Decide whether refinancing is worth it. Enter your remaining balance, the current and new rates and terms, and the closing costs, and the tool shows the monthly saving and how many months it takes to break even. These results are estimates for general information only and are not financial, investment or tax advice. Actual figures depend on the terms of your lender or provider and your local tax rules.
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How to Use the Refinance Calculator
Enter the remaining balance, the current rate and remaining term, the new rate and term, and the closing costs, then press Calculate.
What the numbers mean
Monthly saving is the current payment minus the new payment.
Break-even is the closing costs divided by the monthly saving.
The new loan is shown as worth refinancing if the monthly saving is positive and break-even falls within the new term.
Both total interest figures are shown, because a longer term can raise total interest even at a lower rate.
Tips
If there is no monthly saving, break-even is not reachable. Compare a shorter new term to lower total interest.
Features
Current versus new monthly payment
Monthly saving and break-even months after closing costs
Total interest for both loans and a simple verdict
Choose your currency and copy the result
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These results are estimates for general information only and are not financial, investment or tax advice. Actual figures depend on the terms of your lender or provider and your local tax rules.