Refinance Calculator
Calculate your potential savings from refinancing your mortgage. Compare your current loan to a new loan and see your break-even point.
Refinance Calculator
Payment Comparison
By refinancing your current Conventional Loan from 7% to 5%, you would save $0.00/month. Your break-even point is 0 months with closing costs of $5,000.
Frequently Asked Questions
How is a break-even point calculated for refinancing?
Your break-even point is your total closing costs divided by your monthly savings. If refinancing costs $5,000 and saves you $150 per month, you break even in about 33 months. If you plan to stay in the home longer than that, refinancing is typically worth it.
Does this refinance calculator include taxes and insurance?
Yes. Unlike calculators that only compare principal and interest, this tool factors in property taxes, homeowners insurance, HOA dues, and PMI/MIP so your "before and after" payment comparison reflects your real total monthly cost.
How much does it cost to refinance a mortgage?
Closing costs typically run 2-5% of your loan amount, covering items like appraisal, title, and lender fees. You can enter your estimated closing costs directly into the calculator to see how they affect your break-even timeline.
Is a cash-out refinance different from a rate-and-term refinance?
Yes. A rate-and-term refinance changes your interest rate and/or loan term without changing your balance. A cash-out refinance increases your loan balance so you can access home equity as cash — both are supported by adjusting the loan balance and closing costs above.
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