Refinance Calculator

Your current payment next to your new payment — and the saving, month by month.

FREE TOOL · WORKS OFFLINE · NO SIGN-UP

Results update instantly as you type.

You save each month
$0
Current monthly payment
$0
New monthly payment
$0
You save each year
$0

How to Use This Refinance Calculator

  1. 1.Enter your balance. What you still owe on the loan right now.
  2. 2.Enter both rates. Your current rate and the new rate you were offered.
  3. 3.Set the term. The length of the new loan in years, usually 30 or 15.
  4. 4.Read the saving. The hero number is the cash freed up every single month.
  5. 5.Check the break-even. Divide your closing costs by the monthly saving to see how many months refinancing takes to pay for itself.

FAQ

How much can refinancing save me each month?

Subtract your new monthly payment from your current one. For example, a $200,000 loan at 7% over 30 years costs $1,330.60 per month, while the same loan at 5.5% costs $1,135.58 per month, a saving of $195.03 per month.

How is a monthly mortgage payment calculated?

The monthly rate is the annual rate divided by 12. The payment equals the balance times the monthly rate, divided by one minus the factor one plus the monthly rate raised to the power of negative 360 for a 30-year loan.

Is refinancing worth it if the rate only drops a little?

Compare the monthly saving with the closing costs: divide the closing costs by the monthly saving to get the months needed to break even. If you plan to stay in the home longer than that, refinancing usually pays off.

Is this refinance calculator free?

Yes — 100% free, no sign-up, no limits. Everything runs in your browser; none of your numbers are uploaded or saved.

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