancing is worth it. For example: $5,600 in closing costs ÷ $200 monthly savings = 28 months to break even. If you're staying 5+ years, you come out ahead.
How Much of a Rate Drop Matters?
The old rule was "only refinance if you drop 1% or more." That's outdated. On larger loan balances, even a 0.25–0.5% drop can be worth refinancing for. The calculator above shows your exact numbers so you don't have to guess.
Cash-Out vs Rate-and-Term Refinance
A rate-and-term refi simply gets you a better rate or shorter term. A cash-out refi lets you take equity out of your home as cash (for renovations, debt payoff, etc.) — but increases your loan balance. This calculator focuses on rate-and-term refinancing.
Costs to Watch
Closing costs typically run 2–3% of the loan amount. Some lenders offer "no-closing-cost" refis, which roll costs into the rate — convenient, but you'll pay more over time. Shop at least 3 lenders before deciding.