Mortgage Refinance Calculator
Closing costs are rolled into the new loan here. If the new payment is not lower, there is no month when the refinance pays for itself, and the page will not invent one.
Written for Equidwell and last checked in October 2026. We build the calculators on this site. We are not a lender, and this page is not advice for your loan.
How this calculator works
- The current payment amortizes today's balance over the years you have left.
- The new payment amortizes the balance plus closing costs at the new rate and term.
- Monthly savings are the old payment minus the new payment.
- Break-even months are closing costs divided by monthly savings, and only when savings are above zero.
A longer term can cut the payment and raise total interest
Starting the 30-year clock over can drop the required payment even when the rate barely moves. Look at the interest line before you celebrate. A longer life can cost more if you keep the loan.
A higher new payment has no break-even. Dividing costs by zero, or by a payment that went up, does not tell you when the refinance pays for itself.
Sources
Common questions
Does this include cash-out?
No. The new loan is the current balance plus the closing costs you enter. A cash-out refinance would start from a larger balance.
Are the rates live?
No. Enter the rate on your statement and the rate on a loan estimate.
Related calculators
- Mortgage Payment Calculator
Estimate a US mortgage payment with principal, interest, taxes, insurance, HOA, and PMI. See the payoff date and amortization schedule.
- Compare Mortgage Scenarios
Compare two or three mortgage offers side by side on payment, loan amount, interest, total cost, and payoff date.
- Closing Cost Calculator
Add up editable estimates for origination, appraisal, title, recording, and other closing costs. A state name labels the estimate only.
Longer guides on these topics are linked from the guides library.