Refinance Calculator
Decide whether refinancing a loan is actually worth it. Enter your current loan balance, interest rate and remaining term, then the new rate, new term and any closing costs, and the calculator compares the two side by side. It shows your new monthly payment, how much lower or higher it is than now, the total interest under each option, and the break-even month where your monthly savings finally outweigh the closing costs you paid. That break-even figure is the number most people forget, and it decides whether a refinance saves money or just moves it around, especially if you might sell or move before you reach it. Test different rates and terms to find the real deal. All math runs locally in your browser.
How to use Refinance Calculator
- Enter your current loan payment and balance.
- Enter the new rate and term.
- Add any refinancing costs.
- Read the monthly savings and break-even point.
Frequently asked questions
How does it show refinancing savings?
It compares your current monthly payment against the new rate and term, showing the monthly saving and total interest difference over the life of the loan.
What is the break-even point?
It is how many months of savings it takes to recover any refinancing costs, after which refinancing starts paying off.
Does a lower rate always save money?
Not always. A longer new term can lower the payment but raise total interest, which is why the lifetime interest comparison matters.
What is Refinance Calculator?
Decide whether refinancing a loan is actually worth it. Enter your current loan balance, interest rate and remaining term, then the new rate, new term and any closing costs, and the calculator compares the two side by side.
Is Refinance Calculator free to use?
Yes. Refinance Calculator is completely free, with no sign-up and no usage limits.
Does Refinance Calculator work in a web browser?
Yes. Refinance Calculator runs in any modern web browser. There is nothing to download or install.
Is my data private with Refinance Calculator?
Yes. Refinance Calculator runs entirely on your device in your browser, so nothing you enter is uploaded to a server.
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