Refinance Calculator
See your new payment, monthly savings and how long until a refinance pays for itself.
Your details
You could save each month
$357.27
New payment $1,660.78 vs current $2,018.05
- New monthly payment
- $1,660.78
- Monthly saving
- $357.27
- Breakeven point
- 12 months
- Lifetime saving
- $51,968
About the refinance calculator
Refinancing replaces your current mortgage with a new one, usually to get a lower rate or change the term. Enter your current balance, rate and remaining years, then the new rate, term and closing costs to see whether it's worth it.
The breakeven point is the key number: it's how many months of savings it takes to cover the closing costs. If you plan to stay in the home past the breakeven point, refinancing usually makes sense.
Frequently asked questions
When is refinancing worth it?+
When you'll stay in the home past the breakeven point and the new rate is meaningfully lower (a common rule of thumb is at least 0.5 to 0.75% lower).
What are closing costs?+
Fees to set up the new loan, typically 2 to 5% of the balance, covering appraisal, origination, title and other charges. They're what your monthly savings need to repay.