Mortgage Refinance Calculator
Compare your current mortgage to a refinance — new payment, modeled interest, cash-out, and how many months to recover closing costs. Click any i for detail.
Current vs new loan
Current balance ($)
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Current balance
Payoff amount owed today (ask your servicer for a payoff quote if close to closing). |
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Current rate (%)
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Current rate
Interest rate on the existing note. |
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Years remaining
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Years remaining
About how many years are left on the current amortization. |
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New rate (%)
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New rate
Rate you’re shopping for on the refinance. |
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New term (years)
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New term
Term of the new loan (restarting a 30 can raise total interest even if the payment drops). |
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Closing costs ($)
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Closing costs
Lender fees, title, prepaid items you attribute to the refi. Modeled as financed into the new balance. |
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Cash-out ($)
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Cash-out
Extra cash taken at closing above the payoff. Increases the new loan amount. |
How to use this calculator
- Enter current balance, rate, and years left.
- Enter new rate, term, and closing costs.
- Add cash-out if any.
- Compare payments and break-even months.
Results explained
The headline is the new P&I payment. Break-even months ≈ closing costs ÷ monthly payment savings when the new payment is lower. Restarting a long term can reduce the payment while increasing lifetime interest — check both.
Quick reference: refinance compare
Payment savings ≠ always a good refi.
| Item | Detail |
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| Current P&I | PMT on balance over years left |
| New P&I | PMT on balance + costs + cash-out |
| Break-even | Costs ÷ monthly savings |
| Interest | Total interest over each schedule |
For Colorado tax/insurance in the full house payment, see the Colorado mortgage payment calculator.
How the estimate is built
Current payment from remaining term. New principal = balance + closing costs + cash-out. Break-even = costs / (current P&I − new P&I) when savings > 0.
Example scenario
$380,000 left at 6.75% with 26 years left vs 5.875% for a new 30-year with $6,500 costs — payment usually drops; break-even is costs divided by that monthly savings.
FAQ
Should I reset to 30 years?
A lower payment can cost more interest over time. Try matching remaining term on the new loan as a comparison.
Are costs always financed?
No. Paying costs in cash means break-even uses the same costs but a smaller new balance — this page’s default finances them for a conservative payment.
Points and buydowns?
Fold discount points into closing costs.