Compare your current loan against a refinance, including break-even point.
How to use this calculator
Every field updates the result as you type — there is no submit step. The inputs below are pre-filled with a realistic example so you can see how the tool behaves before entering your own figures.
| Field | Unit | What it means |
|---|---|---|
| Current balance | $ | Enter a numeric value. |
| Current rate | % | Enter a numeric value. |
| Months remaining | mo | Enter a numeric value. |
| New rate | % | Enter a numeric value. |
| New term | yrs | Enter a numeric value. |
| Closing costs | $ | Enter a numeric value. |
| Roll costs into the new loan | yes / no | Toggle this on to include it in the calculation. |
Worked example
Using the default values loaded into the calculator above, the result is:
| Input | Value |
|---|---|
| Current balance ($) | 280000 |
| Current rate (%) | 7.2 |
| Months remaining (mo) | 312 |
| New rate (%) | 5.9 |
| New term (yrs) | 30 |
| Closing costs ($) | 4500 |
| Roll costs into the new loan | yes |
| Output | Value |
|---|---|
| Monthly change | −$299.94 |
| Current payment | $1,987.41 |
| New payment | $1,687.47 |
| New loan amount | $284,500.00 |
| Interest left on current loan | $340,071.79 |
| Interest on new loan | $322,990.41 |
| Lifetime interest difference | $17,081.38 |
| Break-even | immediately (costs rolled in) |
Reading the result
Financial projections compound small assumption changes into large differences over time. Rates, fees and tax treatment vary by lender and jurisdiction, so treat the output as a well-structured estimate for comparing options rather than a quotation.
Figures that change annually — tax bands, contribution limits, statutory rates — are exposed as editable inputs. Check them against current published values before relying on the result.
Sharing and saving a calculation
The "Copy link" button encodes every value you have entered into the page URL. Opening that link restores the calculation exactly, which makes it easy to bookmark a scenario, send it to someone else, or keep several variations side by side in separate tabs.
Frequently asked questions
What does the Refinance Calculator do?
Compare your current loan against a refinance, including break-even point.
What result do the default values produce?
With the values pre-loaded in the calculator, monthly change comes to −$299.94.
Is this calculator free to use?
Yes. It is free, requires no account, and runs entirely in your browser — nothing you enter is transmitted or stored on a server.
Can I save or share a calculation?
Yes. The "Copy link" button builds a URL containing all your entered values. Anyone opening that link sees the same calculation.
How accurate is the result?
The calculation itself is exact for the inputs given. Real-world accuracy depends on how well those inputs reflect your actual situation, so review the assumptions before relying on the figure.