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Mortgage Refinance Calculator

See exactly how much a refinance saves per month, when you break even on closing costs, and whether it wins over your realistic time horizon.

Instant results Private — runs in your browser Updated October 2026

USALive

Refreshed daily from Freddie Mac PMMS (weekly survey) · data as of October 15, 2026

30yr Fixed
7.40%
15yr Fixed
6.71%

UKUpdated monthly

Updated monthly from Bank of England (IADB) · latest data September 30, 2026

BoE Bank Rate3.75%

2yr Fixed (75% LTV)
5.13%
5yr Fixed (75% LTV)
4.98%
Standard Variable
6.58%

Euro areaUpdated monthly

Updated monthly from ECB Data Portal · latest data August 2026

ECB Deposit Rate2.50%

Avg new home loan (ECB MIR)
3.60%
12M Euribor (2026-09 avg)
3.25%

AUSUpdated monthly

Updated monthly from Reserve Bank of Australia (F5/F1.1) · latest data September 30, 2026

Standard Variable
8.77%
Discounted Variable
6.80%
3yr Fixed
7.02%

CANReference

Reference figure (hand-reviewed June 2026) — not auto-fetched

BoC Rate2.75%

5yr Fixed
5.54%
Variable
5.95%

Rates shown are national averages for reference only. Actual rates vary by lender, credit score, and LTV. US 30/15-yr figures come from the Freddie Mac PMMS public dataset. UK (Bank of England), Euro area (ECB) and Australia (RBA) figures come from official statistics that publish monthly, so they lag by several weeks; each card shows its own latest period. If a source can't be reached, the card keeps the last figures it fetched successfully. Canada is a reference figure only. Countries without one credible national benchmark (e.g. India, where lender rates span roughly 7%–12%+) are intentionally not shown.

Inputs

Currency

Current loan

Current balance

Current home value (estimate)Used for LTV & underwater check

Current interest rate

Years remaining on current loan

New loan

New interest rate

New term

Cash-out amount

Closing costs

Roll closing costs into new loan

How long will you stay? (years)

Monthly savings

$336.05

New P&I $1,970.30 vs current $2,306.35

New monthly P&I

$1,970.30

Break-even

15 mo (1.3 yr)

Months for savings to recoup closing costs

Lifetime interest savings

$32,950.63

Old interest − new interest − closing

Net over 7 yr

$21,412.91

Positive means refinance wins

New loan principal

$320,000.00

Balance + cash-out

Upfront cash needed

$5,000.00

Paid at closing

New loan-to-value (LTV)

80.0%

Below 80% — no PMI required

Old vs new — cumulative cost + remaining balance

Where the blue line drops below the red line is when the refinance pays off overall (including the payoff balance).

New loan amortization

Amortization schedule (first 60 of 360)

