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🔄 Mortgage Refinance Calculator
Enter your current loan balance, rate, and remaining term. Enter new rate + closing costs. We compute the monthly savings, lifetime interest savings, and how many months you need to stay in the home before the refi pays off.
Examples
$350k @ 7% → 6%, $5k closing, 28 yr remainingSave ~$240/mo · Break-even 21 months · Save ~$72k over life$300k @ 6.5% → 6.0%, $4k closingSave ~$100/mo · Break-even 40 months — only worth it if you stay longFrequently asked questions
When is refinancing worth it?
Rule of thumb: rate drops 0.75-1%+ AND you plan to stay in the home longer than the break-even period.
What are typical closing costs?
2-5% of loan amount. $4-10k for a typical mortgage. Some lenders offer "no closing cost" refis but the rate is slightly higher.
Cash-out refinance vs HELOC?
Cash-out refi replaces your whole mortgage at the new rate. HELOC keeps the original mortgage and adds a second loan. HELOCs are usually variable-rate.
About this calculator
Mortgage Refinance Calculator runs entirely in your browser using standard formulas. No data is sent to any server. We don't share your inputs with lenders, brokers, or anyone else — there's no funnel and no follow-up email.
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Why this calculator
vs typical free finance-calculator sites
| RichCalcs | Typical free site | |
|---|---|---|
| Price | Free | Free |
| Signup required | No | Often (for full results) |
| Ads inside the calculator | No | Yes (banner + sidebar) |
| Lead capture (email / phone) | No | Yes — sold to lenders |
| Data sent to server | No (browser-only) | Yes (analytics + tracking) |
| Amortization schedule | Full table | Often summary only |
| Bookmarkable URL per calc | Yes | Mixed |
| Loads in under 1s | Yes (static) | Often slow (ad tracking) |
| Open source | Yes | No |