Mortgage Refinance Calculator
Compare your current mortgage with a new refinanced mortgage to see if refinancing makes sense.
Current Mortgage
New Mortgage
Monthly Savings
—
Current Monthly Payment
—
New Monthly Payment
—
Break-Even Point
—
Lifetime Interest Savings
—
Current Total Interest
—
New Total Interest
—
When Should You Refinance?
- Rate drop: A general rule is to refinance if you can lower your rate by at least 0.5-1%.
- Break-even: Make sure you'll stay in the home long enough to recoup closing costs.
- Shorter term: Refinancing from 30-year to 15-year can save significant interest.
- Eliminate PMI: If you've reached 20% equity, refinancing can remove PMI.