Mortgage Refinance Calculator

Compare your current mortgage with refinancing options to see potential savings, break-even analysis, and determine if refinancing makes sense for your situation.

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Savings Analysis

Calculate monthly and total interest savings from refinancing

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Break-Even Point

Find out when your refinancing costs will be recovered

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Cash-Out Option

Analyze cash-out refinancing to access your home equity

Current Loan Details

$

Remaining balance on your current mortgage

%

Your current mortgage interest rate

months

Approximately 25 years remaining

New Loan Terms

%

Interest rate for the new loan

years

Term for the new loan

$

Total closing costs for refinancing

Cash-Out Refinance

Refinance Analysis

Enter your current and new loan details to analyze refinancing benefits.

When to Refinance

✅ Good Times to Refinance

  • Interest rates have dropped significantly (0.5-1% or more)
  • Your credit score has improved substantially
  • You want to switch from ARM to fixed-rate
  • You need to remove PMI or change loan terms
  • You want to access home equity (cash-out)

❌ When to Avoid Refinancing

  • You plan to move within 2-3 years
  • Closing costs exceed potential savings
  • Your credit score has decreased
  • You're near the end of your current loan term
  • Current market rates are higher than your rate

Refinancing Costs

💡 Typical Closing Costs

  • Application fee: $300-500
  • Appraisal fee: $400-600
  • Origination fee: 0.5-1% of loan amount
  • Title insurance: $500-1,500
  • Attorney fees: $500-1,000
  • Recording fees: $100-300

🔍 Ways to Reduce Costs

  • Shop around with multiple lenders
  • Negotiate or waive certain fees
  • Consider no-closing-cost refinance options
  • Use your current lender (streamline refinance)
  • Time your closing to minimize prepaid interest

📊 Break-Even Rule

A good rule of thumb: if you'll break even within 2-3 years and plan to stay in your home longer than that, refinancing likely makes sense.

Types of Refinancing

🔄 Rate-and-Term Refinance

Change your interest rate, loan term, or both without taking cash out.

  • Lower monthly payments
  • Reduce total interest paid
  • Switch from ARM to fixed rate
  • Change loan term (15 vs 30 years)

💰 Cash-Out Refinance

Borrow more than you owe and receive the difference in cash.

  • Access home equity
  • Consolidate high-interest debt
  • Fund home improvements
  • Cover major expenses

⚡ Streamline Refinance

Simplified refinance process with reduced documentation requirements.

  • FHA, VA, or USDA loans
  • Faster approval process
  • Lower closing costs
  • No appraisal required (sometimes)

Related Calculators

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Affordability Calculator

Determine how much house you can afford with your new loan terms

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Extra Payment Calculator

See how extra payments on your new loan can save time and interest

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Loan Comparison

Compare multiple refinancing scenarios side-by-side