Mortgage refinance calculator

A lower rate cuts the payment - but restarting a 30-year clock can still cost more interest overall. This shows the monthly saving and break-even, and then the total-interest comparison that most refinance calculators quietly skip.

Current balance ($)

Today's payoff balance from your lender - not the original loan amount.

Current rate (% p.a.)

Years remaining

New rate (% p.a.)

New term (years)

A fresh 30-year term lowers the payment but restarts the clock - check the lifetime-interest line in the result before celebrating.

Closing costs ($)

Application, valuation, legal and discharge fees - typically 2-5% of the balance.

What does the break-even point actually tell you?

Divide the closing costs by the monthly saving and you get the break-even: how long you must keep the new loan before the fees have paid for themselves. Sell or refinance again before that and the deal lost money regardless of the rate. But break-even alone hides the second question.

What is the term-reset trap?

Refinance 23 remaining years into a fresh 25 or 30-year loan and the payment drops twice - once from the rate, once from the stretch. The stretch is not savings; it is the same debt paid more slowly, and it can add tens of thousands in total interest even at a lower rate. So this page always shows both: what happens to the monthly payment, and what happens to the total interest from today to the end of each loan, closing costs included. A refinance that wins on both is a clear yes; one that only wins on the monthly payment is a decision about cash flow, and worth making with eyes open. Matching the new term to your remaining years keeps the comparison clean.