Mortgage refinance calculators: compare your costs before replacing a loan
Explore monthly payments, refinance break-even, total-interest differences, cash-out borrowing, discount points and loan-to-value. Enter your own assumptions; these tools do not quote lenders, retrieve live rates, or determine eligibility.
1. Current loan versus refinance
Compare principal-and-interest payments and the cost of keeping the current loan versus refinancing. Use the remaining balance and remaining years, not your original loan amount and term.
Monthly principal and interest
First 12 new-loan payments
| Month | Payment | Interest | Principal | Balance |
|---|
Property taxes, homeowners insurance, mortgage insurance, escrow changes and HOA charges are not included.
2. Closing-cost break-even
Simple break-even divides upfront closing costs by monthly payment savings. It does not measure total lifetime interest or the effect of restarting the term.
3. Cash-out refinance estimator
Estimate how much equity may be available after paying off the current mortgage and leaving a target equity cushion. This is not a lending approval or a net-cash quote.
4. Discount points versus upfront cost
Estimate how long it takes for monthly savings from a lower rate to offset a point charge. Points are generally calculated as a percentage of the new loan amount; actual lender offers vary.
5. Extra-principal payment after refinancing
See how an extra monthly payment toward principal changes the payoff date and estimated interest on the new mortgage. Assumes no prepayment penalty.
6. Loan-to-value ratio (LTV)
Divide your loan balance by estimated home value to understand how much of the property value is financed. Lenders may require an appraisal and use program-specific rules.
How to interpret the results
Begin with the amount you still owe, the number of years left, and the interest rate on your current mortgage. The calculator compares that remaining path against a hypothetical refinance. A new 30-year term can lower the payment even when the rate reduction is modest, but it also extends the repayment period.
The total-interest comparison uses remaining interest on your current loan versus interest on the new loan plus the upfront refinance costs you entered. It does not value cash-flow flexibility or account for the time value of money.
When comparing offers, also check lender disclosures for APR, cash-to-close, escrow funding, prepayment penalties and whether fees are financed.
Explore before you refinance
Read our refinance guide for a practical decision process, worked scenarios for cost trade-offs, and methodology for formulas and limitations.