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Easily compare your current mortgage to a new loan and see exactly how much you could save. Our refinance home loan calculator shows your old and new monthly payments, total interest savings, break-even point, and new payoff date — all in seconds.
Whether you want to lower your interest rate, reduce your term, or switch to a fixed-rate mortgage, this tool gives you a clear side-by-side comparison. Just enter your current balance, interest rate, and years remaining, then add your potential new loan details.
1. What is a refinance home loan calculator?
It’s a tool that compares your current mortgage to a new loan, showing monthly payment changes, interest savings, and the break-even point where your savings outweigh refinancing costs.
2. How does refinancing save me money?
Refinancing to a lower interest rate or shorter term can reduce your total interest paid and sometimes lower your monthly payments. However, savings depend on your loan balance, rate change, and closing costs.
3. What is the break-even point in refinancing?
The break-even point is the time it takes for your savings from lower payments to cover the upfront costs of refinancing. Our calculator shows this automatically.
4. Does the calculator include closing costs?
Yes — you can enter your estimated closing costs, and the calculator factors them into your break-even and savings results.
5. Can I see an amortization schedule for the new loan?
Yes — you’ll get a month-by-month breakdown of principal, interest, and balance so you can plan ahead.
6. When should I consider refinancing?
Most homeowners refinance when rates drop significantly below their current mortgage rate, or to switch from an adjustable-rate to a fixed-rate loan, or to shorten their term.