📊 Current Loan vs. New Loan
A side-by-side look at what refinancing changes.
| Current Loan | New Loan | |
|---|---|---|
| Interest Rate | 7.25% | 6.25% |
| Loan Balance | $320,000.00 | $324,500.00 |
| Term Remaining | 27 years | 30 years |
| Monthly Payment | $2,253.42 | $1,998.00 |
| Total Interest Remaining | $410,108.34 | $394,780.83 |
| Total Cost Remaining | $730,108.34 | $719,280.83 |
| based on today's remaining balance | including closing costs rolled in |
New Loan Amortization Schedule
See how your new loan balance and interest paid change over its full term.
| Year | Principal Paid | Interest Paid | Total Payment | Cumulative Interest | Remaining Balance |
|---|---|---|---|---|---|
| Year 1 | $3,802.48 | $20,173.55 | $23,976.03 | $20,173.55 | $320,697.52 |
| Year 2 | $4,047.06 | $19,928.97 | $23,976.03 | $40,102.52 | $316,650.46 |
| Year 3 | $4,307.37 | $19,668.65 | $23,976.03 | $59,771.17 | $312,343.09 |
| Year 4 | $4,584.43 | $19,391.60 | $23,976.03 | $79,162.77 | $307,758.66 |
| Year 5 | $4,879.31 | $19,096.72 | $23,976.03 | $98,259.49 | $302,879.35 |
| Year 6 | $5,193.16 | $18,782.87 | $23,976.03 | $117,042.36 | $297,686.19 |
| Year 7 | $5,527.19 | $18,448.84 | $23,976.03 | $135,491.20 | $292,159.00 |
| Year 8 | $5,882.71 | $18,093.32 | $23,976.03 | $153,584.52 | $286,276.29 |
| Year 9 | $6,261.10 | $17,714.93 | $23,976.03 | $171,299.45 | $280,015.20 |
| Year 10 | $6,663.82 | $17,312.21 | $23,976.03 | $188,611.66 | $273,351.38 |
| Year 11 | $7,092.45 | $16,883.58 | $23,976.03 | $205,495.23 | $266,258.93 |
| Year 12 | $7,548.65 | $16,427.38 | $23,976.03 | $221,922.61 | $258,710.28 |
| Year 13 | $8,034.19 | $15,941.84 | $23,976.03 | $237,864.45 | $250,676.09 |
| Year 14 | $8,550.96 | $15,425.06 | $23,976.03 | $253,289.51 | $242,125.12 |
| Year 15 | $9,100.98 | $14,875.05 | $23,976.03 | $268,164.56 | $233,024.15 |
| Year 16 | $9,686.37 | $14,289.66 | $23,976.03 | $282,454.22 | $223,337.78 |
| Year 17 | $10,309.41 | $13,666.61 | $23,976.03 | $296,120.83 | $213,028.36 |
| Year 18 | $10,972.54 | $13,003.49 | $23,976.03 | $309,124.33 | $202,055.83 |
| Year 19 | $11,678.31 | $12,297.72 | $23,976.03 | $321,422.05 | $190,377.52 |
| Year 20 | $12,429.48 | $11,546.55 | $23,976.03 | $332,968.60 | $177,948.04 |
| Year 21 | $13,228.96 | $10,747.06 | $23,976.03 | $343,715.66 | $164,719.07 |
| Year 22 | $14,079.88 | $9,896.15 | $23,976.03 | $353,611.81 | $150,639.20 |
| Year 23 | $14,985.52 | $8,990.51 | $23,976.03 | $362,602.32 | $135,653.68 |
| Year 24 | $15,949.41 | $8,026.61 | $23,976.03 | $370,628.93 | $119,704.26 |
| Year 25 | $16,975.31 | $7,000.72 | $23,976.03 | $377,629.65 | $102,728.95 |
| Year 26 | $18,067.19 | $5,908.83 | $23,976.03 | $383,538.48 | $84,661.76 |
| Year 27 | $19,229.31 | $4,746.72 | $23,976.03 | $388,285.20 | $65,432.45 |
| Year 28 | $20,466.17 | $3,509.86 | $23,976.03 | $391,795.06 | $44,966.28 |
| Year 29 | $21,782.59 | $2,193.43 | $23,976.03 | $393,988.49 | $23,183.69 |
| Year 30 | $23,183.69 | $792.34 | $23,976.03 | $394,780.83 | $0.00 |
Is Refinancing Your Mortgage Worth It?
A refinance calculator answers one core question: does a new loan actually save you money once every cost is accounted for? This tool compares your current mortgage payment against a new loan built from today's refinance rates, then calculates the exact month your savings overtake your closing costs. Enter your remaining balance, current rate, and the new terms you're considering, and you'll see your new monthly payment, your break-even point, and the total interest difference over the life of both loans.
Understanding Refinance Rates Today
Refinance rates move with the broader mortgage market, but they aren't always identical to purchase rates — lenders sometimes price cash-out refinances or investment-property loans slightly higher than a standard rate-and-term refinance. Because refinance rates shift daily, it's worth pulling a current quote from two or three lenders before running your numbers here. Even a 0.25–0.5% difference in rate can shift your break-even point by a year or more, so use the most accurate figure you can get rather than a rate you remember from months ago.
