🔄 Refinance Calculator
📊 Refinance Results
📅 Amortization Schedule (New Loan)
Enter your loan details and click "Analyze" to see the amortization schedule
🧮 Understanding Refinancing
Refinancing replaces your current debt with a new loan under different terms. Key factors to consider:
Break-Even Point (months) = Closing Costs ÷ Monthly Savings
Significantly lower than your current rate
Better score = better rates
Switch from 30-year to 15-year
Access home equity
Factors to Consider:
- Closing costs: 2%–5% of the loan amount impact your savings
- Loan term: Extending lowers payments but increases total interest
- Equity: Most lenders require at least 20% equity
- Plans to move: If selling soon, you may not recoup costs
Use this calculator to analyze different scenarios and determine if refinancing makes financial sense.
🧭 How to Use This Calculator
- Select your preferred currency from the dropdown at the top of the calculator.
- Under Current Loan, enter your current balance, interest rate, monthly payment (if known), and remaining loan term.
- Under New Loan, enter the interest rate and term you're being offered, along with any closing costs for the refinance.
- If you're rolling closing costs into the new loan or borrowing extra cash, enter the resulting new loan balance — otherwise leave it blank to use your current balance plus costs.
- Click Calculate to see your new monthly payment, monthly savings, break-even point, and total savings over the life of the loan.
- Use the Yearly / Monthly tabs below your results to view the new loan's full amortization schedule.
- Click Reset at any time to clear all fields and analyze a new scenario.
❓ Frequently Asked Questions
What does the break-even point tell me?
The break-even point is how many months it takes for your monthly savings from refinancing to cover the closing costs you paid. If you plan to keep the new loan longer than this period, refinancing is generally worth it financially.
Why is my closing costs field important if I'm not paying cash for it?
Even if closing costs are rolled into your new loan balance rather than paid upfront, they still affect your total cost of refinancing. Entering them accurately ensures your break-even and total savings figures reflect the real cost of the new loan.
What if I don't know my exact current monthly payment?
Leave that field blank. The calculator will estimate your current payment automatically using your current balance, interest rate, and remaining term, so you can still get an accurate comparison.
Is a lower monthly payment always a sign refinancing is a good idea?
Not necessarily. Extending your loan term can lower your monthly payment while increasing the total interest you pay over time. Check the total interest and total savings figures, not just the monthly payment, to see the full financial picture.
What's the difference between the Yearly and Monthly schedule views?
The Yearly view summarizes your new loan's principal paid, interest paid, and ending balance for each calendar year. The Monthly view breaks that down into every individual payment with its own date, principal, interest, and remaining balance.