Refinance Savings Calculator
Calculate how much you could save by refinancing your current mortgage to a new rate or term.
Monthly Payment Comparison
Current Payment
New Payment
Savings Summary:
Loan Comparison:
When Does Refinancing Make Sense?
Rates Have Dropped
If you can get a rate 0.5% to 1% lower than your current rate, refinancing often makes sense.
Break-Even Under 2 Years
If monthly savings will recoup closing costs within 24 months, refinancing is typically worthwhile.
Staying Long-Term
If you plan to stay in your home longer than the break-even period, you'll maximize savings.
Types of Refinancing
Rate & Term Refinance
Replace your current loan with a new one at a better rate or different term without taking cash out.
- • Lower interest rate
- • Shorter or longer loan term
- • Switch from ARM to fixed rate
- • Remove mortgage insurance
Cash-Out Refinance
Refinance for more than you owe and receive the difference in cash for any purpose.
- • Home improvements
- • Debt consolidation
- • Investment opportunities
- • Education expenses
Other Calculators
Extra Payment Calculator
See how extra principal payments can save interest and time.
Calculate SavingsAffordability Calculator
Determine maximum home price based on your income and debts.
Check Affordability