Home Loan Refinance Calculator

Compare your current mortgage with refinance options to calculate monthly savings, total interest savings, and break-even point.

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Worked Example & Common Values

Below is a sample worked calculation demonstrating how Home Loan Refinance Calculator processes input data instantly inside your browser.

Sample Input $1,200 Loan Principal, 6% Interest Rate, 12 Months duration

Computed Result Monthly Payment: $103.28 | Total Interest Paid: $39.36

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About This Tool

This comprehensive home loan refinance calculator helps you determine if refinancing your mortgage makes financial sense. Enter details of your current loan and proposed refinance terms to calculate monthly payment differences, total interest savings over the loan term, closing costs, and the break-even point when savings offset costs. The tool provides a detailed amortization comparison and visualizes your potential savings to help you make an informed refinancing decision.

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How to Use

Enter your current loan details: loan amount, interest rate, remaining term, and monthly payment.
Enter proposed refinance terms: new interest rate, new loan term, and estimated closing costs.
Click 'Calculate Refinance Savings' to see detailed comparison.
Review results showing monthly savings, total interest savings, break-even point, and amortization summary.
Adjust inputs to explore different scenarios and find optimal refinance options.

Frequently Asked Questions

Find Quick Answers

What is a break-even point in mortgage refinancing?

The break-even point is when your total savings from refinancing equal the closing costs you paid. After this point, you start realizing net savings from the refinance.

Should I include property taxes and insurance in the monthly payment?

This calculator focuses on principal and interest payments only. Property taxes and insurance are typically not affected by refinancing and should be considered separately in your overall budget.

How accurate are the refinance savings calculations?

The calculator uses standard mortgage amortization formulas to provide accurate estimates. Actual savings may vary based on your specific loan terms, fees, and timing.

What closing costs should I include?

Include all one-time fees associated with refinancing: origination fees, appraisal fees, title insurance, recording fees, and any points purchased to lower the interest rate.

Need to run multiple calculations?

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