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Refinance Calculator
Compare refinancing options
How It Works
Free refinance calculator to analyze whether refinancing a mortgage makes financial sense based on interest rates, closing costs, and loan terms.
Refinancing involves taking out a new loan to pay off an existing mortgage. Homeowners typically refinance to secure a lower interest rate, reduce their monthly payment, shorten the loan term, switch from an adjustable-rate mortgage (ARM) to a fixed-rate mortgage, or access home equity through a cash-out refinance.
The key consideration when refinancing is whether the savings from the new loan outweigh the closing costs. The breakeven point—the time it takes for monthly savings to exceed the refinancing costs—is a critical metric. If you plan to stay in the home beyond the breakeven point, refinancing may be worthwhile.
Other factors to consider include your current and new interest rates, the remaining loan term, your credit score (which affects the new rate you qualify for), and any prepayment penalties on the existing loan.
Results
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Quick Tips
- • Results update automatically as you type
- • Use Tab to navigate between fields
- • Press Enter to calculate