Refinance calculator

Should I Refinance My Mortgage?

Enter your current loan and the new loan. See how much you save each month, how long it takes to earn back the closing costs, and the total interest you save.

Current mortgage
$
$320k
%
8.00%
Years left times 12. For example, 26 years = 312 months.
$
Principal and interest only, without property tax or insurance.
New loan
%
7.28%
Starts at 7.28%, the Freddie Mac 30-year average for the week of Oct 1, 2026. Use the rate a lender quotes you.
$
$6,500
Fees for the new loan, often 2% to 5% of the balance.
Results
Break-even point
Monthly savings
$0
New monthly payment
$0
Current monthly payment
$0
Closing costs
$0
Total interest saved
$0
Interest left on your current loan minus interest on the new one.
Lifetime savings after costs
$0
All payments left on the current loan minus all payments and costs of the new one.

Break-even is the number of months it takes for the monthly savings to add up to the closing costs. Payments shown are principal and interest only.