Mortgage Refinance Calculator
Compare your current mortgage with a refinance option. Calculate monthly savings, total savings, and break-even point.
Current Mortgage
New Mortgage
Mortgage Refinancing Explained
Refinancing your mortgage means replacing your current loan with a new one, typically to get a lower interest rate, change the loan term, or access equity. This calculator helps you determine if refinancing makes financial sense.
Key Metrics
- Monthly Savings: The difference between your current and new monthly payment
- Break-Even Point: How many months it takes for savings to cover closing costs
- Total Savings: Total amount saved over the life of the new loan (minus closing costs)
- Interest Saved: Total interest savings compared to your current loan
When to Refinance
Consider refinancing if: interest rates have dropped significantly, you can reduce your loan term, or you want to switch from an adjustable-rate to a fixed-rate mortgage. The break-even point should be within your planned homeownership timeline.
Financial Disclaimer: This calculator provides estimates only. Actual refinance terms, rates, and closing costs may vary by country and lender. Loan calculations, payment frequencies, and legal requirements differ across regions. Consult with local mortgage lenders and financial advisors before making refinancing decisions.
Note: Works with any currency - simply enter amounts in your local currency. Some countries may use different calculation methods or have additional fees not included here.