Mortgage Refinance Calculator

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جميع الأدوات

Compare your current mortgage with a new rate and term to see the new payment, monthly savings, break-even point and lifetime interest difference.

$
%
months
%
months
$
Monthly savings – per month
Current payment –
New payment –
Break-even point –
Interest left on current loan –
Total interest on new loan –
Lifetime interest difference –
Both loans are fixed-rate with equal monthly payments (principal + interest only — taxes and insurance excluded). Break-even = closing costs ÷ monthly savings. Closing costs are paid upfront, not rolled into the new balance.
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حول Mortgage Refinance Calculator

The Mortgage Refinance Calculator compares the loan you have with the loan you are being offered. Enter your remaining balance, current rate and months left, then the new rate, new term and closing costs, and it returns the new monthly payment, your monthly saving, the break-even point in months and the difference in total interest over the life of each loan.

Break-even is the number that decides most refinances: closing costs divided by the monthly saving is how long you must keep the loan before the deal pays for itself. Refinance and move house before that point and the refinance cost you money, however attractive the new rate looked.

It also exposes the trap of restarting the clock. Dropping from 6.75% to 5.5% but stretching 25 remaining years back out to 30 lowers the payment while raising the total interest — the calculator shows both figures side by side so the trade-off is explicit. Payments cover principal and interest only; taxes and insurance are excluded.

كيفية استخدام Mortgage Refinance Calculator

  1. Enter the remaining balance on your current mortgage.
  2. Add its interest rate and the number of months still to run.
  3. Enter the new rate and new term you are being offered.
  4. Add the closing costs for the refinance.
  5. Compare the monthly saving, the break-even point and the lifetime interest difference.

الأسئلة الشائعة

Divide the total closing costs by the monthly saving. If costs are $5,000 and you save $250 a month, you break even after 20 months — refinancing only pays off if you keep the loan longer than that.

The old rule of thumb was 1%, but the real answer depends on your balance and costs. On a large balance even 0.5% can break even quickly; on a small balance a 1% drop may never repay the fees.

Usually yes — a new 30-year loan starts the amortization over. Even at a lower rate, adding years back can increase total interest, which is why this calculator reports the lifetime interest for both loans.

Refinance closing costs commonly run about 2%–5% of the loan amount, covering origination, appraisal, title and recording fees. Some lenders offer a no-closing-cost refinance in exchange for a higher rate.

No. The payments shown are principal and interest only. Escrowed property taxes, homeowners insurance and any mortgage insurance are excluded because they generally do not change when you refinance.
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