Free calculator
Mortgage Refinance Calculator
Free Mortgage Refinance Calculator with instant browser-based results and a clear calculation breakdown.
Mortgage Refinance Calculator
Compare your current mortgage with a potential refinance to see if refinancing could save you money. Enter your current loan details and the proposed new loan terms.
Current Mortgage
New Mortgage (Refinance)
Refinance Analysis
Current Monthly Payment:
$0.00
New Monthly Payment:
$0.00
Monthly Savings:
$0.00
Break-Even Point:
0 months
Total Interest (Current Loan):
$0.00
Total Interest (New Loan):
$0.00
Interest Savings (Over Life of Loan):
$0.00
Net Savings (After Closing Costs):
$0.00
How this is calculated:
Monthly payments are calculated using the standard mortgage formula: M = P × [r(1+r)^n] / [(1+r)^n - 1], where P is the principal, r is the monthly interest rate, and n is the number of payments.
Break-even point is when your cumulative monthly savings equal the closing costs.
Total interest is the sum of all interest payments over the life of each loan.
Net savings accounts for closing costs and compares total costs over the shorter of the two loan terms.
Monthly payments are calculated using the standard mortgage formula: M = P × [r(1+r)^n] / [(1+r)^n - 1], where P is the principal, r is the monthly interest rate, and n is the number of payments.
Break-even point is when your cumulative monthly savings equal the closing costs.
Total interest is the sum of all interest payments over the life of each loan.
Net savings accounts for closing costs and compares total costs over the shorter of the two loan terms.
Disclaimer: This calculator provides estimates for educational purposes only. Actual refinance savings may vary based on your specific situation, lender terms, fees, and market conditions. Consult with a qualified mortgage professional before making any financial decisions.
Want to understand the calculation?
Read the guideSee examples, formula notes and limitations.