Refinance Calculator
Break-even months = Closing costs ÷ Monthly savingsOld payment≈$1,433; new≈$1,212; savings=$221/month; break-even=3000/221≈14 months
Free online tool
Refinance Calculator
Compare your current loan with a new refinanced loan including closing costs.
Instant calculation
Refinance Calculator
Compare your current loan with a new refinanced loan including closing costs.
Your result
Calculation
Your numbers stay in this browser. Nothing is uploaded or saved.
Three clear steps
How to use this calculator
- 01
Enter current balance
Type your remaining loan balance.
- 02
Enter current rate
Type your existing interest rate.
- 03
Enter new terms
Provide the new lower rate, remaining months and closing costs.
The formula
How this calculation works
Refinancing saves money when the cumulative monthly savings exceed the closing costs.
Check the method
Worked examples
Each example follows the same formula used by the calculator.
$200,000 at 6% → 4%, 240 months left, $3,000 closing — worth it?
Old payment≈$1,433; new≈$1,212; savings=$221/month; break-even=3000/221≈14 monthsBreak-even in ~14 months; saves ~$50,000 over termCommon questions
Questions about this calculation
What is the Refinance Calculator?
The Refinance Calculator helps you evaluate whether refinancing a loan at a lower rate will save you money. Enter your values and select Calculate to get an instant result.
How is the result calculated?
Refinancing saves money when the cumulative monthly savings exceed the closing costs.
Can you show an example?
Example: $200,000 at 6% → 4%, 240 months left, $3,000 closing — worth it? — Break-even in ~14 months; saves ~$50,000 over term.
Is my data saved when I use the Refinance Calculator?
No. All calculations run locally in your browser. Your inputs and results are never uploaded, stored or shared with anyone.
Is the Refinance Calculator free to use?
Yes. The Refinance Calculator is completely free. No account, sign-up or payment is required. It works on mobile, tablet and desktop.
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