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.
- 30yr Fixed6.51%
- 15yr Fixed5.84%
- 5/1 ARM6.47%
- 2yr Fixed5.68%
- 5yr Fixed5.63%
- Tracker3.96%
- Variable6.20%
- 2yr Fixed5.90%
- 5yr Fixed5.54%
- Variable5.95%
Rates shown are national averages for reference only. Actual rates vary by lender, credit score, and LTV. US 30/15-yr figures auto-refresh daily from the Freddie Mac PMMS public dataset.
Inputs
Where the blue line drops below the red line is when the refinance pays off overall (including the payoff balance).
| # | 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.