Refinance Calculator
Refinancing replaces your current mortgage with a new loan—usually to lower the rate, shorten the term, or tap equity. This calculator compares monthly...
Enter values and click Calculate.
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Introduction
Refinancing replaces your current mortgage with a new loan—usually to lower the rate, shorten the term, or tap equity. This calculator compares monthly payment, total interest, and break-even time against closing costs.
When Does Refinancing Make Sense?
Refinancing replaces your current mortgage with a new loan—usually to lower the rate, shorten the term, or tap equity. This calculator compares monthly payment, total interest, and break-even time against closing costs.
Rate-and-Term Refinance
Lowering APR reduces interest over the life of the loan. Shortening term (e.g., 30-year to 15-year) raises monthly payment but cuts total interest dramatically if you can afford the cash flow.
Break-Even Analysis
Divide total closing costs by monthly payment savings to estimate months until you recoup fees. Staying in the home past break-even is when refinancing typically pays off.
Cash-Out Refinance
Borrowing more than you owe and taking the difference in cash increases balance and resets amortization. Use funds for high-return purposes or necessary repairs—not discretionary spending without a plan.
Related Tools
Mortgage Calculator, APR Calculator, Home Equity Loan Calculator, HELOC Calculator.
How It Works
- Enter your amounts, rates, and term in the form. Use the same units shown in the labels (dollars, years, percent).
- Click Calculate to run the Refinance Calculator engine. Invalid or empty required fields show a clear error message.
- Review the summary cards for the key outputs. Expand schedules or tables when available for period-by-period detail.
- Copy, print, or share your scenario link. Reset the form anytime to start a fresh comparison.