Mortgage Refinance Calculator

The key metric is the break-even point: divide your closing costs by your monthly savings. If you plan to stay in the home longer than that number of months, refinancing saves you money. For example, $4,000 in closing costs with a $200/month savings breaks even in 20 months. If you stay 5+ years, you come out ahead by thousands.

A reduction of 0.5% to 1% or more is generally considered worthwhile for loans above $200,000. On smaller loans, the monthly savings may not cover closing costs within a reasonable timeframe. The calculator shows you the exact break-even for your specific situation, which is more reliable than any rule of thumb.

Rolling closing costs into the loan means you pay no money upfront, but you pay interest on those costs for the entire loan term. On a $4,000 closing cost at 6% over 30 years, you end up paying about $2,600 extra in interest. If you have cash available and plan to stay long-term, paying closing costs upfront is usually cheaper. If you're short on cash or may move soon, rolling them in can make sense.

Only if you choose a new 30-year term. If you've paid 5 years on a 30-year loan and refinance into another 30-year, you're extending your payoff date by 5 years. This lowers your monthly payment but may increase total interest paid even with a lower rate. Refinancing into a 20- or 25-year term keeps you on a similar timeline while still lowering your rate.

Typical refinance closing costs include loan origination fees (0.5–1% of loan amount), appraisal fees ($300–$600), title search and insurance ($500–$1,000), attorney fees (varies by state), and prepaid items like homeowners insurance and property tax escrow. Total closing costs usually run 2–5% of the loan amount. Many lenders offer 'no-closing-cost' refinances that roll fees into the rate instead.

Yes, completely. All calculations run entirely in your browser. No loan balances, interest rates, or personal details are ever sent to any server or stored outside your device. Your inputs are saved locally in your browser for convenience only.