Credit Card Calculator
What minimum payments really cost, and how to beat them.
Refinance Calculator
Whether refinancing pays, and how long it takes to break even.
Your current mortgage
The refinance offer
Rolling them in preserves cash but you pay interest on them for the whole term.
—
Refinancing into the years you have left
The same rate over — years instead of a fresh term, which avoids restarting the clock.
Payment—
Total interest—
Monthly saving
—
Break-even—
Current payment—
New payment—
New loan amount—
Lifetime interest
Staying put—
Refinancing—
Difference—
Quick Tool Overview
The Refinance Calculator compares the mortgage you have against the one you are being offered, including closing costs, and reports the break-even month at which the savings finally cover the cost of switching. It also flags the lifetime cost of resetting the term.
- What it does
- Tests whether refinancing actually saves you money
- You give it
- Your current loan, the new offer and the closing costs
- You get back
- Monthly saving, break-even month and lifetime interest both ways
- Best for
- Deciding whether to accept a refinance quote
About the Refinance Calculator
Enter your existing balance, rate and years remaining, then the rate, term and closing costs on offer. The calculator gives the new payment, the monthly saving and the break-even month at which the accumulated saving finally covers what the refinance cost.
The break-even point is the number that decides it. A lower rate almost always lowers the payment, but closing costs mean the deal only pays off if you stay past that month. The other trap is resetting the clock: refinancing twenty-five remaining years into a fresh thirty-year term can cut the payment while raising total interest, so the calculator reports lifetime cost both ways rather than leading with the monthly saving alone.
Key features of the Refinance Calculator
Break-even month calculated
The single figure that decides a refinance: move before it and the deal cost you money.
Catches the reset-the-clock trap
A fresh thirty-year term can cut the payment while raising total interest, and the calculator reports both.
Closing costs handled properly
Pay them in cash or roll them into the balance, and see what the convenience costs over the term.
Same-term comparison
Refinance into the years you have left to compare like with like rather than a longer loan.
Points included
Discount points are a closing cost that buys a lower rate, and both sides of that trade are modelled.
How to use the Refinance Calculator
-
1
Enter your current loan
The outstanding balance, your current rate and the number of years left to run.
-
2
Enter the new offer
The rate and term you have been quoted, plus the closing costs and any points.
-
3
Check the break-even month
If you expect to move or refinance again before it, the deal costs you money.
-
4
Compare lifetime interest
Look at total interest, not just the payment, to catch a longer term hiding a higher cost.
Frequently asked questions
There is no fixed threshold. The old rule of one percent ignores balance size and closing costs. A large balance can justify a quarter point; a small one may not justify a full point. Use the break-even month instead.
The month at which your cumulative monthly savings equal the closing costs. Staying in the home past that point means the refinance made money; leaving before it means it lost money.
By default yes, and that is the hidden cost. Refinancing into a new thirty-year term after paying five years means paying interest for thirty-five years in total. Refinancing into the years you have left avoids it.
It preserves cash but you then pay interest on those costs for the whole term. The calculator lets you include them in the balance so you can see what that convenience actually costs.
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