Mortgage Refinancing Calculator
Calculate mortgage refinancing benefits. Compare current loan with refinance options to save money.
Refinancing can reduce your interest rate or monthly payments, but costs money upfront. This calculator helps determine if refinancing makes financial sense.
Calculator
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Current Monthly Payment
$0.00
New Monthly Payment
$0.00
Monthly Savings
$0.00
Break-Even Point
0 months
Lifetime Savings
$0.00
Common use cases
- Rate reduction opportunities
- Term change evaluation
- Cash-out refinancing
- Mortgage strategy planning
How to use
- Enter current loan balance
- Input current and new interest rates
- Set remaining years and new term
- Add closing costs
- View savings and break-even
FAQ
When does refinancing make sense?
Generally when rates are 0.5-1% lower and you'll stay long enough to pass break-even. Consider total cost, not just payment.
What are typical closing costs?
Usually 2-5% of loan amount. Includes appraisal, title, origination fees, and prepaid items.
Should I extend my term?
Extending lowers payments but increases total interest. Consider your goals: cash flow vs. total cost.
This calculator provides illustrative estimates for planning purposes only and does not constitute financial, tax, or legal advice.