Refinance Calculator
New payment, monthly savings & break-even point
Thinking about refinancing? Enter your current payment, a new rate and term, and your closing costs to see your new payment, monthly savings and break-even point.
Is refinancing worth it?
Refinancing replaces your loan with a new one — ideally at a lower rate. The catch is closing costs, so the real question is the break-even point: how many months of savings it takes to recoup those costs. If you'll stay in the home well past that point, refinancing usually pays off. Note that extending the term can lower the payment while increasing total interest.
Estimate only — compare official loan estimates from lenders before deciding.
Refinance Calculator: frequently asked questions
When is refinancing worth it?
Generally when you'll keep the loan past the break-even point — the time it takes for monthly savings to cover the closing costs — and the new rate is meaningfully lower.
Does refinancing reset my loan term?
Usually yes. A new 30-year loan restarts the clock, which lowers the payment but can raise total interest unless you choose a shorter term.