Refinance Calculator
Calculate mortgage refinance savings, monthly payment reduction, break-even months, and total interest saved.
Current Loan
Months left on current loan
New Loan
Typically 2–5% of loan amount
Current Monthly Payment
$2,069.18
New Monthly Payment
$1,724.01
Monthly Savings
$345.17
per month
Break-even Period
15 months
≈ 1.3 years
Total Cost Comparison
| Metric | Current Loan | After Refinance | Difference |
|---|---|---|---|
| Monthly Payment | $2,069.18 | $1,724.01 | +$345.17 saved |
| Total Interest | $340,752.59 | $340,642.94 | +$109.65 saved |
| Closing Costs | $0.00 | $5,000.00 | $5,000.00 cost |
| Total Cost | $620,752.59 | $625,642.94 | $4,890.35 cost |
Refinance Calculator — Break-even, Monthly Savings & Total Interest
A mortgage refinance replaces your existing loan with a new one, typically to lower your interest rate, reduce monthly payments, or change the loan term. The break-even point is how many months it takes for your monthly savings to exceed the closing costs (typically $3,000–$8,000 or 2–5% of the loan). General rule: if your new rate is at least 0.5–1% lower and you plan to stay in the home beyond the break-even period, refinancing makes financial sense. A 30-year to 15-year refinance increases monthly payments but dramatically reduces total interest paid. Always request a Loan Estimate from at least three lenders to compare rates and fees.