Refinance Calculator - Calculator See


Refinance Calculator

Calculate monthly payment reduction, lifetime interest savings, and break-even recovery months from refinancing your home mortgage.

Calculator Inputs

$
Remaining balance owed.
%
Existing APR.
%
Prospective APR.
New mortgage term.
$
Appraisal, title, points, lender fees.

Calculated Results

Monthly Mortgage Payment Savings
$218.45 / month ($52,428 Total Savings)
Break-Even Recovery Timeline 18.3 Months
Closing Costs to Refinance $4,000.00
New Monthly P&I Payment $1,658.20 / mo
Values calculate live as you adjust inputs.

About Refinance Calculator

Evaluates economic viability of refinancing home debt by comparing monthly payment savings against upfront closing transaction costs.

What is Refinance Calculator?

Evaluates economic viability of refinancing home debt by comparing monthly payment savings against upfront closing transaction costs.

How to Use This Calculator

  1. Enter remaining mortgage balance.
  2. Enter current rate and new refinance rate.
  3. Enter refinance closing costs.
  4. Review monthly savings, break-even months, and net lifetime savings.

The Mathematical Formula & Variables

Break-Even Months = Closing Costs / Monthly Payment Savings

Step-by-Step Worked Example

Scenario: $280,000 mortgage from 7.0% down to 5.75% with $4,000 closing costs.

  1. Current payment at 7.0% = $1,862.85.
  2. New payment at 5.75% = $1,634.17.
  3. Monthly savings = $228.68.
  4. Break-even = $4,000 / $228.68 = 17.5 months.

Result: Saves $228.68/mo; Break-even in 18 months

Frequently Asked Questions

What is a no-closing-cost refinance?

A refinance where closing costs are not paid out-of-pocket, but rather rolled into the loan balance or offset by accepting a slightly higher interest rate from the lender.