Should You Refinance?

Considering refinancing your mortgage? Our smart Refinance Calculator helps you compare your current loan to a new one, factoring in interest rates, terms, closing costs, cash out, and more. Instantly see your new payment, total savings, break-even point, and whether refinancing is truly worth it for you.

Get Started
Refinance illustration

Current Loan Information

Original Loan Amount
Original Interest Rate (%)
Original Loan Term (years)
Years Already Paid

Refinance Information

New Interest Rate (%)
New Loan Term (years)
Estimated Closing Costs
Cash Out
Extra Principal Payment
Wondering if you should keep or sell?

Compare the financial outcome of selling now vs. renting it out with our Sell vs Rent Calculator.

Try It Now
How This Calculator Works

Our Refinance Calculator helps you determine if refinancing your mortgage makes financial sense by comparing your current loan to a new one. It factors in interest rates, terms, closing costs, cash out options, and extra principal payments to give you a complete picture of potential savings.

The calculator uses real-world amortization schedules to track how your mortgage balance changes over time. It compares:

  • Current Loan: Original amount, interest rate, term, and years paid
  • New Loan: New interest rate, term, and closing costs
  • Options: Cash out amount or extra principal payments

Results show:

  • Monthly payment comparison
  • Total cost analysis
  • Break-even point
  • Total potential savings

When to Consider Refinancing
  • Interest rates are at least 0.5% lower
  • You'll stay in the home past the break-even point
  • You want to change your loan term or access home equity
Feedback & Comments
Sign in to post a comment.