Mortgage refinance calculator

Compare a lower payment with the cost of replacing your loan.

Estimate a fixed-rate refinance using your current balance, remaining term, and a written new-loan quote. Payment savings alone can hide the cost of restarting a longer term.

Compare your refinance quote

For fixed-rate loans with no cash out. Enter interest rates, not APR. The defaults are an illustrative example, not current lender pricing.

Your current mortgage

Current balance ($)

Current interest rate (%)

Remaining term (months)

Use months remaining, not the original term. 20 years = 240 months.

Your refinance quote

New interest rate (%)

New term (months)

15 years = 180 months; 30 years = 360 months.

Closing costs paid upfront ($)

Loan fees paid in cash at closing, after lender credits.

Closing costs added to the loan ($)

Loan fees financed in the new balance. Enter each fee only once.

Include loan fees such as points and applicable premiums or prepayment penalties. Exclude escrow deposits and prepaid taxes or insurance. Confirm net fees with your lender.

How the calculations work

Each loan uses standard fixed-rate amortization with monthly interest on its remaining balance and payments at the end of each month. The new principal equals your current balance plus financed closing costs. The calculation retains full precision and rounds displayed amounts to cents; lender payment rounding and daily interest can produce small differences.

Cash-flow break-even compares cumulative payments plus cash fees. Borrowing-cost break-even compares cumulative interest plus all fees. Principal repayment is not a borrowing cost: it reduces the balance you still owe. Both break-even figures show the first qualifying month across the loan terms, and an extended term can reverse those savings later.

Illustrative example

The defaults compare $300,000 at 6.75% with 240 months remaining against a new 360-month loan at 6.25%, with $6,000 financed fees and no upfront fees. The new payment is lower, but its five-year interest and fees are higher. These example rates are invented assumptions, not live offers.

Use your actual quote

The CFPB Loan Estimate guide explains principal and interest, closing costs, points, and lender credits. Enter your interest rate rather than APR. A lender credit may reduce fees while increasing the rate; reflect both in your inputs.

This estimate excludes cash out, adjustable rates, temporary buydowns, extra payments, ongoing mortgage insurance, taxes, homeowners insurance, escrow deposits or refunds, prepaid interest, and the time value of money. It does not calculate APR or determine eligibility. Use the refinance break-even guide and refinance overview to review the wider decision.

Educational estimates are not loan offers or approval decisions. Ratespedia LLC, company NMLS #2796610. Check service availability and licensing.