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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.

How It Works

Refinance comparison

Your current loan, the new loan terms, closing costs & optional cash-out

1Current loan
2New loan & options
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How This Mortgage Refinance Calculator Works

Our refinance calculator compares your current mortgage to a new loan to determine if refinancing makes financial sense. It factors in interest rates, terms, closing costs, cash-out options, and extra principal payments.

What We Compare

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

Methodology

We build amortization schedules for both loans to track balance and interest over time. Monthly payments use the standard formula: PMT = P × [r(1+r)n] / [(1+r)n − 1], where P = principal, r = monthly rate, n = number of payments.

Results

  • Monthly payment comparison
  • Total interest and cost analysis
  • Break-even point (when savings exceed closing costs)
  • Total potential savings over the loan life

When to Consider Refinancing

  • Interest rates are at least 0.5% lower
  • You plan to stay past the break-even point
  • You want to change loan term or access home equity
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