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Mortgage Refinance Calculator

Compare refinancing payments, interest costs, fees and the time needed to recover those fees.

Your numbers

Make it your own
Updates as you type
Interest-cost savings at your horizon
$13,630.32

USD · rounded to the nearest cent

Current payment$1,766.95
New payment$1,535.22
Monthly payment reduction$231.73
Interest-cost break-even17 months
Current remaining balance$227,905.38
New remaining balance$223,178.81

Fixed-rate principal and interest only. Excludes taxes, insurance, tax deductions and future rate changes. Break-even is cumulative interest savings minus fees, not just fees divided by payment reduction.

Your calculation, step by step

No black boxes
  1. Current principal: 250000; new principal: 250000.
  2. Compare cumulative interest at month 60; subtract 5000 of fees once.
  3. A lower monthly payment alone does not prove lower total cost.
Detailed results · 60 entries
MonthCurrent interestNew interestNet savings
1$1,458.33$1,145.83-$4,687.50
2$2,914.87$2,289.88-$4,375.02
3$4,369.59$3,432.14-$4,062.55
4$5,822.49$4,572.59-$3,750.10
5$7,273.56$5,711.24-$3,437.68
6$8,722.79$6,848.07-$3,125.28
7$10,170.16$7,983.07-$2,812.91
8$11,615.67$9,116.23-$2,500.57
9$13,059.30$10,247.56-$2,188.26
10$14,501.05$11,377.03-$1,875.98
11$15,940.90$12,504.65-$1,563.75
12$17,378.84$13,630.39-$1,251.55
13$18,814.87$14,754.26-$939.40
14$20,248.96$15,876.25-$627.29
15$21,681.11$16,996.33-$315.22
16$23,111.31$18,114.52-$3.21
17$24,539.54$19,230.80$308.75
18$25,965.80$20,345.15$620.65
19$27,390.07$21,457.58$932.49
20$28,812.34$22,568.07$1,244.28
21$30,232.61$23,676.61$1,556.00
22$31,650.85$24,783.20$1,867.65
23$33,067.05$25,887.82$2,179.23
24$34,481.21$26,990.47$2,490.74
25$35,893.31$28,091.13$2,802.18
26$37,303.34$29,189.81$3,113.54
27$38,711.29$30,286.48$3,424.81
28$40,117.15$31,381.14$3,736.00
29$41,520.89$32,473.79$4,047.11
30$42,922.52$33,564.40$4,358.12
31$44,322.02$34,652.98$4,669.04
32$45,719.38$35,739.51$4,979.87
33$47,114.58$36,823.98$5,290.59
34$48,507.61$37,906.39$5,601.22
35$49,898.46$38,986.72$5,911.73
36$51,287.11$40,064.97$6,222.14
37$52,673.56$41,141.12$6,532.44
38$54,057.79$42,215.17$6,842.62
39$55,439.79$43,287.11$7,152.68
40$56,819.54$44,356.92$7,462.62
41$58,197.03$45,424.60$7,772.43
42$59,572.25$46,490.14$8,082.12
43$60,945.19$47,553.52$8,391.67
44$62,315.83$48,614.74$8,701.09
45$63,684.15$49,673.79$9,010.36
46$65,050.15$50,730.66$9,319.50
47$66,413.82$51,785.33$9,628.49
48$67,775.12$52,837.80$9,937.32
49$69,134.07$53,888.06$10,246.01
50$70,490.63$54,936.09$10,554.53
51$71,844.80$55,981.90$10,862.90
52$73,196.56$57,025.46$11,171.10
53$74,545.90$58,066.76$11,479.13
54$75,892.80$59,105.81$11,787.00
55$77,237.25$60,142.57$12,094.68
56$78,579.24$61,177.06$12,402.18
57$79,918.75$62,209.25$12,709.50
58$81,255.77$63,239.13$13,016.64
59$82,590.28$64,266.70$13,323.58
60$83,922.26$65,291.94$13,630.32

What if things were different?

Save up to three scenarios, then change your inputs to compare the possibilities.

How to use this calculator

  1. Enter your own values in the labeled fields. Check the units and assumptions before comparing results. Only the fields needed for your selected calculation mode are shown.
  2. Your answer updates automatically. Review the calculation steps to see exactly how it was calculated.
  3. Copy, share, save, or download your result. Saved inputs stay on this device.

How the calculation works

Savings = current cumulative interest − new cumulative interest − fees

The two fixed-rate loans are amortized separately. At your chosen horizon, compare interest paid and outstanding balances. Interest-cost break-even deducts fees once; it differs from a simple monthly payment break-even. Financing fees raises principal and future interest. Review the units, period and assumptions before comparing scenarios. Displayed values are rounded, while the underlying calculation retains its available precision.

A worked example

On $100,000 with 12 months left, refinancing 12% to 0% with $100 upfront fees saves about $6,518.55 of interest costs over the full year.

Reading your result

Use the main result together with its units and supporting figures. Display values are rounded; calculations keep their underlying precision. A change in inputs or assumptions can change the answer. Compare the step-by-step working with your intended use before relying on an estimate.

Frequently asked questions

What assumptions does this calculation use?

The two fixed-rate loans are amortized separately. At your chosen horizon, compare interest paid and outstanding balances. Interest-cost break-even deducts fees once; it differs from a simple monthly payment break-even. Financing fees raises principal and future interest.

Can I save or check a scenario?

The result includes the working and supporting values. Save and Restore keep inputs on this device; Copy, Download and Print export the result. Sharing a scenario explicitly includes the inputs in its link.

Sources & methodology

This calculator uses the mathematical identity and assumptions stated above. No current rates, prices, or external data are loaded. Conversion tools use international unit definitions.

Formula review: October 24, 2026. Read our methodology.