Refinance Savings Calculator
Enter your current mortgage details, new rate, and closing costs to instantly see monthly savings, total interest savings, and how many months until you break even.
Use the Refinance Savings Calculator
Current Mortgage
New Loan Details
Fill in the fields and click Calculate Savings to see your results.
Monthly Savings
—
Break-Even Point
—
Total Interest Saved
—
Net Lifetime Savings
—
(after closing costs)
Payment Comparison
| Metric | Current Loan | New Loan |
|---|
Summary
This refinance savings calculator compares your current mortgage against a new loan to show exactly how much you save per month and over the life of the loan. Enter your remaining balance, current interest rate, remaining term, and the new rate and term you are considering. Add closing costs to get the break-even period — the number of months you must stay in your home before the savings outweigh the upfront refinancing expense.
How it works
- Enter your current loan balance, interest rate, and remaining term in months.
- Enter the new interest rate and new term you are considering.
- Enter estimated closing costs (typically 2–5% of the loan balance).
- The calculator computes monthly payments for both loans using the standard amortization formula.
- It subtracts the new payment from the current payment to get your monthly savings.
- Break-even point = closing costs divided by monthly savings.
Use cases
- Decide whether a lower interest rate justifies refinancing costs.
- Compare a 30-year refinance vs. a 15-year refinance.
- Estimate how long you need to stay in your home to recoup closing costs.
- Evaluate cash-out refinance affordability.
- Plan ahead for an upcoming rate-lock expiry.
- Compare multiple lender offers side by side.
- Understand total interest paid over the new loan life.
- Assess impact of extending or shortening the remaining term.