How to use Refinance Calculator
- Enter your current loan details.
- Enter the new loan rate, term, and closing costs.
- Review monthly savings and break-even months.
Worked examples
Concrete numbers and cases you can check against the tool above.
$300,000 remaining, drop 7% β 6%, $4,000 closing costs
If the new payment saves $160/month, break-even is 4000/160 = 25 months. If you expect to sell in 18 months, the refinance loses. If you will keep the loan 7 years, savings can exceed costs β unless you extend the term and reset interest, which this comparison should show.
When to use Refinance Calculator
Refinancing only helps if monthly savings beat closing costs within a timeframe you will keep the loan. Break-even math prevents feel-good mistakes.
Common use cases
- Compare a lower-rate offer including fees.
- Estimate months to recover closing costs.
- See total interest differences vs your current loan.
- Decide whether a cash-out refinance changes the math.
Inputs and outputs
- Loan balances, rates, terms, and refinance fees
Privacy
This tool runs entirely in your browser. Your data never leaves your device β nothing is uploaded to our servers.
Frequently asked questions
- What is break-even?
- It is how long until monthly savings recover upfront refinance costs.
- Should I refinance if break-even is long?
- Only if you expect to keep the loan past break-even and the overall interest picture improves. This is not personalized advice.
- Is loan data uploaded?
- No.