Refinancing can be a powerful way to lower your monthly payments or reduce the total interest paid over the life of your home loan. This calculator helps you compare your current mortgage terms with a new potential loan, factoring in interest rates, loan terms, and closing costs to find your true savings.
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Is Refinancing Right for You?
Compare your current mortgage with a new loan to see if refinancing saves you money. Calculate monthly savings and break-even points. Free tools by FusioFiles.
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1
Current Loan Info
Enter your remaining balance, current interest rate, and years left on the loan.
2
New Loan Terms
Enter the new interest rate and the term (e.g., 15 or 30 years) you're considering.
3
Add Closing Costs
Include the estimated fees for the refinance to see your true break-even point.
Key Features
Monthly Savings Analysis
See exactly how much your monthly payment will drop with a lower interest rate.
Break-Even Point
Calculate how many months it will take for your savings to cover the cost of refinancing.
Total Interest Comparison
Visualize the difference in total interest paid between your current loan and a new one.
Frequently Asked Questions
Closing costs generally range from 2% to 5% of the loan amount, covering appraisal, title search, and lender fees.
Generally, if you can lower your rate by at least 0.75% and plan to stay in the home longer than the break-even period.
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