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🏠 Mortgage Refinance Calculator Compare your current loan with a refinance offer — payment, break-even, and true lifetime cost. ⬇ CSV 🖨 PDF 📋 Copy ↺ Reset 1Current mortgage Remaining balance$ Interest rate% Years leftyrs Current P&I payment auto-calculated 2New loan offer New interest rate % New loan term10 yr15 yr20 yr30 yr Closing costs$ Pointspts Pay closing costs & pointsUpfront in cashRoll into loan Cash-out amount optional$ 3Your plans Years you'll keep the loan …Calculating Monthly change— Break-even— Net savings while you stay— Lifetime interest saved— Cumulative savings over time AheadBehindYour move date Net position = what you'd have paid on your current loan (payments + remaining balance) minus the refinance (payments + remaining balance + upfront costs), plus any cash-out received. It crosses zero at your break-even point. Side-by-side comparison Current loanRefinanceDifference What if the rate were different?Tap a scenario to apply it Amortization schedule RefinanceCurrentCompare Yearly totals. Payments are principal & interest only — property tax, homeowners insurance and PMI are not included. Estimates for educational purposes only, not a loan offer. Free Calculator · Updated October 2026 Mortgage Refinance Calculator: Find Out If Refinancing Actually Saves You Money Compare your current loan with a new one in seconds. See your new monthly payment, how much you save, your break-even month, and the true lifetime cost — then learn exactly when a refinance makes sense. ⏱ 10-minute read · 🧮 Interactive calculator included Quick Answer Refinancing is usually worth it when you'll stay in your home longer than your break-even point — your closing costs divided by your monthly savings. For example, $6,000 in closing costs with $200/month in savings breaks even in 30 months. If you plan to stay 5+ years, that refinance likely pays off. Use the calculator below to run your own numbers. 📑 In this guide Refinance calculator How the calculator works The break-even formula How much should rates drop? Refinance closing costs Types of refinance 15-year vs 30-year refinance When NOT to refinance Tips to get a better deal FAQ 2–5%Typical refinance closing costs as a share of the loan (CFPB rule of thumb) Mid-6% to 7%+Range of 30-year fixed refinance quotes in early October 2026 $250/moSavings from 7.50% → 6.25% on a $300,000 balance 24 moBreak-even on that example with $6,000 in closing costs Mortgage Refinance Calculator Enter your current loan details on the left and the refinance offer you're considering. Results update when you press Calculate. 🏠 Refinance Savings & Break-Even Calculator Your current mortgage Remaining balance ($) Current rate (%) Years left on loan Years you'll stay New loan offer New rate (%) New term 30 years20 years15 years10 years Closing costs ($) Pay closing costs Upfront (cash)Roll into loan Cash-out amount ($) Calculate ↺ Reset ⬇ Download CSV Calculating… Current payment (P&I)— New payment (P&I)— Monthly change— Break-even— Net savings over your stay— New loan amount— Lifetime interest: keep current loan vs refinance (incl. closing costs)— Total remaining cost of each loan Keep current— Refinance— Payments show principal & interest only (taxes, insurance and PMI excluded). "Net savings over your stay" compares total payments plus remaining balance after the years you plan to stay, so it counts the extra debt from rolled-in costs or cash-out. Estimates only — not a loan offer. How This Refinance Calculator Works A refinance replaces your existing mortgage with a new loan — ideally at a lower rate, a better term, or both. To judge whether it's worth it, the calculator compares two paths side by side: Keep your current loan: your existing balance and rate, paid off over the years you have left. Refinance: a new loan for your balance (plus any rolled-in closing costs or cash-out) at the new rate and term. It uses the standard amortization formula lenders use to calculate principal-and-interest payments, then works out four numbers that actually matter for your decision: monthly savings, break-even month, net savings over the time you'll own the home, and lifetime interest. 