Mortgage Refinance Calculator
Calculate your potential savings and break-even point when refinancing your mortgage.
Current Mortgage Details
New Loan Details
Currency
Your Refinance Results
Current Mortgage Summary
Monthly Payment:$0.00
Remaining Payments:0
Total Remaining Cost:$0.00
New Mortgage Summary
New Monthly Payment:$0.00
Total Payments:0
New Total Cost:$0.00
Refinance Analysis
Monthly Savings:
$0.00
Break-Even Point:
0 months
Interest Rate Reduction:
0.00%
Lifetime Savings:
$0.00
Total Interest Saved:
$0.00
Recommendation: Calculate your refinance options to receive a personalized recommendation.
Enter your current and new loan details to see if refinancing makes sense for you.
About Our Mortgage Refinance Calculator
Our Mortgage Refinance Calculator helps you determine if refinancing your home loan makes financial sense. By comparing your current mortgage with potential new loan options, you can see potential savings, calculate your break-even point, and make informed decisions about your home financing.
Key Features:
- Calculate monthly payment savings when refinancing
- Determine your break-even point for closing costs
- Compare total interest paid over the life of both loans
- Analyze the impact of different loan terms and interest rates
- Include cash-out refinancing in your calculations
- Get personalized recommendations based on your planned stay in the home
- Support for multiple currencies
How to Use the Calculator
- Enter your current mortgage details - including remaining balance, interest rate, original term, and time remaining.
- Input new loan information - such as the new interest rate, loan term, closing costs, and any cash-out amount.
- Specify how long you plan to stay in your home - this helps determine if refinancing makes financial sense for your situation.
- Select your preferred currency for display purposes.
- Click "Calculate Refinance Savings" to see your personalized results and analysis.
This calculator provides estimates based on the information you provide. For accurate financial advice tailored to your specific situation, consider consulting with a mortgage professional.
Understanding Mortgage Refinancing
Refinancing your mortgage involves replacing your existing home loan with a new one, typically with better terms. Common reasons to refinance include:
- Lower interest rate - reducing your monthly payment and total interest paid
- Shorter loan term - paying off your mortgage faster (often with higher monthly payments)
- Longer loan term - reducing monthly payments by extending the repayment period
- Cash-out refinancing - accessing your home's equity for other financial needs
- Switching from adjustable to fixed rate - securing a predictable payment for the life of the loan
When Refinancing Makes Sense
- Interest rate drop: When rates are at least 0.5-1% lower than your current rate
- Improved credit score: If your score has improved significantly since your original mortgage
- Long-term plans: When you plan to stay in your home past the break-even point
- Build equity faster: When shortening your loan term is affordable
- Financial needs: When cash-out refinancing serves important financial goals
The key to successful refinancing is ensuring that the benefits outweigh the costs over your expected stay in the home.
Tips for Successful Refinancing
- Shop around for the best rates - compare offers from multiple lenders to find the best terms
- Consider your break-even point - ensure you'll stay in your home long enough to recoup closing costs
- Improve your credit score - even a small improvement can qualify you for better rates
- Maintain employment stability - lenders favor borrowers with consistent work history
- Reduce debt before applying - lowering your debt-to-income ratio can improve your terms
- Consider total costs, not just monthly payments - extending your term might lower payments but increase total interest
- Be careful with cash-out options - use home equity for important investments, not short-term expenses
Remember that refinancing resets your mortgage clock. If you've been paying for several years, refinancing to the same term length means you'll be paying for your home longer overall.