Should You Refinance Your Mortgage Calculator


This calculator will help you to decide whether or not you should refinance your current mortgage at a lower interest rate. It quickly calculates monthly payment and net interest savings, along with how many months it will take to break even on the closing costs.

This calculator works for making an apples-vs-apples comparison between loan scenarios. If you want to withdrawal equity in a cash out refinance then use our LTV refi calculator to see how much equity you can extract & then calculate your new loan payments using our cash out refinance calculator.

Enter Existing Mortgage Info

Remaining mortgage balance:
Amount of your monthly principal & interest payment:
Mortgage interest rate (APR %):

Your Mortgage Refinance

Refinancing loan term in years:
Interest rate you will refinance at:
Discount points :
Loan origination points :
Other closing costs:
Would you like to finance the closing costs?

Your Monthly Payment Changes

New monthly payment after refinancing:
Monthly payment change:
Total closing costs:
Months for interest savings to offset closing costs:

Longterm Financing Costs

Remaining interest under your current mortgage:
Interest due under refinanced payment plan:
Interest saved by refinancing:
Net refinancing savings (interest savings less closing costs):

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