Mortgage Refinance Savings Calculator
Enter your current loan balance and rate alongside a new rate and term to see your estimated monthly savings from refinancing.
Mortgage Refinance Savings Calculator
Calculate the estimated monthly payment savings from refinancing a mortgage to a new rate and term, and how long it takes to recoup the closing costs.
This calculator computes your current and new monthly mortgage payments directly from each loan's rate, balance and term, so you can see both the monthly savings and how many months it takes to recoup your closing costs.
Example
- With the default values shown above, this calculator returns: Current Monthly Payment ≈ USD 2,014.85; New Monthly Payment ≈ USD 1,678.74; Monthly Savings ≈ USD 336.11; Break-Even on Closing Costs (Months) ≈ 11.9.
Frequently Asked Questions
How is this different from the Loan Refinance Break-Even Calculator?
That calculator requires you to already know your monthly savings figure. This calculator computes the monthly savings for you directly from your current and new loan rate, balance and term, then also shows the break-even point.
Does this account for resetting the loan term?
Yes — enter your new loan's full term in months (e.g. a new 30-year loan is 360 months) separately from your current loan's remaining months, since refinancing often resets the clock.