Mortgage Refinance Calculator
Compare your current mortgage to a new rate and see your monthly savings and break-even point.
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Should You Refinance?
Refinancing replaces your current mortgage with a new one — usually at a lower rate. Two numbers decide whether it is worth it:
- Monthly savings — the difference between your current and new payment
- Break-even point — how many months of savings it takes to recover the closing costs
Break-Even Formula
Break-even (months) = Closing Costs ÷ Monthly Savings
Example
A $320,000 balance refinanced from 7.5% to 6.0% over 30 years saves about $310/month. With $6,000 in closing costs, you break even in roughly 20 months — worthwhile if you keep the home longer than that.
Frequently Asked Questions
Refinancing usually makes sense when the monthly savings recover the closing costs within a period shorter than how long you plan to keep the home. This tool shows your break-even point in months.
Divide the closing costs by your monthly savings. If closing costs are $6,000 and you save $300 a month, you break even in 20 months.
Not always — closing costs and a reset loan term can offset the savings. Check both the monthly savings and the total lifetime savings after costs.
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Free to use — copy this code onto your site. It stays up to date automatically and includes a link back to CalcSun.