Financial Calculators
Mortgage Refinance Calculator
Compare your current mortgage with refinance terms to see monthly savings, break-even point, and total interest impact locally in your browser.
Enter your current mortgage details and the proposed refinance terms to see monthly savings, break-even point, and total interest impact. This calculator runs privately in your browser; your numbers are not uploaded or stored.
See whether refinancing saves money before you apply.
Enter your current loan balance, rate, and remaining term plus the proposed refinance rate, term, and closing costs. The calculator estimates current and new monthly payments, monthly savings, break-even time, and total interest impact using fixed-rate amortization. This private browser estimate does not include taxes, insurance, fees beyond closing costs, or adjustable rates and is not financial advice; your values are not uploaded or stored.
Frequently Asked Questions
Everything you need to know about this tool, how it works, and privacy.
How does the mortgage refinance calculator work?
Enter your current loan balance, annual rate, and remaining term in years, plus the proposed refinance rate, term, and closing costs. The calculator uses fixed-rate amortization for both loans to show the current monthly payment, new monthly payment, monthly savings, break-even point, and total interest impact. For example, refinancing a 250,000 balance from 6.5% to 5.5% can lower the monthly payment, with closing costs recovered after the break-even period.
What is the break-even point?
The break-even point is closing costs divided by monthly savings. It tells you how many months of lower payments it takes to recover the refinance closing costs. If there are no monthly savings, the calculator reports that refinancing never breaks even with these numbers.
Which inputs are accepted?
Enter a loan balance greater than zero, rates from 0% through 20%, terms greater than zero through 40 years, and closing costs of zero or more. Missing or non-numeric entries show a clear error instead of a result.
Do my values stay private, and is this financial advice?
Yes. The calculation and copy action run locally in your browser, and CodeASystem does not upload or store the values you enter. This is a general planning estimate, not financial advice; confirm rates, fees, taxes, insurance, and loan terms with your lender.