Refinance Mortgage Calculator

This calculator helps you decide if refinancing your mortgage is worthwhile by comparing your current loan with a proposed new one.

1. Enter your current mortgage details in the left column:
   • Current Balance ($) – the remaining principal on your loan.
   • Current Interest Rate (%) – your existing annual rate (e.g., 4.5 for 4.5%).
   • Current Remaining Term (months) – how many months are left on your current loan.
2. Enter the proposed new loan details in the right column:
   • New Interest Rate (%) – the new annual rate you’re considering.
   • New Term (months) – the length of the new loan in months (e.g., 360 for 30 years).
   • Closing Costs ($) – total fees to close the new loan (enter 0 if none).
3. Click “Calculate” to see results:
   • Current Monthly Payment and New Monthly Payment – your estimated monthly payments.
   • Total Interest (Current) and Total Interest (New) – total interest paid over the remaining/new term.
   • Monthly Savings – how much less you’d pay each month with the new loan.
   • Break-Even (months) – how many months it takes for monthly savings to cover closing costs. A lower number means faster payback.

Note: All amounts must be positive numbers. Use whole numbers for months and dollars, and decimals for interest rates (e.g., 3.5). The calculator uses the standard loan amortization formula.