Refinance Calculator
See whether refinancing your mortgage at a new rate is worth the closing costs, and how long it takes to break even.
The math behind "does refinancing make sense"
Refinancing resets the amortization clock and comes with closing costs, typically 2–5% of the loan. The breakeven point is closing costs divided by monthly savings — if you'd move or refinance again before reaching that month, refinancing usually doesn't pay off.
A lower rate isn't automatically a win
Refinancing a loan you're 10 years into back into a fresh 30-year term at a lower rate can drop your monthly payment while increasing your total lifetime interest paid, because you've restarted amortization from year one.