By CalculatorInn Team · Updated: 2026-03-22 · Free & accurate · Instant results
Determine if refinancing your mortgage makes financial sense by comparing your current monthly payment, rate, and remaining term with a new loan offer.
Interactive Refinance Calculator
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Monthly Savings = Current PMT − New PMT; Break-Even = Closing Costs / Monthly Savings
Compare the standard amortization payments of both loans. The break-even point tells you how many months of savings it takes to recoup closing costs.
Refinancing generally makes sense when you can lower your rate by at least 0.75-1%, plan to stay in the home longer than the break-even period, and the closing costs are reasonable.
Yes — refinancing replaces your current loan with a new one. If you refinance to a new 30-year term, you restart the amortization clock. Consider a shorter term to avoid paying more interest overall.
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