Refinance Savings Calculator

See how much you could save by refinancing your mortgage. Compare your current loan to a new rate.

Current Mortgage

Remaining Balance

Outstanding principal on your current mortgage

Current Rate (%)

Your existing mortgage’s annual interest rate

Years Remaining

How many years are left on your current mortgage

New Loan Terms

New Rate (%)

The annual rate offered for your refinanced loan

New Loan Term

Length of your new mortgage after refinancing

Closing Costs

Fees for the new loan: appraisal, title, origination, etc.

Monthly Savings

$336.07/month

✅ Refinancing makes sense for you

Current Payment

Your current monthly mortgage payment

$1,925.88

New Payment

Your monthly payment after refinancing

$1,589.81

Break-Even

Months until savings cover closing costs

24 months

Net Savings (after costs)

Total interest saved minus closing costs

$43,654.39

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Is Refinancing Right for You?

Refinancing replaces your current mortgage with a new loan at a lower interest rate. While it can save hundreds per month, you need to factor in closing costs and how long you plan to stay in the home. Our calculator makes this analysis simple.

Types of Mortgage Refinancing

Rate-and-term refinancing lowers your interest rate or changes your loan term. Cash-out refinancing lets you borrow against your home equity. Streamline refinancing (FHA or VA) has simplified requirements. Each type serves different financial goals — our calculator helps you compare the numbers.

Frequently Asked Questions

When does it make sense to refinance?

Refinancing typically makes sense when you can lower your rate by at least 0.5–1%, plan to stay in the home past the break-even point, and closing costs are reasonable. Our calculator shows your exact break-even timeline.

What are typical refinance closing costs?

Closing costs for a refinance typically range from 2% to 5% of the loan amount. On a $250,000 loan, expect $5,000 to $12,500 in fees including appraisal, title insurance, and lender fees.

Can I refinance with bad credit?

It's possible but more difficult. FHA Streamline refinances have lenient credit requirements if you already have an FHA loan. For conventional loans, you generally need a credit score of 620+ to refinance, though rates improve significantly above 740.