Refinance Calculator

Estimate payment savings and break-even months after refinance costs.

Loan balance Current rate (%) New rate (%) Remaining term (years) Refinance closing costs

Result
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How this calculation works

What each input means

Loan balance, remaining term (years) — Same principal and term for old vs new rate scenarios.
Current rate (%) vs new rate (%) — Each produces a fixed-rate amortizing payment.
Refinance closing costs — Divided by monthly savings to show break-even months when savings > 0.

Formula used

Monthly payment M = P × r ÷ (1 − (1 + r)⁻ⁿ) with monthly r. Savings = current payment − new payment; break-even months ≈ costs ÷ savings.

Assumes balance and term unchanged; ignores cash-out, points, and tax effects.

How this result is estimated

This loan refinance calculator applies the formulas described on this page to the values you enter. Outputs are not financial, tax, legal, or medical advice.

Inputs are user-provided and may include rounding.
Where accuracy, eligibility, or obligations matter, rely on official disclosures and licensed professionals.

Last reviewed: 2026-04-17

Frequently asked questions

Is this calculator result exact?

It is an estimate based on your inputs and may differ from official or provider-specific calculations.

Does this site provide financial, tax, or legal advice?

No. Each tool applies explicit formulas to values you supply. Financial, tax, and legal conclusions belong with licensed professionals and official documents.

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