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Should I refinance?

Your new payment, monthly savings, break-even month, and whether a lower payment really costs more. No account needed.

Your numbers

Answer each Yes/No question, then fill in the amounts that appear. Use 0 only when an amount is truly zero. Want to see how it works first? Load example numbers below.

Are your current mortgage and the new loan both fixed-rate, with the same payment every month?

This doesn’t handle adjustable-rate (ARM), interest-only or balloon loans. Leave mortgage insurance, taxes and insurance out: we compare principal and interest.

The original loan amount on your closing papers or first statement, not today’s balance. For example, 300,000.
The yearly rate on your statement or mortgage note, not the APR. For example, 7.25.
The full original term. Most mortgages are 30 or 15 years.
We use it to find the balance you owe today and how many payments are left.
Usually about two months after closing: close in January, first payment March 1. Your first statement shows it.
For example, 2023.
The rate on the lender’s quote or Loan Estimate (page 1), not the APR. For example, 6.
A new 30-year loan starts the clock again, so the payment drops partly because you pay for longer. Picking the years you have left keeps your payoff date.
Page 2 of your Loan Estimate: sections A, B, C and E, minus any points. Leave out sections F and G (prepaid interest, and taxes and insurance for escrow): you pay those with or without a refinance. For example, 5,000. Enter 0 for a no-closing-cost offer.
Adding them to the loan means no cash at closing, but you borrow more and pay interest on them for the whole loan.
Do you want to use the exact balance from your latest statement?

Answer No and we work out today’s balance from the loan’s original schedule. Answer Yes if you have ever paid extra, or for an exact answer.

Will you pay points to get a lower rate?

A point is 1% of the new loan, paid up front to lower the rate. Your Loan Estimate lists them on page 2, section A.

Do you want to take cash out of your home?

A cash-out refinance borrows more than you owe and pays you the difference. Interest on that extra money is tax-deductible only if you spend it to buy, build or substantially improve this home.

Your answer shows up here.

Answer the questions, then press Calculate.
Or load example numbers to see how it works.

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Assumptions, sources & limitations

Planning estimates only. Not a tax return, filing, payment, lending quote or personalized advice. Results depend on complete and accurate inputs. No guarantee of savings or penalty protection. Tax figures checked October 31, 2026; changes and special rules may apply. This initial release needs firm validation before client reliance.