About the Refinance Calculator
See if refinancing saves money: compare payments, break-even time and total interest. This tool is free, works in your browser and needs no sign-up.
How to use the Refinance Calculator
Enter your loan balance, current rate, years left, the new rate and term and the closing costs.
Formula used
Break-even months = closing costs ÷ monthly saving. Payment = L × r × (1 + r)^n ÷ ((1 + r)^n − 1) for both loans.
Example
With Current loan balance 250000, Current interest rate (% per year) 7.25, Years left on current loan 27, New interest rate (% per year) 6, New loan term (years) 30, the calculator shows: Current monthly payment = 1,760.48; New monthly payment = 1,525.86; Monthly savings = 234.63.
Frequently asked questions
How do I know if refinancing is worth it?
Check the break-even time. If you will keep the loan longer than the break-even months, refinancing usually saves money. Also compare total interest, not just the payment.
Is the Refinance Calculator free to use?
Yes. It is completely free and you can use it as many times as you like.
How accurate is the Refinance Calculator?
The calculator uses standard formulas, so the maths is exact. Real life results can differ because of fees, taxes, rounding or personal factors, so treat the answer as an estimate.
Do you store the numbers I enter?
No. All calculations run in your browser. The values you type are not sent to our server.
Disclaimer: results are estimates for information only. They are not financial, medical or professional advice.