Refinance Calculator
Enter your current loan details and the new terms you are considering to see how much you could save by refinancing.
Refinance Savings
Comparing your current 7.5% loan with 27 years remaining to a new 30-year loan at 6.5% with $6,000 in closing costs.
How the Refinance Calculator Works
This calculator compares your current monthly payment to a new payment based on the rate and term you enter. It factors in closing costs to calculate a realistic break-even point and shows total savings over the full life of the new loan.
The break-even point tells you how many months of savings it takes to recover the upfront closing costs. If you plan to stay in the home past that point, refinancing puts money back in your pocket.
These estimates are based on the inputs you provide. Your actual savings will depend on your credit profile, property value, and the specific loan program. Contact us for a personalized refinance analysis.
Frequently Asked Questions
Refinancing generally makes sense when you can lower your rate by at least 0.5% to 0.75%, plan to stay in the home long enough to recoup closing costs (the break-even point), or need to change your loan terms — for example, switching from a 30-year to a 15-year mortgage.
The break-even point is the number of months it takes for your monthly savings to offset the closing costs of the refinance. If you plan to stay in the home longer than the break-even point, refinancing saves you money overall.
Refinance closing costs typically range from 2% to 5% of the loan amount. On a $300,000 loan, that is $6,000 to $15,000. Costs include appraisal, title insurance, origination fees, and recording fees.
Yes. Direct lenders handle the entire refinance process in-house — application, appraisal coordination, underwriting, and funding. This typically results in faster closings and lower costs compared to going through a broker.