Refinance calculator
Should you refinance? Compare your current loan to a new rate — see the monthly saving and exactly how many months it takes to break even on closing costs. No email, no lender attached.
New rate prefilled with today’s ~30-yr average (6.684%) from our live board — edit freely.
Should I refinance? The break-even test
A refinance replaces your current loan with a new one, ideally at a lower rate. The core question is break-even: how many months of savings it takes to earn back the closing costs. We compute your current principal-and-interest payment from your balance, rate and years left, do the same for the new loan, and divide closing costs by the monthly saving. Below break-even the refi has cost you money; past it, the savings are real.
Watch the total interest, not just the payment
Stretching back out to a fresh 30-year term almost always lowers the monthly payment — but paying for more years can raise total interest even at a lower rate. We show the interest remaining on your current loan next to the interest on the new one so you can weigh the monthly relief against the lifetime cost. Then check today’s real rates to see what you could get.