Keyword focus: refinance mortgage calculator
Refinance Mortgage Calculator
See whether a refi saves you money and when the closing costs pay for themselves.
Enter your current balance, interest rate, and new offer to compare monthly costs.
Rates move fast. This page walks you through the key refinance metrics so you can decide whether now is the time to reset your mortgage.
What to review
- Compare your current payment against the new rate and term.
- Estimate refinance closing costs and calculate the break-even month.
- Project future savings if you make extra principal payments.
Quick tips
- Check your credit score
- Refinance offers depend heavily on your credit profile. Pull a report before you start comparing lenders.
- Watch total interest
- Stretching the term lowers monthly payments but can increase total interest. Use the schedule view to inspect the trade-off.
- Account for taxes and insurance
- If you escrow, enter the annual tax and insurance amounts so your new payment estimate is complete.
Common questions
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When does a refinance make sense?
If you can lower your rate by 0.5% or more and plan to stay in the home beyond the break-even month, a refinance often pays off. The calculator highlights that break-even point.
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Do refinance costs always roll into the loan?
Not necessarily. You can pay them upfront or roll them into the balance. Model both options by adjusting starting balance and cash at closing.
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Can I shorten my loan term?
Yes. Switching from a 30-year to a 15-year term usually increases monthly payments but slashes total interest. Enter the shorter term to see the impact instantly.