Mortgage Refinancing Calculator (ADHD-Friendly)
Should you refinance your mortgage? Get a clear answer without the complexity. Simple refinance calculator.
Everyone says you should refinance when rates drop, but should you really? This calculator gives you a clear answer. Enter your current mortgage details, the new rate you're being offered, and the closing costs. See two numbers: how much you'll save monthly and how long until you break even on the closing costs. If you'll stay in the house past the break-even point, refinancing probably makes sense. If not, it doesn't. That's really all you need to know.
Calculator
Common use cases
- Quick answer: should I refinance?
- Understanding break-even without complex math
- Making refinancing decisions without analysis paralysis
- Clear yes/no based on how long you'll stay
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.
What's the key question?
Will you stay past the break-even point? If yes, refinance. If no (or unsure), probably don't.
This calculator provides illustrative estimates for planning purposes only and does not constitute financial, tax, or legal advice.