💡 Why "years you'll stay" matters most A refinance only pays off if you keep the new loan long enough to recover your closing costs. Someone who moves in 2 years can lose money on the same refinance that saves a long-term owner tens of thousands. The Refinance Break-Even Formula The single most useful number in any refinance decision is your break-even point. It tells you how many months of savings it takes to repay what you spent to refinance. Break-even (months) = Total closing costs ÷ Monthly payment savings Example: You owe $300,000 at 7.50%. Refinancing to 6.25% on a new 30-year loan drops your principal-and-interest payment from about $2,098 to about $1,847 — a savings of roughly $250 a month. With $6,000 in closing costs, you break even in 24 months. Every month after that is pure savings. How Much Should Rates Drop Before You Refinance? You've probably heard the "1% rule" — refinance only if you can cut your rate by a full percentage point. It's a decent starting point, but it ignores your closing costs and how long you'll stay. The table below shows what different rate drops are worth on a $300,000 balance at 7.50%, refinanced into a new 30-year loan with $6,000 in closing costs. New rateRate dropNew P&I paymentMonthly savingsBreak-evenTime to recoup costs 7.00%0.50%$1,996$10259 months4.9 yrs 6.75%0.75%$1,946$15240 months3.3 yrs 6.50%1.00%$1,896$20130 months2.5 yrs 6.25%1.25%$1,847$25024 months2.0 yrs 6.00%1.50%$1,799$29920 months1.7 yrs Principal & interest only. Current payment on $300,000 at 7.50% over 30 years ≈ $2,098/month. Shorter bars = faster payback. The takeaway: even a 0.75% drop can be worthwhile if you're staying 5+ years, while a 1.5% drop pays for itself in well under two years. Your break-even, not a rule of thumb, should make the call. What Does It Cost to Refinance in 2026? The Consumer Financial Protection Bureau's rule of thumb is that refinance closing costs run 2% to 5% of the loan amount — $6,000 to $15,000 on a $300,000 loan. In practice, costs vary enormously by state and lender. A 2026 report from closing-cost data provider LodeStar put the national average for a refinance at about $2,207 (0.67% of the loan), while high-cost states such as New York averaged over $10,500 because of recording fees and mortgage taxes. Always compare the Loan Estimate you receive, not a national average. FeeTypical rangeWhat it coversNegotiable? Origination / underwriting0.5%–1% of loanLender's charge to process the loan✅ Often Discount points1% of loan per pointOptional — buys a lower rate✅ Optional Appraisal$400–$700Confirms the home's current value⚠️ Sometimes waived Title search & lender's title policy$700–$2,000+Verifies ownership, protects the lender✅ Shop providers Recording fees & mortgage taxes$100 to several thousandState/county charges to record the new loan❌ Set by law Credit report & flood certification$30–$100Background checks❌ Rarely Prepaid interest, taxes & insuranceVariesFunds your new escrow account— Not a true cost Ranges are illustrative. Your old escrow balance is usually refunded after the old loan is paid off, which offsets much of the prepaid items. Types of Mortgage Refinance Not every refinance has the same goal. Pick the one that matches what you're trying to achieve, then plug the numbers into the calculator. 📉Rate-and-Term RefinanceThe classic refinance: replace your loan with one that has a lower rate, a different term, or both. Best for lowering your payment or total interest.Most common 💵Cash-Out RefinanceBorrow more than you owe and take the difference in cash — often for renovations or high-interest debt. Rates are usually a bit higher, and you're adding to your mortgage debt.Uses home equity ⚡Streamline Refinance (FHA / VA IRRRL)Government-backed borrowers can often refinance with less paperwork and frequently no new appraisal. FHA and VA programs have their own net-benefit rules.Less paperwork 🔒ARM-to-Fixed RefinanceSwap an adjustable-rate mortgage for a fixed rate before it resets higher. The goal here is payment certainty, not always the lowest rate.Stability 15-Year vs 30-Year Refinance: Which Saves More? A refinance can also be a tool to pay your home off faster. Shorter terms come with lower rates but higher monthly payments. Here's the trade-off on a $300,000 balance: OptionRateMonthly P&ITotal interestInterest vs keeping 7.50% loan Keep current 30-yr7.50%$2,098$455,152100% Refinance to 30-yr6.25%$1,847$364,97580% Refinance to 15-yr5.875%$2,511$152,04433% Illustrative rates. Totals assume each loan runs its full term with no extra payments, and exclude closing costs. The 15-year option costs about $413 more per month than your current loan, but cuts total interest by roughly $300,000. If that payment is too tight, a middle path works too: refinance into a 30-year for flexibility, then pay extra principal whenever you can. ⚠️ Watch the reset trap If you're 8 years into a 30-year mortgage and refinance into a new 30-year loan, you'll be paying for 38 years total. A lower payment can still mean more lifetime interest. Set "Years left on loan" accurately in the calculator to see the real comparison. When Refinancing Probably Isn't Worth It 🚚You'll move before break-evenIf you're likely to sell within your break-even window, you'll pay closing costs without recovering them. ⏳You're far into your loanLate in a mortgage, most of each payment already goes to principal. Restarting the clock can cost more interest overall. 