US Refinance Calculator
Compare monthly savings, closing-cost break-even, and interest for a US mortgage refinance.
Compare the old and new US loan
Enter the principal-and-interest portion of your current monthly payment, remaining balance, current rate, and remaining term. Then enter the new rate, new term, and closing costs. Both sides start with the same balance; cash-out is excluded. Current payment means principal and interest (P&I).
Closing-cost break-even
The calculator divides closing costs by monthly payment savings and rounds up to whole months. With $5,000 of costs and about $126 of savings, break-even is 40 months. Selling or refinancing again earlier can leave savings below the upfront cost.
A lower payment is not always cheaper
A longer new term can reduce the monthly payment while increasing interest over the full term. Current-loan interest is modelled from its remaining balance, rate, and term; payment savings use your entered principal-and-interest payment. Review cash flow, break-even, and both interest amounts together. Current-loan interest uses the entered current rate, remaining balance, and remaining term.
US-specific limitations
Use closing costs from your Loan Estimate. Discount points, origination, appraisal, and title services may be included. Taxes, insurance, escrow changes, prepaids, PMI, and cash-out are not modelled separately.