Mortgage Refinance Calculator

Compare your current loan to a new one — monthly savings, break-even point, and lifetime savings.

Current loan balance

Current rate

Years left

New rate

New term (yrs)

Closing costs

Monthly savings

Current payment

New payment

Break-even

Lifetime savings

The new loan does not lower your payment.

How to Use

1. Enter your current loan balance, rate, and remaining term.
2. Enter the new rate, new term, and estimated closing costs.
3. We show your new payment, monthly savings, the break-even month, and total lifetime savings.

Calculation Method

We compute the monthly payment for both the current and new loan using the standard mortgage formula. Monthly savings = current payment − new payment. Break-even (months) = closing costs ÷ monthly savings. Lifetime savings compares total remaining payments on each loan minus closing costs.

Data sources: Standard amortization formula applied to both current and proposed loans.

Examples

$300,000 at 7.5% → 6.0%, $5,000 costs

Roughly $290/mo saved; break-even near 17 months.

Frequently Asked Questions

The number of months it takes for your monthly savings to cover the closing costs of refinancing.

Not always. If you sell or move before the break-even point, refinancing can cost you money overall.

It lowers the monthly payment but can increase total interest paid over the life of the loan.

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Mortgage Information Disclaimer

The mortgage calculations on this site are estimates based on the information you provide. Actual mortgage terms, interest rates, and payments will vary based on your credit score and history, debt-to-income ratio, property type and location, loan program, lender-specific requirements, and market conditions.

SmartMortgageCalcs does not provide mortgage, financial, or legal advice. We are not a mortgage lender or broker. We strongly recommend consulting with multiple licensed mortgage lenders, working with a qualified real estate agent, reviewing all documents carefully before signing, and seeking advice from a financial advisor. Our estimates do not constitute a loan offer or commitment — final loan terms are determined by the lender. Interest rates and fees shown are illustrative only.

Last updated: May 19, 2026