Refinance Calculator
Compare your current vs refinanced mortgage online for free: monthly payment savings, break-even month for closing costs, and lifetime interest difference - all computed in your browser.
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What is Refinance Calculator?
The Refinance Calculator compares your current mortgage against a refinance offer in your browser. It computes both monthly payments with the standard amortizing formula, shows the monthly savings, derives the break-even month that recovers your closing costs, and reports the signed lifetime interest difference so a shorter payment can be weighed against a longer payoff.
Key Benefits
- Real monthly savings, not just a lower rate
- Exact break-even month for your closing costs
- Lifetime interest trade-off surfaced, not hidden
- Instant what-if comparisons of rates and terms
- Private and instant - everything runs in the browser
Common Use Cases
- •Deciding whether to refinance after rates drop
- •Comparing a shorter new term against a longer cheaper-payment term
- •Checking how closing costs change the break-even point
- •Preparing numbers before talking to a lender
How to Compare a Mortgage Refinance
- Enter your current loan: Fill in the remaining balance, current rate, and remaining term in years.
- Enter the offer: Add the new rate, the new term in years, and the closing costs you expect to pay.
- Read the comparison: See both monthly payments, the monthly savings, and the break-even month for closing costs.
- Check lifetime interest: Compare the signed total-interest difference before deciding, then try other rate and term combinations.
Key Features
- Standard amortizing payment formula for both loans
- Monthly savings from current vs new payment
- Break-even month that recovers your closing costs
- Signed lifetime interest difference with an explanation
- Correct zero-rate edge case handling
- Instant results with clear validation - all client-side