Refinance Calculator
See if refinancing your mortgage is worth the closing costs.
Interactive calculator
$
%
%
years
$
Result
New monthly payment
$1,679
Monthly savings
$279
Break-even
Months to recoup closing costs
17.9 mo
What it is
Refinancing replaces your existing mortgage with a new one — usually to lower the rate. The trick is making sure you'll stay in the home past the break-even.
The formula
Break-even (months) = closing costs ÷ monthly savings
Why it matters
Understanding refinance calculator helps you make a better-informed decision before you commit money or time.
Worked examples
Try the example
Use the defaults above as a starting point — then adjust the inputs to match your situation.
Common pitfalls
- Double-check the units on every input — most errors come from mixing units.
- Round at the end, not in the middle of the formula.
Frequently asked questions
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