Free refinance savings calculator

The calculator compares your current monthly payment to the new payment at a lower rate, factoring in closing costs to determine net savings and the break-even point.

The break-even point is when your cumulative monthly savings exceed the closing costs of refinancing. After this point, you are saving money. Most advisors recommend refinancing only if you plan to stay past break-even.

Generally, refinancing makes sense if you can lower your rate by at least 0.5-1%, plan to stay in the home past the break-even point, and the closing costs are reasonable.