Mortgage Refinance Calculator
Calculate if refinancing your mortgage makes financial sense. See monthly savings, break-even point, and total interest savings.
Refinance
Refinancing Recommended!
Save $224/month and break-even in just 2.0 years. You'll save $21,560 over 10 years.
Principal & interest only
Current Loan Summary
Current LTV: 70.00%
Rate drop: 1.250%
New Loan Summary
Refinance Tips
- 0.5% rule: Generally worth it if rate drops by at least 0.5%
- Break-even: Make sure you'll stay long enough to recoup closing costs
- Shop around: Compare rates from 3-5 lenders
- Credit score: 740+ gets best rates
- Avoid cash-out: Unless necessary - keeps LTV low and rates better
- Time it right: Lock rate when favorable, close before rate increases
Related Financial Calculators
Amortization Calculator
Calculate your loan amortization schedule and see how each payment is split between principal and interest over time.
APR Calculator
Calculate and analyze your apr with this free online tool.
Auto Loan Affordability Calculator
Calculate the maximum vehicle price you can afford based on your desired monthly payment. Includes down payment, trade-in, and sales tax.
Auto Loan Calculator
Calculate your car loan monthly payment including vehicle price, down payment, trade-in value, sales tax, and interest.
Balloon Payment Calculator
Calculate monthly payments and the final balloon payment for balloon loans. See total interest and plan for the large final payment.
Bridge Loan Calculator
Calculate interest-only payments and total costs for bridge loans. Bridge loans provide short-term financing while transitioning between properties.