Advanced Refinance Calculator

To use our refinance calculator effectively, gather your current loan information including balance, interest rate, and remaining term. Then research current market rates for refinancing options. Enter these values into the calculator along with any expected closing costs. The calculator will show your potential savings and break-even point.

Refinancing is typically beneficial when you can secure a lower interest rate that justifies the closing costs. Our calculator helps you determine the break-even point—how long it will take for the monthly savings to cover the closing costs. If you plan to stay in your home longer than the break-even period, refinancing may be a good option.

The break-even point is calculated by dividing the total closing costs by your monthly payment savings. For example, if your closing costs are $3,000 and you save $150 per month, your break-even point would be 20 months. Our calculator automatically computes this for you based on your inputs.

Use our calculator to input different scenarios—varying interest rates, loan terms, and closing costs. Compare the monthly savings, total interest savings, and break-even periods for each scenario. This will help you determine which refinancing option provides the best financial benefit for your situation.

The calculator provides several key metrics: Monthly Payment Savings shows how much you'll save each month, Total Interest Savings shows how much interest you'll save over the life of the loan, Break-Even Period indicates how long until the closing costs are paid off by your savings, and the doughnut chart visually represents how your new payment is allocated.