Refinance Calculator

Calculate Your Refinance Savings

Compare your current mortgage against a new loan and see how much you can save

Select Loan Program

Current Mortgage Details

Current Loan Balance

Current Interest Rate (%)

Current Monthly P&I Payment

Years Remaining on Loan

Current Home Value

Property Tax (mo)

Insurance (mo)

New Loan Details

New Interest Rate (%)

New Loan Term

Cash Out Amount (optional)

Estimated Closing Costs

LTV Ratio0.0%

Debts to Consolidate (Optional)

Add debts you want to pay off with your refinance

Refinance Comparison & Savings

Current Mortgage

Monthly P&I$0

Property Tax$350

Insurance$150

Total Monthly$500

Remaining Interest$0

New Conventional Refinance

Monthly P&I$0

Property Tax$350

Insurance$150

Total Monthly$0

New Loan Amount$0

Total Interest$0

Your Savings

Monthly Savings

$0/mo

Interest Savings

Over life of loan

Break-Even Point

0 months

(0.0 years)

* These calculations are estimates only. Actual rates, fees, and savings may vary based on your specific situation, credit profile, and current market conditions. Consult with a loan officer for personalized analysis.

Quick Answer

When a Refinance Actually Pays

A refinance pays when your break-even point arrives before you sell or move. Divide total closing costs by the monthly payment savings: if costs run $4,800 and you save $200 a month, you break even in 24 months. Refinancing to stretch a balance back out over thirty years can lower the payment while raising lifetime interest, so compare total cost, not just the payment.

Veterans have a shortcut most borrowers do not. A VA IRRRL streamline needs no appraisal and no income documentation when you are refinancing an existing VA loan to a lower rate, which cuts closing costs and the break-even window dramatically. A VA cash-out is the other path, and it can refinance a conventional or FHA loan into VA financing.

What This Calculator Accounts For

The Numbers That Move Your Payment

Break-even months

Closing costs divided by monthly savings. If you might PCS before break-even, keep the loan you have.

Remaining term versus new term

Resetting to thirty years lowers the payment but can add interest over the life of the loan. Model a shorter term too.

Rolled-in costs

Financing closing costs preserves cash but raises the balance, which pushes the true break-even further out.

IRRRL versus cash-out

A streamline is rate-and-term only with minimal documentation; a cash-out requires an appraisal and full underwriting.

FAQs

Refinance Calculator Questions

Quick Answer

There is no universal threshold. What matters is break-even: total closing costs divided by monthly savings, measured against how long you will keep the home. A small drop can be worth it on a large balance with low costs, and a large drop can be pointless if you PCS in a year.

The VA Interest Rate Reduction Refinance Loan — a streamline refinance of an existing VA loan that generally requires no appraisal and no income documentation. Lower cost and faster closing make the break-even math much easier to clear.

Yes. A VA cash-out refinance allows access to equity and can also be used to move a conventional or FHA loan into VA financing, eliminating monthly mortgage insurance in the process.

By default, yes. You can request a shorter term to keep your payoff date roughly intact — often at a lower rate than the thirty-year option.

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