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Refinance Calculator – Compares a current mortgage against a new loan ...

The Refinance Calculator compares a current mortgage against a new loan to see if refinancing saves money. This free Refinance Calculator gives you an instant, accurate result without requiring an account, spreadsheet, or financial expertise. Enter your numbers and see exactly what the formula produces.

The formula behind this calculator: Compares total remaining interest on the current loan to the new loan's payment plus closing costs, finding the break-even month. As a practical example: Refinancing $280,000 from 7% to 6% with $4,000 in costs typically breaks even in under 2 years. All results are calculated instantly in your browser — no data is stored or transmitted.

Refinance Calculator FAQ

What does the Refinance Calculator calculate?

Compares a current mortgage against a new loan to see if refinancing saves money.

Is the result an exact figure I can give to a lender?

No — it's an estimate based on the inputs provided. Actual loan terms, rates, and fees from a lender may differ. Use this to understand the range and compare options before applying.

What is the difference between fixed and variable rates?

Fixed rates stay constant for the loan term. Variable rates change with a benchmark rate (like SOFR), which can lower or raise your payment unpredictably.

Does this work on mobile?

Yes — fully responsive and optimised for smartphones, tablets, and desktop browsers.