Refinance Calculator
Compare your current mortgage with refinancing options to see potential savings and break-even point
Refinancing Analysis
✓ Refinancing is Recommended
You'll save $287 per month and break even in 1.4 years
You'll save $287 per month and break even in 1.4 years
Monthly Savings
$287
Break-Even Point
1.4 years
Payment Comparison
Current Payment
$2,307
New Payment
$2,020
Monthly Difference
-$287
Loan Comparison
Current Loan Balance
$300,000
New Loan Amount
$305,000
Total Refinance Cost
$5,000
Cumulative Savings Over Time
Detailed Financial Analysis
Total Interest - Current Loan
$392,100
Total Interest - New Loan
$422,000
Interest Difference
$29,900
Net Savings (5 years)
$12,240
Analysis Options
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When Should You Refinance?
📉 Interest Rates Drop
Generally worth refinancing if you can reduce your rate by 0.5-1% or more, depending on closing costs.
💳 Improve Credit Score
If your credit score has improved significantly, you may qualify for better rates than your original loan.
🏠 Remove PMI
If your home value has increased, refinancing might help you eliminate private mortgage insurance.
💰 Cash-Out Needs
Access your home equity for home improvements, debt consolidation, or other major expenses.
⏰ Change Loan Term
Switch from 30-year to 15-year to pay off faster, or extend term to reduce monthly payments.
🔒 Switch Loan Type
Convert from adjustable-rate to fixed-rate mortgage for payment stability.