Don't refinance until you compare your new loan to your old mortgage. Enter the information below to find out if refinancing will save you money.

Please note that your actual payments and savings may vary substantially from this estimate based on your actual mortgage product, interest rate, and term. This calculator is intended is for informational purposes only.


  1. Enter the amount of the remaining principal on your mortgage.
  2. Enter your current monthly mortgage payment (principal and interest only).
  3. Enter your current mortgage's interest rate.
  4. Enter the interest rate you plan to refinance at. If you don't know what interest rate to enter, you can get a rate quote, or use the current average rates on the right.
  5. Enter the number of years you plan to repay the loan over, also called the "loan term".
  6. Enter the closing costs that will be required for refinancing.
  7. Click compute. Your new refinanced monthly mortgage payment, monthly savings, and the number of months it will take to break even if you refinance will be displayed. In addition, your current and refinanced interest, interest savings, and net refinancing savings will automatically be displayed.

Mortgage Refinancing Calculator

Principal Balance of Mortgage $
Current Payment:
(principal and interest portion only)
Current Interest Rate:     %
Interest Rate For Refinanced Loan:
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Number of Years You Will be Refinancing For:     Years
Closing Costs Required for Refinancing: $


Total Payment if You Refinance: $
Monthly Savings: $
Number of Months to Break Even on Closing Costs:     Months
Interest Payment Under Current Mortgage: $
Interest Payment Under Refinanced Mortgage $
Total Savings on Interest with Refinancing: $
Net Refinancing Savings (interest savings less closing costs): $

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Type of Loan

Mortgage Refinance
Home Equity Loan or Line
Debt Consolidation
New Home Loan

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Historical Federal Funds Rate

30-Year Fixed Rate -

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15-Year Fixed Rate -

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*National Rates