Overview
What Is a Refinance Calculator?
This tool compares your current loan payment to a potential refinanced loan's payment, helping evaluate potential savings.
Compare your current loan to a refinanced option.
Current Loan
New Loan
This tool compares your current loan payment to a potential refinanced loan's payment, helping evaluate potential savings.
Useful for evaluating whether refinancing at a new rate or term makes financial sense.
Input your remaining balance and current rate.
Input the potential refinance rate and term.
Old vs new monthly payment updates automatically.
No, this compares monthly payments only - factor in closing costs separately for a complete refinancing decision.
Divide your closing costs by your monthly payment savings to find how many months until refinancing pays for itself.
Not necessarily if it comes with a longer term - compare total interest paid over the loan's life, not just monthly payment.
Generally when the rate reduction and resulting savings outweigh closing costs within your expected time in the home/loan.
No, calculations happen entirely in your browser.
Yes, the same payment comparison math applies to any refinanced loan type.
This can increase monthly payment but reduce total interest - depends on your financial goals and budget.
Adjust the new loan amount field to reflect any changes, like cash-out refinancing.
No, this is an estimation tool - consult a mortgage professional or financial advisor for personalized guidance.
Yes, completely free with no sign-up required.