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Mortgage

Refinance Calculator

Compare your current mortgage payment with a refinance, and see when the closing costs pay for themselves.

Your details

New monthly payment
$1,842.26
Monthly savings
$278.08
Break-even
1 yr 6 mos
Current payment
$2,120.34
New monthly payment$1,842.26

Formula

Both payments are amortized on the current balance. Break-even = closing costs ÷ monthly savings.

How it works

The calculator amortizes a new loan on your current balance and compares its payment to what you pay now. Dividing your upfront closing costs by the monthly saving gives the break-even month — after which refinancing is money in your pocket.

Frequently asked questions

When does refinancing make sense?⌄

Generally when the new rate is meaningfully lower and you will stay in the home past the break-even point, so the monthly savings outweigh the closing costs.

What are typical refinance closing costs?⌄

Refinancing usually costs about 2-5% of the loan amount in fees. The calculator uses that to find how long the monthly savings take to recoup.

Does refinancing reset my loan term?⌄

It can. Refinancing into a fresh 30-year loan lowers the payment but can increase total interest; a shorter term saves interest but raises the payment.

Sources & methodology

Compares principal & interest only. Excludes taxes, insurance, and cash-out.

Last updated: 2026-07-19

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<p style="font:13px/1.5 system-ui,sans-serif;color:#52514e;margin:6px 0"><a href="https://numveo.com/mortgage/refinance-calculator" target="_blank" rel="noopener">Refinance Calculator</a> by <a href="https://numveo.com" target="_blank" rel="noopener">Numveo</a></p>