Reading a 30-Year Mortgage Rate Graph
Most borrowers checking a mortgage rate graph 30 year chart are trying to answer a timing question: are rates trending down enough to make refinancing worthwhile, or is now not the moment? A rate graph shows the average 30-year fixed rate over time, and the key is comparing today's line to the rate written on your existing note — not to a historical low. If your current rate sits meaningfully above where 30 year fixed mortgage rates are trending now, that gap is usually the strongest signal that refinancing deserves a serious look.
How Chase and US Bank Refinance Calculators Compare
Large lenders like Chase and US Bank each publish their own refinance tools — a us bank refinance calculator and similar lender-branded calculators typically pull the bank's own advertised rate automatically, while independent tools like this one let you plug in any rate you've been quoted from any lender. Bank-branded calculators are convenient for a quick estimate, but because chase 30 year fixed mortgage rates and other single-lender rates only reflect one institution's pricing, using an independent calculator alongside multiple real quotes gives a more complete, unbiased picture before you commit.
Cash-Out Refinance vs. Rate-and-Term Refinance
A rate-and-term refinance simply replaces your existing balance with a new loan at a better rate or different term — no extra cash changes hands. A cash-out refinance increases your loan balance above what you currently owe, and the difference is paid to you at closing, commonly used for home improvements, debt consolidation, or major expenses. Cash-out loans usually carry a slightly higher rate and require more home equity to qualify, so use the cash-out field above to see exactly how tapping equity affects your new payment and break-even timeline.
Choosing Refinance Mortgage Lenders
Not all refinance mortgage lenders price closing costs, points, or rate locks the same way, so the lowest advertised rate isn't always the cheapest overall deal. When comparing offers for a mortgage refinance, request a Loan Estimate from each lender and compare the APR — not just the headline rate — alongside origination fees, appraisal costs, and any prepayment penalties on your current loan. Plug each lender's actual numbers into this calculator to see which offer produces the shortest break-even period and the largest long-term savings for your specific situation.
Can You Use a Refinance Calculator for a Personal Loan?
While this tool is built around mortgage math, the same logic applies to a refinance calculator personal loan scenario: compare your current interest rate and remaining balance against a new loan's rate, term, and any origination fee, then check whether the monthly savings outweigh the cost of switching. Personal loan refinances typically have much lower or no closing costs, so the break-even point is often just a few months rather than years — making it worth checking anytime your credit score has improved since you first borrowed.
Break-Even Point: The Number That Matters Most
Your break-even point — shown at the top of your results — is the single most useful number this calculator produces. It tells you exactly how many months of lower payments it takes to recoup your closing costs and points. If you plan to stay in your home longer than that break-even period, refinancing is generally a financial win. If you expect to move or sell before reaching it, the upfront costs will likely outweigh whatever you save month to month, and refinancing may not make sense right now.
When Refinancing Isn't Worth It
Refinancing rarely pays off if you're close to paying off your current loan, if the new rate is only marginally lower than your existing one, or if you plan to sell within a year or two. Extending your remaining term — even at a lower rate — can also increase total lifetime interest despite lowering your monthly payment, so always check the "Total Interest Remaining" row in the comparison table above before deciding. Run a few different rate and term combinations through this calculator to find the scenario that actually reduces your long-term cost, not just your monthly bill.
Frequently Asked Questions
What does a refinance calculator show me?
A refinance calculator compares your current mortgage payment to a new loan built from a different rate, term, or balance. It shows your new monthly payment, the total closing costs and points involved, your break-even point in months, and how total interest paid compares between the current and new loan.
How is the break-even point calculated?
The break-even point divides your total closing costs and points by your monthly savings. For example, $4,500 in costs with $150 in monthly savings breaks even in 30 months. If you plan to keep the loan longer than that, the refinance is generally worthwhile.
Should I roll closing costs into my new loan?
Rolling closing costs into your new loan avoids paying cash upfront but increases your loan balance and total interest paid over time. Paying costs out of pocket keeps your new balance lower but requires cash at closing. Toggle the checkbox above to compare both approaches side by side.
What is a cash-out refinance?
A cash-out refinance replaces your mortgage with a larger loan and pays you the difference in cash, typically for home improvements or debt consolidation. It usually requires at least 20% equity remaining after the new loan and often carries a slightly higher rate than a standard rate-and-term refinance.
When is the right time to refinance a mortgage?
Refinancing generally makes sense when new rates are meaningfully below your current rate, when you plan to stay in the home past your break-even point, or when your credit score has improved enough to qualify for better terms than your original loan.
What credit score do I need to refinance?
Most conventional refinances require a credit score of 620 or higher, though the best rates typically go to borrowers above 740. FHA streamline refinances have more flexible credit requirements since they refinance an existing FHA loan into a new FHA loan.
What are mortgage points and are they worth buying?
Discount points are an upfront fee paid to lower your interest rate, typically costing 1% of the loan amount per point and reducing the rate by roughly 0.25%. Points are worth buying if you plan to keep the loan long enough for the monthly savings to exceed their upfront cost.
Can I refinance a personal loan the same way?
Yes — the same rate, term, and fee comparison applies to a personal loan refinance. Personal loans usually carry lower or no closing costs, so the break-even period is often much shorter than a mortgage refinance, making it worth checking whenever your credit improves.
How many times can I refinance my mortgage?
There is no legal limit on how many times you can refinance, though most lenders require some time to pass between refinances and some loans carry a seasoning requirement. Each refinance involves new closing costs, so it only makes financial sense if the new terms produce a genuine break-even benefit.