Free Refinance Calculator
Compare your current mortgage to a refinance offer — new monthly payment, monthly savings and breakeven point on closing costs. Free. No signup required.
- Current Payment$1,962.53
- New Payment$1,714.91
Refinancing drops your payment from $1,962.53 to $1,714.91 — saving $247.62/mo.
- Monthly Savings$247.62
- Breakeven on Closing Costs18.2 months
ƒShow your work
- 1Current payment $1,962.53 − new payment $1,714.91 = $247.62/mo saved
About the Free Refinance Calculator
A lower rate doesn't automatically mean a refinance is worth it — closing costs on a refi typically run a few thousand dollars, and until your monthly savings pay that back, you're actually behind. This calculator compares your current payment to a new offer and tells you the one number that actually matters: how many months until the refinance breaks even.
It's built for the moment a rate drops, a lender sends an unsolicited offer, or your credit score improves enough to qualify for something better — anyone deciding whether switching loans is worth the paperwork and the closing costs, or just noise.
You can run a real offer against your real mortgage balance without it becoming a hard inquiry or a call from a loan officer — the numbers stay in your browser until you decide the deal is worth pursuing.
Frequently asked questions
How long do I need to stay in my home for a refinance to be worth it?
At minimum, longer than the breakeven month this calculator shows you. If you might sell or move before that point, the closing costs likely won't be recovered, even if the new rate is genuinely lower.
Does refinancing reset my mortgage and cost me equity?
It resets your loan's clock, not your home equity — the equity you've built stays yours. But if you refinance into a new 30-year term after years of paying down a shorter one, you'll be back near the start of an amortization schedule, paying mostly interest again for a while.
What closing costs should I actually enter here?
Include the lender's origination fee, appraisal, title insurance, and any points you're paying to buy down the rate — most refinances land in the 2-5% of loan amount range, though it varies by lender and state.
Is refinancing worth it for just a 0.5-1% rate drop?
It depends entirely on your closing costs versus how long you'll keep the loan — a small rate drop on a large, long-remaining balance can still save real money over years. Let the breakeven-month result answer this for your specific numbers rather than a generic threshold.
How is a cash-out refinance different from what this calculates?
This assumes you're refinancing your existing balance only. A cash-out refinance borrows more than you currently owe and hands you the difference — enter that larger amount as your new loan balance to estimate that scenario's payment instead.
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