US & Home
Refinance Calculator
Compare current and refinanced mortgage payments. Change the inputs below and the estimate updates immediately.
Input
Your numbers
Calculated result
New monthly payment
$1,932.90
Monthly savings
$187.43
Break-even
26.7 months
Estimate only. Verify important decisions with an appropriate professional or official source.
How to use it
A quick estimate, without the spreadsheet.
Inputs and units
Enter remaining balance and term, current and proposed rates, and upfront refinance costs.
Formula
Calculate both monthly payments over the same remaining term. Savings = old − new; break-even months = costs / savings when savings are positive.
Worked example
$5,000 costs with $100 monthly savings breaks even after 50 months.
Assumptions and limitations
Assumes the same term and costs paid upfront. Financed fees, term extensions, taxes, insurance and total lifetime interest need a fuller comparison.
Further guidance: CFPB homebuying resources.