📊Your credit has droppedA lower score can mean a higher rate offer that wipes out the savings. Improving your score first may get you a better deal. 🏚️You have little equityWith under 20% equity on a conventional loan, you may pay PMI on the new mortgage, which eats into your savings. 8 Tips to Get the Best Refinance Deal Get at least three Loan EstimatesRates and fees vary meaningfully between lenders for the same borrower. Comparing standardized Loan Estimates side by side is the fastest way to save. Shop within a short windowCredit scoring models generally treat multiple mortgage inquiries in a short period (typically 14–45 days) as one, so rate-shopping won't stack up hits to your score. Start with your current lenderYour existing servicer may waive or reduce some fees to keep your business — then use that offer as leverage with other lenders. Boost your credit score firstPaying down credit card balances before you apply can push you into a better pricing tier. Run the numbers on pointsPaying points lowers your rate but raises upfront costs. Points only pay off if you keep the loan well past the points' own break-even. Ask for a title reissue rateIf you bought or refinanced recently, many title insurers offer a discounted reissue rate. You often have to ask for it. Weigh no-closing-cost offers carefullyThey usually mean a higher rate (often about 0.25%–0.50% more) or a bigger balance. Smart if you'll move or refinance again soon; costly if you stay long-term. Lock your rate when the numbers workRates change daily. Once your break-even fits your plans, lock rather than gambling on a further drop. Mortgage Refinance FAQ How much does my rate need to drop to make refinancing worth it?There's no fixed number. The "1% rule" is a rough guide, but what really matters is your break-even point — closing costs divided by monthly savings. If you'll stay in the home longer than that, even a 0.5%–0.75% drop can pay off. How much does it cost to refinance a mortgage?The CFPB's rule of thumb is 2% to 5% of the loan amount. Actual costs vary widely by state and lender: some states average under 1%, while high-tax states like New York run much higher. Your Loan Estimate shows the exact figure. What is a refinance break-even point?It's the number of months it takes for your monthly savings to repay your closing costs. Example: $6,000 in costs ÷ $200 a month in savings = 30 months. Does refinancing restart my loan?Yes. A refinance is a brand-new loan, so a new 30-year term starts the clock over. Choose a shorter term or make extra principal payments to avoid paying more interest overall. Is a no-closing-cost refinance really free?No. The costs are either added to your loan balance or covered by the lender in exchange for a higher rate. It can make sense if you expect to move or refinance again within a few years. Will refinancing hurt my credit score?Usually only slightly and temporarily, from the hard inquiry and new account. Rate-shopping with several lenders within a short window is generally counted as one inquiry. The Bottom Line A lower rate is only half the story. The right refinance is the one where your break-even comes well before you plan to move and your lifetime interest goes down, not just your monthly payment. Plug in a real Loan Estimate above, compare a couple of terms, and you'll know within minutes whether refinancing is a smart move for you. Disclaimer: This calculator and article are for educational purposes only and are not financial advice or a loan offer. Rate figures reflect publicly reported quotes in early October 2026 and change daily; examples use illustrative rates. Actual rates, fees, and eligibility depend on your credit, equity, loan type, and location. Consult a licensed mortgage professional before refinancing.

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