Free Mortgage Refinance Calculator
Compare your current mortgage payment to a new loan and see how many months it takes to break even on closing costs.
Estimates only, not financial advice. Get a Loan Estimate from a lender before deciding.
Current loan
New loan
Frequently Asked Questions
How is the break-even time calculated?
Break-even time is your closing costs divided by your monthly payment savings — the number of months it takes for the new loan's lower payment to recoup what you paid to refinance.
What is a cash-out refinance?
A cash-out refinance replaces your mortgage with a larger loan and gives you the difference in cash, using your home equity as collateral. Enter a cash-out amount to see how it affects your new payment.
What if my new payment is higher than my current one?
That can happen with a shorter term, a cash-out amount, or rates that haven't dropped enough — in that case there's no monthly break-even, though a shorter term can still save significant interest over the life of the loan.
Does this include closing costs?
Yes — enter your estimated closing costs and the calculator uses them to find your break-even point. Typical refinance closing costs run a few thousand dollars; ask your lender for an exact estimate.
Is this financial advice?
No — this is an estimate for planning purposes only, not financial advice. Get a Loan Estimate from a lender before deciding to refinance.