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Refinance Calculator
Compare your current loan with a refinance and find the break-even point in months.
Should you refinance?
Current payment: — · new payment: —
Monthly saving: —
Break-even: —
Interest left on the old loan: — · on the new loan:
—
Result: —
How to use the Refinance Calculator
- Enter the balance, rate and months left on your current loan.
- Add the rate and term offered by the refinance plus its closing costs.
- Read the break-even month count and decide whether to switch.
Features
- Old and new monthly payments side by side
- Break-even point in months
- Interest remaining on both loans
- Runs locally, no uploads
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Frequently Asked Questions
Common questions about the free online refinance calculator.
It is the number of months needed for the lower monthly payment to add up to the closing
costs you paid to arrange the new loan.
The tool divides the total closing costs by the monthly saving, then rounds up to the next
whole month.
The tool reports that the costs never pay back, because a refinance is only worth it when the
monthly payment actually falls.
A longer term can lower the payment while adding interest overall, so the break-even may
arrive long before the loan is truly cheaper.
Yes. Check the interest remaining on both loans, because a lower payment on a longer term can
still cost more in the end.
Most borrowers look for a break-even well inside the time they expect to keep the loan, often
within two or three years.
No. It compares principal and interest only, so add any change in tax, insurance or fees to
the closing cost box.
Yes. Enter the balance, rate and months left on any fixed-rate loan and compare it with a
replacement offer.
No. Everything is calculated locally in your browser and nothing you type is sent anywhere.
Yes. It is completely free, needs no account and has no limit on how often you use it.
Last updated: October 10, 2026