#	Payment	Principal	Interest	Balance
1	$1,970.30	$303.63	$1,666.67	$319,696.37
2	$1,970.30	$305.21	$1,665.09	$319,391.16
3	$1,970.30	$306.80	$1,663.50	$319,084.36
4	$1,970.30	$308.40	$1,661.90	$318,775.97
5	$1,970.30	$310.00	$1,660.29	$318,465.96
6	$1,970.30	$311.62	$1,658.68	$318,154.34
7	$1,970.30	$313.24	$1,657.05	$317,841.10
8	$1,970.30	$314.87	$1,655.42	$317,526.23
9	$1,970.30	$316.51	$1,653.78	$317,209.72
10	$1,970.30	$318.16	$1,652.13	$316,891.56
11	$1,970.30	$319.82	$1,650.48	$316,571.74
12	$1,970.30	$321.48	$1,648.81	$316,250.25
13	$1,970.30	$323.16	$1,647.14	$315,927.10
14	$1,970.30	$324.84	$1,645.45	$315,602.25
15	$1,970.30	$326.53	$1,643.76	$315,275.72
16	$1,970.30	$328.23	$1,642.06	$314,947.49
17	$1,970.30	$329.94	$1,640.35	$314,617.54
18	$1,970.30	$331.66	$1,638.63	$314,285.88
19	$1,970.30	$333.39	$1,636.91	$313,952.49
20	$1,970.30	$335.13	$1,635.17	$313,617.37
21	$1,970.30	$336.87	$1,633.42	$313,280.49
22	$1,970.30	$338.63	$1,631.67	$312,941.87
23	$1,970.30	$340.39	$1,629.91	$312,601.48
24	$1,970.30	$342.16	$1,628.13	$312,259.32
25	$1,970.30	$343.94	$1,626.35	$311,915.37
26	$1,970.30	$345.74	$1,624.56	$311,569.64
27	$1,970.30	$347.54	$1,622.76	$311,222.10
28	$1,970.30	$349.35	$1,620.95	$310,872.75
29	$1,970.30	$351.17	$1,619.13	$310,521.59
30	$1,970.30	$353.00	$1,617.30	$310,168.59
31	$1,970.30	$354.83	$1,615.46	$309,813.76
32	$1,970.30	$356.68	$1,613.61	$309,457.08
33	$1,970.30	$358.54	$1,611.76	$309,098.54
34	$1,970.30	$360.41	$1,609.89	$308,738.13
35	$1,970.30	$362.28	$1,608.01	$308,375.85
36	$1,970.30	$364.17	$1,606.12	$308,011.68
37	$1,970.30	$366.07	$1,604.23	$307,645.61
38	$1,970.30	$367.97	$1,602.32	$307,277.63
39	$1,970.30	$369.89	$1,600.40	$306,907.74
40	$1,970.30	$371.82	$1,598.48	$306,535.93
41	$1,970.30	$373.75	$1,596.54	$306,162.17
42	$1,970.30	$375.70	$1,594.59	$305,786.47
43	$1,970.30	$377.66	$1,592.64	$305,408.82
44	$1,970.30	$379.62	$1,590.67	$305,029.19
45	$1,970.30	$381.60	$1,588.69	$304,647.59
46	$1,970.30	$383.59	$1,586.71	$304,264.00
47	$1,970.30	$385.59	$1,584.71	$303,878.41
48	$1,970.30	$387.59	$1,582.70	$303,490.82
49	$1,970.30	$389.61	$1,580.68	$303,101.21
50	$1,970.30	$391.64	$1,578.65	$302,709.56
51	$1,970.30	$393.68	$1,576.61	$302,315.88
52	$1,970.30	$395.73	$1,574.56	$301,920.15
53	$1,970.30	$397.79	$1,572.50	$301,522.35
54	$1,970.30	$399.87	$1,570.43	$301,122.49
55	$1,970.30	$401.95	$1,568.35	$300,720.54
56	$1,970.30	$404.04	$1,566.25	$300,316.50
57	$1,970.30	$406.15	$1,564.15	$299,910.35
58	$1,970.30	$408.26	$1,562.03	$299,502.09
59	$1,970.30	$410.39	$1,559.91	$299,091.70
60	$1,970.30	$412.53	$1,557.77	$298,679.17

How to use this calculator

Enter your current balance, rate, and years remaining.
Enter the new rate, term, and any cash you want to take out.
Enter closing costs and choose whether to roll them into the loan.
Set your realistic time horizon — the calculator compares scenarios out to that year.

How it works

Monthly savings = current P&I − new P&I.

Break-even = upfront closing costs ÷ monthly savings. Past this month cumulative savings exceed what you paid to refinance.

Horizon net = (old total paid + old balance) − (new total paid + new balance + upfront cost) − any cash pulled out. Cash-out isn't savings, so it's subtracted for a fair comparison.

Lifetime interest savings = old total interest − new total interest − closing costs (when paid up-front).

Frequently asked questions

When does refinancing actually pay off?

When (a) the new rate is meaningfully lower — usually 0.5–1 percentage point at minimum — AND (b) you'll stay in the home past the break-even month. Both must be true.

What's a good break-even period?

Under 3 years is strong. 3–5 years is fine if you're confident you'll stay. Over 5 years, run the numbers carefully; life plans change.

Should I roll closing costs into the loan?

Rolling them in preserves cash but grows the balance and adds decades of interest on those costs. If you have the cash and plan to stay, paying up-front usually wins.

Does resetting to a 30-year term hurt me?

It cuts the payment but restarts the amortization clock — you pay far more interest overall. Consider a 15- or 20-year refinance if you can handle the payment.

Is cash-out refinancing a good idea?

It can be, if you're paying off higher-rate debt or funding an appreciating investment. Just remember the cash isn't 'free' — you're paying mortgage interest on it for the entire new term.

What about PMI on the new loan?

If your new balance (with any cash-out) exceeds 80% of the home's current appraised value, you'll owe PMI on the refinance until you're back below 80% LTV.

Does this account for tax deductions?

No — the mortgage interest deduction only benefits filers who itemize, and the value depends on your marginal tax bracket. Treat the pre-tax numbers as your baseline.

How accurate is the 'years remaining' input?

Use the exact months-remaining from your current mortgage statement for best accuracy. An estimate within a year or two is fine for planning.