Mortgage Refinance Calculator

Refinance decision guide

Refinancing is useful only when the payment, term, costs and ownership horizon make sense together. A lower rate can still be a poor trade if closing costs are too high or you move before break-even.

Worked example

If a refinance saves $180 per month and closing costs are $5,400, the simple break-even point is 30 months. Staying five years would create savings after costs; moving in one year would not.

Methodology

The calculator compares amortized current and new payments, adds closing costs and cash-out to the new balance, and estimates simple break-even months.