Refinance calculator

How long do you plan to stay in your home?

Total savings
$16,436
10 years
You should refinance
Monthly payment and savings
Monthly savings
Savings:
$386
Monthly payment
New:
$1,248
Current:
$1,633

Through year 10*

* Tax deductions on interest paid have not been factored in
Tweak your numbers below

Amount

Term

Interest rate

Origination year

How we got here
How we calculate your refinance savings
Understanding the breakeven period
How long do you plan to stay in your home, and why does it matter?
How we calculate your refinance savings

Your total savings during the time you plan to stay in your home is made up of two parts: cash savings and the difference in the amount you’ll still owe on your new mortgage.

What are cash savings? That’s the difference between your current monthly mortgage payments and your new monthly mortgage payment (minus the amount you’ll need to pay for closing costs — about 3% of the loan). In other words, it’s cash in your pocket.

What’s the difference in the amount you’ll still owe? That’s the difference between the amount of principal on your current mortgage and the amount of principal you’ll owe on your new loan when you refinance.

Your total savings during the time you plan to stay in your home is made up of two parts: cash savings and the difference in the amount you’ll still owe on your new mortgage.

What are cash savings? That’s the difference between your current monthly mortgage payments and your new monthly mortgage payment (minus the amount you’ll ne...

See all
Understanding the breakeven period

The breakeven period represents the number of years you’ll have to make the new monthly payment before you recoup the costs of refinancing.

Nerd Tip: It typically makes sense to refinance your mortgage if you’re planning to stay in your home for longer than the breakeven period.

The breakeven period represents the number of years you’ll have to make the new monthly payment before you recoup the costs of refinancing.

Nerd Tip: It typically makes sense to refinance your mortgage if you’re planning to stay in your home for longer than the breakeven period.

See all
How long do you plan to stay in your home, and why does it matter?

The first step in deciding whether or not to refinance is to estimate how long you plan to stay in your home. If you think you could be moving soon, it may not make sense to pay thousands of dollars in closing costs just to lock in a lower rate. Conversely, if you plan to stay in your home for the life of your loan, by refinancing and extending the loan term, you may save in cash payments for the first few years but end up paying more in total interest payments over the life of your new loan.

The first step in deciding whether or not to refinance is to estimate how long you plan to stay in your home. If you think you could be moving soon, it may not make sense to pay thousands of dollars in closing costs just to lock in a lower rate. Conversely, if you plan to stay in your home for the life of your loan, by refinancing and exten...

See all

Mortgage refinance 101