Mortgage Refinance Calculator: See Your Potential Savings

Refinancing your mortgage when rates drop can save you tens of thousands of dollars in interest over the life of your loan, but the savings depend on your current rate, new rate, remaining term, closing costs, and how long you plan to stay in the home. Our refinance calculator shows you the exact break-even point and total savings.

A common rule of thumb says refinancing makes sense when you can reduce your rate by at least 0.75 percent, but this oversimplifies the decision. The calculator factors in your specific closing costs, remaining loan balance, and planned ownership timeline to determine whether a rate-and-term refinance, cash-out refinance, or staying put is the best financial move.

Cash-out refinancing lets you tap home equity for renovations, debt consolidation, or investments, but it increases your loan balance and resets your amortization clock. Compare the cost of a cash-out refi against a HELOC using our tools to make the most informed decision.