Refinance Calculator
Analyze savings, break-even point, and PMI impact
Loan Details
Using This Calculator
We compare your current loan against a potential new loan. Points are fees paid to lower your interest rate (1 point = 1% of loan).
Break-Even Analysis
Shows cumulative cost of both loans over time. The crossing point is your break-even.
Results
Total cost difference
It will take 26 months to recover costs.
Helpful Guides
How to Use Our Refinance Calculator
Our free refinance calculator helps you decide if refinancing is the right financial move. Simply enter your current loan details (balance, rate, time remaining) and compare them with a new loan offer. The calculator analyzes your monthly savings, total costs including closing fees and points, and determines your break-even point.
Frequently Asked Questions
How is refinance savings calculated?
We calculate savings by comparing your current loan's total monthly cost (including principal, interest, taxes, insurance, and PMI) against the new loan's total cost. We also calculate "lifetime savings" by comparing the total interest and fees you would pay on your current loan versus the new one over the full term.
What are 'Points' on a mortgage?
Discount points (or "points") are fees paid directly to the lender at closing in exchange for a reduced interest rate. One point costs 1% of your mortgage amount. Paying for points (also known as "buying down the rate") can save you money over the life of the loan if you plan to stay in the home for a long time.
Will refinancing remove my PMI?
It might! If your home's value has increased since you bought it, refinancing might lower your Loan-to-Value (LTV) ratio below 80%. If your new loan amount is less than 80% of your home's current value, you typically won't have to pay Private Mortgage Insurance (PMI) on a conventional loan.
Should I roll closing costs into the loan?
Rolling closing costs into your loan avoids paying thousands of dollars upfront, but it increases your loan balance and monthly payment. You'll also pay interest on those closing costs for the life of the loan. It's often better to pay upfront if you can afford it, but rolling them in is a common strategy to maximize cash flow.
What is a 'No-Cost' refinance?
A "no-cost" refinance usually means the lender charges a slightly higher interest rate in exchange for paying your closing costs for you (lender credits). While you save cash upfront, you'll pay more in interest over time. Use this calculator to compare a standard loan vs. a "no-cost" higher-rate loan to see which wins in the long run.