If you're thinking of refinancing your mortgage, it's probably because you want to save money. There are two ways to save money by refinancing:
If you time it right, you may be able to accomplish both — but that's less likely. In most cases, you'll be able to do one and not the other:
On the flip side: A refinance could result in a higher monthly payment and more interest over time, depending on your interest rate and the length of the loan.
The results of this calculator explain which of the above categories your refinance would fit into.
How to use this mortgage refinance calculator
Before you begin, you’ll need some information about your current mortgage. It’s OK to estimate, but the results will be more accurate with real numbers. You can find them on a recent mortgage statement or by calling your mortgage lender.
Start by entering details about your current loan. You can reference your remaining loan balance or the details of your original loan; here's what you'll need for each:
Remaining loan balance
Total balance remaining
Monthly payment
Interest rate
Original loan details
Original loan amount
Original loan term, in years
Remaining term, in years and months
Interest rate
Then, enter information about your new loan. Here’s what to consider:
How to interpret your results
Your results will show a side-by-side comparison between your current loan and your new one. Up top, you’ll see three key details:
Monthly payment: How much more (or less) you’ll pay in principal and interest each month.
Lifetime of the loan: How much you’ll save (or spend) over the lifetime of the loan, based on your new interest rate.
Breakeven period: How long it’ll take for savings to balance out your upfront costs, known as the refinance break-even point. If you sell the house before this point, you won't recoup the cost of your refinance.
Should I refinance with my old mortgage lender or pick a new one?
You can refinance with your current lender, and it might be easier since they already have your info. But that convenience can come at a cost — you could miss out on a lower rate or better terms if you don’t compare options.That’s what I kept in mind when building our best mortgage refinance lenders list. It’s a simple starting point for shopping around. We reviewed 40+ lenders, comparing rates, fees and loan options to make the process easier.I suggest getting quotes from a few lenders, then seeing if your current one can match or beat them. You won’t know what you could save unless you check. Learn more about the refinance process
Finally, learn about the hidden fees to watch out for in closing costs when refinancing your loan. 
