Does resetting the term cost more?

Possibly. Refinancing a 25-years-left loan into a fresh 30-year term lowers the payment but can increase total interest. Compare lifetime savings, not just the monthly number.

What about a "no-closing-cost" refinance?

Those roll the fees into the loan balance or rate, so you pay over time instead of upfront — useful if you might move before breaking even.

Refinance Calculator

Should you refinance? See your new payment, monthly savings, and break-even point.

UPDATED · MAY 2026

Current loan balance

Current rate

New rate

New term

Closing costs

You save each month

$122/mo

NEW PAYMENT$1,775

BREAK-EVEN33 mo

New payment

$1,775/mo

Break-even

33 mo

Lifetime savings

$39,773

How to use the Refinance Calculator

01
Enter your current loan. Use your remaining balance and current interest rate.
02
Enter the new rate and term. The rate and term you're being offered on the refinance.
03
Add closing costs. Refinancing has fees — enter them to see your true break-even point.

How is it calculated?

We recompute the monthly payment on your balance at both the old and new rate/term. Monthly savings is the difference. The break-even point is closing costs ÷ monthly savings — the number of months you must keep the loan before the refinance pays for itself.

Frequently asked

The questions readers ask most about the refinance calculator.

When you'll stay in the home past the break-even point and the lifetime savings are meaningful. A common rule of thumb is a rate drop of at least 0.5–0.75%.

LEARNHow mortgage payments work: amortization explained

How to use the Refinance Calculator

How is it calculated?

Frequently asked

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