Estimate Your Mortgage Refinance Savings

Refinancing replaces your current mortgage with a new one — usually to lower your interest rate, reduce your monthly payment, change your loan term, or pull cash out of your home equity. Whether it makes sense depends on your rate difference, closing costs, and how long you plan to stay in the home.

Enter your current loan details and a possible new rate and term. The calculator estimates your new monthly payment, your monthly and lifetime savings, and how many months it would take to break even on closing costs.

• Your current loan balance
• Your current interest rate and monthly payment
• Years remaining on your current mortgage
• A new refinance rate and loan term you are considering
• Estimated closing costs (often 2%–5% of the loan)
• Any optional cash-out amount you are considering

Closing costs include lender fees, title fees, appraisal, and other items. They directly affect how long it takes for your monthly savings to pay back the cost of refinancing — known as the break-even point.

If your break-even point is longer than you plan to keep the loan, or if extending your term increases the total interest you pay, refinancing may not save you money overall — even with a lower rate.