See whether refinancing pays off — your new payment, monthly savings, and how many months until closing costs are recovered (the break-even).
Compares payments on the same balance and term. It doesn't account for resetting the clock on a loan you're already years into, or cash-out refis. If you refinance to a fresh 30-year term, total interest can rise even when the payment drops. General information, not advice.
Refinancing replaces your loan with a new one at a different rate. It pays off when the monthly savings recover the closing costs before you'd sell or refinance again — that's the break-even month. Drop below break-even and the refi cost you money.
Break-even (months) = closing costs ÷ monthly savings
If you'll stay in the home well past the break-even month, refinancing usually makes sense. If you might move before then, the closing costs may not pay off.
Not over the life of the loan. Refinancing into a new 30-year term can lower the payment while increasing total interest, because you restart the amortization clock. Compare lifetime interest, not just the payment.
Related: mortgage payment calculator · amortization calculator · loan calculator · all free calculators.
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It uses standard formulas and recalculates the moment you change a value, so the math is exact for the inputs you enter. Treat the result as a reliable planning estimate; for decisions with legal or tax consequences, confirm the figures with a qualified professional.
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Last reviewed: September 2026. Free to use, no signup — Refinance Calculator by ToolWise Digital.
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