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🔄 Mortgage Refinance Calculator

Enter your current loan balance, rate, and remaining term. Enter new rate + closing costs. We compute the monthly savings, lifetime interest savings, and how many months you need to stay in the home before the refi pays off.

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Examples

Drop 1% rate

Input$350k @ 7% → 6%, $5k closing, 28 yr remaining

OutputSave ~$240/mo · Break-even 21 months · Save ~$72k over life

Marginal refi

Input$300k @ 6.5% → 6.0%, $4k closing

OutputSave ~$100/mo · Break-even 40 months — only worth it if you stay long

Frequently asked questions

When is refinancing worth it?

Rule of thumb: rate drops 0.75-1%+ AND you plan to stay in the home longer than the break-even period.

What are typical closing costs?

2-5% of loan amount. $4-10k for a typical mortgage. Some lenders offer "no closing cost" refis but the rate is slightly higher.

Cash-out refinance vs HELOC?

Cash-out refi replaces your whole mortgage at the new rate. HELOC keeps the original mortgage and adds a second loan. HELOCs are usually variable-rate.

About this tool

Mortgage Refinance Calculator runs entirely in your browser using standard Web APIs. No data is sent to any server. The source for this tool is in our public GitHub repository.

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💳 Loan Amortization — Monthly payment, total interest, and full payment schedule for any loan.

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Why this tool

vs typical free web-tool sites

	1vw	Typical free site
Price	Free	Free
Signup required	No	Often (for premium features)
Ads inside the tool	No	Yes (banner + video)
Data sent to server	No (browser-only)	Yes (inputs analyzed for ads)
Total tools	96	Often <20 or scattered across sites
Bookmarkable URL per tool	Yes	Mixed
Loads in under 1s	Yes (static)	Often slow (ad tracking)
Multilingual	EN / ES / PT / FR / DE	Usually EN only
Open source	Yes	No