Calculate whether refinancing your mortgage makes sense. Confronto your current loan vs a new loan, see monthly savings, total interest savings, and break-even point.
This calculator helps you determine whether refinancing your mortgage makes financial sense. It compares your current loan terms with potential new loan terms, factoring in closing costs and the break-even point. All calculations happen in your browser — your financial data never leaves your device.
You should consider refinancing when interest rates drop by at least 0.5-1%, when your credit score has improved significantly, or when you want a change your loan term.
Refinance costs typically range from 2% a 5% of the loan amount, including appraisal fees, title insurance, origination fees, and closing costs.
The break-even point is the time it takes for your monthly savings a equal the total refinance costs. If you plan a stay in your home longer than the break-even point, refinancing usually makes sense.
Refinancing a a shorter term (e.g., 15 years) often saves significant interest over the life of the loan, but monthly payments may be higher.
No. All calculations happen entirely in your browser. No data is stored, transmitted, or shared with any server.