Would refinancing your mortgage actually save money?

Compare current and refinanced costs and estimate break-even time.

When this calculator is useful

Compare the current mortgage with a proposed refinance using the remaining balance, both interest rates, new term and upfront closing costs.

What to enter

Enter remaining balance, current rate and months remaining, then the new rate, new term and closing costs paid upfront.

How to read the result

Compare current modeled principal and interest with the new payment and use the savings and cost figures to judge whether the refinance has enough time to recover its upfront costs.

Questions worth testing

Test a lower new rate, a shorter new term or higher closing costs, especially if you may move or repay the loan early.