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Mortgage Refinance Calculator

Compare your current mortgage with a refinance offer and estimate payment changes, breakeven timing, and interest impact.

Best used for

Compares current and refinance monthly payments side by side.

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Housing & Debt

Mortgage Refinance Calculator

Compare your current mortgage with a refinance offer and estimate payment changes, breakeven timing, and interest impact.

Snapshot
The refinance may save about $130,011 after costs.
Current payment is about $2,381 versus $2,416 with the new loan. Breakeven is roughly not reached from payment savings alone.
Current payment
$2,381
New payment
$2,416
Your Numbers
Your current mortgage or home loan balance.
$
Current rate
Current mortgage interest rate.
6.9
Estimated remaining years on the current loan.
New rate
Quoted refinance rate.
5.9
New loan term if you refinance.
Estimated closing costs and fees.
$
The month you want the payoff schedule to begin.
Results
The refinance may save about $130,011 after costs.
Current payment is about $2,381 versus $2,416 with the new loan. Breakeven is roughly not reached from payment savings alone.
Current payment
$2,381
New payment
$2,416
Monthly change
-$35
Breakeven
N/A
Interest after costs
$130,011

Projection outlook

See how the modeled path evolves over time under the current assumptions.

Remaining balance
Principal paid
Interest paid

Conservative currently leads optimistic by about $195.

Important findings
What the current inputs suggest
Current payment is about $2,381 versus $2,416 with the new loan. Breakeven is roughly not reached from payment savings alone.
What changes the result most
Conservative currently leads optimistic by about $195, so the outcome is meaningfully sensitive to your assumptions.
How to use this result
Use the headline to frame the decision, then check the supporting metrics and timeline before acting. The output is strongest as a planning tool, not as a guarantee.

How it works

The calculation, without the clutter

1

The calculator computes a standard monthly payment for the current loan and the proposed refinance loan.

2

It estimates breakeven by dividing the upfront costs by monthly payment savings where that comparison is meaningful.

Where this tool is most useful

A lower rate can reduce monthly payment, but if the term resets too long or the costs are high, the refinance may not be as compelling as it first appears.

Key assumptions

What to sanity-check

  • The refinance costs are treated as upfront cash outflows.
  • Both current and new loans are modeled as fixed-rate principal-and-interest loans.
  • The analysis does not include tax effects or cash-out refinancing.

Companion guide

Common retirement planning mistakes

Avoid the most common assumptions that weaken retirement plans before they are stress tested.

Read the guide

FAQ

Common questions

Are these outputs guarantees?

No. They are planning estimates based on your assumptions and should be updated as markets, taxes, and spending change.

Do these calculators replace professional advice?

No. They are a strong planning starting point, but tax, legal, and investment decisions should be reviewed with a qualified professional when appropriate.

How often should I revisit my inputs?

A good rule is to revisit assumptions after major income, spending, family, tax, or market changes and at least a few times per year.

Why do the optimistic and conservative scenarios matter?

They help you see how sensitive the result is to assumptions instead of anchoring on one exact output.

Mortgage Refinance | WealthyNest