Compare your current mortgage to a new rate and term to see the monthly savings, the total interest difference, and how long it takes to recover closing costs.
Results update as you type — there is no submit button, no email wall, and no account. The interest rate field is pre-filled with the latest national average 30-year fixed rate published on our mortgage rates page, with the survey's publication date shown beneath it, and every field is editable. Inputs used: Current loan balance, Current interest rate, Years left on current loan, New interest rate, New loan term, Estimated closing costs, ZIP code (optional).
A calculator does not know your credit profile, your documentation type, or the county tax assessment on a specific address. A licensed loan officer does. Send the exact scenario you just ran to a loan officer licensed in your state — free, with no account to create. Every loan officer shown is a LoanOfficer.ai user who opted into our loan officer directory, listed in even rotation with no paid placement.
Each loan officer card shows their photo, name, company, NMLS number, licensed states, specialties, and languages, with a link to their full directory profile and a "Start a conversation" chat window that opens a private thread with that loan officer, attaching the home price, down payment, loan amount, rate, term, and estimated monthly payment you just calculated. Their AI assistant replies in the chat within seconds, and every loan officer has their own separate conversation.
The calculator amortizes your existing loan from its current balance, rate, and remaining years, then amortizes a new loan at the rate and term you enter. Both payments are principal and interest only, because taxes, insurance, and HOA dues do not change when you refinance — including them would hide the actual difference the new loan makes.
Break-even is total closing costs divided by the monthly principal-and-interest savings, rounded up to the next whole month. If closing costs are rolled into the new loan the payment comparison already reflects the higher balance, and break-even is reported as the point where cumulative savings exceed the costs you financed. If you plan to sell or refinance again before that month, the refinance loses money even though the payment is lower.
Resetting a loan you have paid down for several years back to a 30-year term lowers the payment while stretching interest over a longer period, so lifetime interest can rise even at a lower rate. The calculator reports both the monthly change and the total interest change over the full remaining life of each loan so you can see the trade-off instead of only the headline payment.
Escrow refunds from your old loan, prepaid interest, per-diem interest at closing, and the timing of your first new payment are all cash-flow items that shift the first month or two and are not modeled here. Your Loan Estimate and Closing Disclosure show them precisely.
The first twelve months are shown by default and the full schedule expands on request. Each row splits the payment between interest and principal and shows the balance that remains.
Closing costs typically include lender fees, title and escrow, appraisal, recording, and prepaid items. They vary widely by state and loan size, so use a real quote in the closing-cost field rather than a guess.
There is no universal threshold — it depends on how long you will keep the loan. If you expect to move or refinance again before break-even, the lower payment does not recover the cost of getting it.
A 15- or 20-year term usually carries a lower rate and cuts total interest sharply, but the payment goes up. Model both terms here and compare the monthly change against the total interest change.
Often yes, on a rate-and-term refinance, subject to your loan-to-value and program limits. It preserves cash but increases the balance you pay interest on, which is why this calculator shows the effect on the new payment.
Yes. A refinance replaces the old note with a new one, so the amortization clock starts over on the term you choose. That is the main reason a lower rate can still mean more total interest.
These calculators are free educational tools. Results are estimates based on the numbers you enter and are not a loan offer, rate lock, or pre-approval. Taxes, insurance, HOA dues, and mortgage insurance vary by property and lender. Talk to a licensed loan officer for figures specific to your situation.