Compare your existing loan terms against new rates. See your immediate monthly savings, lifetime interest differences, and exactly how many months it takes to break even on closing costs.
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This tool calculates whether replacing your current home loan with a new one makes financial sense. It models your monthly savings, lifetime interest reduction, and the exact break-even timeline after accounting for closing costs.
Homeowners looking to lower their monthly payment, switch from a 30-year to a 15-year term, or extract home equity should use this. It works well alongside our mortgage calculator for initial planning.
Example Input
Current loan: $300,000 at 6.5%. New loan: $300,000 at 5.0% for 30 years with $4,000 in closing costs.
Sample Output
Monthly payment drops from $1,896 to $1,610, saving $286/month. The break-even point is reached in 14 months.
Example Input
Home value: $500,000. Current loan: $200,000. Cash-out: $50,000. New loan: $250,000 at 5.5% for 15 years.
Sample Output
Provides $50,000 in liquid cash for home improvements while maintaining a manageable monthly payment on a shorter term.
Use this calculator to evaluate a cash-out refinance versus a home equity loan, or to see if dropping your rate by 1% justifies the upfront lender fees. It is also helpful when deciding whether to keep renting or to buy using our rent vs buy calculator.
To get the most accurate break-even analysis, input all expected origination fees, appraisal costs, and title charges. Compare the new amortization schedule directly against your current loan amortization calculator breakdown.
A massive mistake is focusing only on the lower monthly payment while ignoring the reset of the loan term. Restarting a 30-year clock after paying for 10 years often means you will pay significantly more total interest over your lifetime.
The break-even point is the number of months it takes for your monthly mortgage savings to exceed the upfront closing costs of the new loan.
A cash-out refinance can be smart for home improvements that increase property value, but it replaces your entire mortgage rate, which may be costly if current rates are higher than your old rate.
Yes, unless you specifically request a custom term (like a 17-year mortgage), a new 30-year refinance resets the clock, meaning you will pay interest for another 30 years.
Our refinance tool instantly visualizes your break-even point directly in your browser without requiring personal data, allowing you to confidently evaluate loan estimates from multiple lenders.
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