Mortgage Refinance Calculator
Mortgage Refinance Calculator is a financial calculator that helps you compare your current mortgage with a refinanced rate and find the break-even point. The formula used is: Monthly saving = Old payment − New payment; Break-even months = Closing costs ÷ Monthly saving. Enter monetary values in your local currency and interest rates as plain numbers (e.g. 5 for 5%).
Formula
Monthly saving = Old payment − New payment; Break-even months = Closing costs ÷ Monthly saving
- Formula: Monthly saving = Old payment − New payment; Break-even months = Closing costs ÷ Monthly saving
- Enter monetary values in your local currency and interest rates as plain numbers (e.g. 5 for 5%).
- Assumes a fixed interest rate and equal periodic payments; taxes, insurance and fees are excluded unless stated.
- Assumes the same remaining term for both loans.
Example Calculation
Enter your values and the calculator applies the formula (Monthly saving = Old payment − New payment; Break-even months = Closing costs ÷ Monthly saving) and shows the results below. Change any input to update the result instantly.
Frequently asked questions
What is the Mortgage Refinance?
The Mortgage Refinance Calculator helps you compare your current mortgage with a refinanced rate and find the break-even point. Enter monetary values in your local currency and interest rates as plain numbers (e.g. 5 for 5%).
When should I use this calculator?
Use this calculator whenever you need a quick, accurate result for compare your current mortgage with a refinanced rate and find the break-even point.
What should I enter?
Enter monetary values in your local currency and interest rates as plain numbers (e.g. 5 for 5%).
How accurate are the results?
Results are estimates based on the stated formula and assumptions. Verify against your own figures or an authoritative source before acting on them.
How can I verify the calculation manually?
Apply the formula (Monthly saving = Old payment − New payment; Break-even months = Closing costs ÷ Monthly saving) and work through the numbers step by step. If your result differs, re-check units and rounding first.