Compare your current mortgage payment with a refinance, see monthly savings, months to break even on closing costs and the change in total interest.
Estimates only, not an offer of credit. Express Approvals is not a lender or mortgage broker, doesn't make loans or credit decisions and can't guarantee approval, rates or terms. Results depend entirely on the numbers you enter. Everything is calculated in your browser; nothing you type is sent to us.
How this calculator works
Monthly savings = current principal-and-interest payment − new payment. Break-even months = closing costs ÷ monthly savings. If you roll the costs into the loan, the new payment is calculated on the larger balance.
A lower payment over a longer term can still cost more interest in total, so the calculator also compares remaining interest and total remaining payments.
Frequently asked questions
What's a good break-even point?
There's no single answer: it depends on how long you expect to keep the loan. If you'll likely sell or refinance again before the break-even month, the refinance may not pay off.
Should I include taxes and insurance?
No. They usually stay the same when you refinance, so compare principal and interest only.
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