Mortgage Refinance Calculator
Find out how much you'll save by refinancing — monthly savings, break-even timeline, and total interest saved over the life of the loan.
Your Current Loan
New Loan
Results are estimates only. Consult a licensed financial professional.
Monthly Payments
Savings Over Time
Refinancing FAQs
When does it make sense to refinance my mortgage?
Refinancing typically makes sense when you can reduce your interest rate by at least 0.5–1%, you plan to stay in the home long enough to recoup closing costs (the break-even point), and your credit score has improved since your original mortgage. A lower rate isn't the only reason — you might also refinance to switch from an ARM to a fixed rate, or to shorten your loan term.
What are typical refinance closing costs?
Refinance closing costs typically run 2–5% of the loan balance — so $6,000–$15,000 on a $300,000 loan. Common fees include origination fees, appraisal ($400–$700), title insurance, and prepaid interest. Some lenders offer 'no-closing-cost' refinances, but these typically mean the costs are rolled into a higher rate or added to your loan balance.
What is the break-even point for refinancing?
The break-even point is how many months it takes for your monthly savings to exceed the closing costs you paid. For example, if you save $200/month and paid $6,000 in closing costs, your break-even is 30 months (2.5 years). If you plan to sell or refinance again before that, the refi may not be worthwhile.
Does refinancing hurt my credit score?
Refinancing causes a hard inquiry on your credit report, which may temporarily lower your score by 5–10 points. However, if you apply to multiple lenders within a 14–45 day window, credit bureaus typically count them as a single inquiry. The long-term impact of refinancing on your credit is usually minimal.
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See today's rate ranges by loan type and credit score tier.
Results are estimates for educational purposes only and do not constitute financial advice. Always consult a licensed mortgage professional before refinancing.