Refinance Calculator

Compare your current loan to a new rate or term. Estimate monthly savings, break-even point after closing costs, and lifetime interest.

When refinancing makes sense

• Rate drop that beats closing costs within your expected stay.
• Shortening the term to pay off faster.
• Dropping PMI after equity gains.

Inputs to gather

• Current balance, rate, and remaining term.
• Proposed rate and term, estimated closing costs, and any points.
• Property taxes, insurance, and HOA to keep PITI accurate.

Break-even math

Break-even months = Closing costs ÷ Monthly payment savings. If you’ll keep the home longer than that, the refi likely pays off.

Example

$320,000 balance at 6.75% (25 years left) → refi to 6.00% 25-year, $3,500 costs. Payment drops ~$125; break-even ~28 months.

FAQ

• Should I roll costs into the loan? Only if the new payment still meets your break-even window.
• Does refi reset PMI? New LTV rules apply; high equity can eliminate PMI.
• Can I cash-out? Yes, but higher LTV can raise rate and reintroduce PMI.

Model your scenario in the refinance mode or compare two options in side-by-side view.