Online Tool Store
Mortgage Refinance Calculator
Compare current and refinance payments, closing-cost break-even time, interest, and total savings in a clear private mortgage planning workspace.
🔒 This tool runs entirely in your browser. Your files are never uploaded to a server.
Side-by-side loan review
Would refinancing improve this mortgage?
Current payment
$1,944
New payment
$1,966
Monthly difference
-$22
Break-even
Longer payment
Monthly principal and interest
Relative comparisonEstimated total outcome
$0
Principal and interest only. Taxes, insurance, points, escrow changes, prepayment penalties, appraisal costs, and lender-specific fees may change the decision.
How it works
- Enter the balance, APR, and years remaining on the current mortgage.
- Add the proposed APR, new term, closing costs, and whether those costs join the new balance.
- Compare payments, monthly difference, estimated break-even time, and total repayment.
- Judge the savings against how long you realistically expect to keep the refinanced loan.
Payment and break-even formulas
payment = principal x monthly rate / (1 - (1 + monthly rate)^(-months))
break-even months = closing costs / monthly payment savings
Each mortgage is amortized independently over its remaining or new term. Total estimated repayment is the sum of scheduled principal-and-interest payments plus closing costs paid in cash; rolled-in costs become part of the new principal instead.
FAQ
What does the break-even month mean?
It estimates how many months of lower payments are needed to recover the closing costs. If you expect to sell, move, or refinance again before that point, the lower rate may not repay its upfront cost.
Should closing costs be rolled into the new loan?
Rolling costs in reduces cash due at closing but raises the new principal, monthly payment, and interest. The checkbox lets you compare that choice with paying the same costs upfront.
Why can a lower rate still cost more overall?
Restarting with a much longer term can add years of payments. A lower payment is not automatically a lower lifetime cost, so the calculator compares both monthly cash flow and the full remaining schedules.
What costs are not included?
The estimate excludes taxes, insurance, points, appraisal and title details, escrow changes, prepayment penalties, tax effects, and lender-specific charges unless they are represented in the single closing-cost input.
Is this a lender quote or financial advice?
No. It is an educational planning estimate using fixed-rate amortization. Obtain a loan estimate from a licensed lender and compare its APR, fees, cash to close, and terms before deciding.
How we compare
| Feature | Online Tool Store | Lender loan estimate | Spreadsheet model |
|---|---|---|---|
| Current vs new schedule | Side by side | New offer focused | Custom |
| Closing-cost break-even | Automatic | May be shown | Formula required |
| Roll costs into balance | Toggle included | Offer specific | Custom |
| Binding rates and fees | No - planning estimate | Closest source | No |
Use the calculator to screen scenarios and understand the tradeoff between payment, term, and fees. Use official loan estimates from competing lenders for the final decision.