Mortgage Refinancing Calculator

This calculator will help you to decide whether or not you should refinance your current mortgage at a lower interest rate. Not only will this calculator compute the monthly payment and net interest savings, but it will also calculate how many months it will take to break even on the closing costs.

Note: Only use numbers and applicable decimal points. Entering commas, dollar signs, or any other non-numeric characters will cause an error.

Enter the principal balance of your mortgage:

Enter the amount of your monthly mortgage payment:

Enter the your mortgage’s current interest rate:

Enter interest rate you will be refinancing at:

Enter the number of years you will be refinancing for:

Enter the closing costs that will be required for refinancing:

This is how much your monthly payment will be if you refinance:

Monthly Savings:

Number of months to break even on closing costs:

This is how much interest you will pay under your current monthly payment plan:

This is how much interest you will pay under your refinanced monthly payment plan:

This is how much interest you will save if you refinance:

Net Refinancing Savings (interest savings less closing costs):


The accuracy of this calculator and its applicability to your circumstances is not guaranteed. Results should be discussed with a qualified professional before any product purchases or loan commitments are made. Using this calculator does not guarantee credit.