Refinance Calculator

Is refinancing worth it? Enter your current loan and new offer to see monthly savings, total interest saved, and your break-even month.

How refinancing math works

Refinancing replaces your existing loan with a new one. You save money when the total cost of the new loan (interest + closing costs) is less than the remaining interest you'd pay on the old loan. The break-even point tells you how long it takes to recoup closing costs from monthly savings.

Rule of thumb: refinance if you can lower your rate by 1% or more AND you plan to keep the loan past the break-even point.

Last updated September 13, 2026

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