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Refinance Calculator
Analyze whether refinancing your mortgage makes financial sense
Currency
Current Loan
0%15%
P&I only
12 months360 months
New Loan
0%15%
Costs & Options
0 points4 points
Additional cash from equity
Monthly Savings
$0.00
Increase
Break-Even
N/A years
0 months
Interest Saved
$0.00
Over loan lifetime
Net Lifetime Savings
$0.00
Rate Comparison
Current Rate
7.000%
New Rate
6.000%
Rate Reduction
%
Monthly Payment Comparison
Current Payment(50.0%)
$0.00New Payment(50.0%)
$0.00Lifetime Cost Comparison
Current Loan Total(50.0%)
$0.00New Loan Total(50.0%)
$0.00Detailed Analysis
New Loan Amount
$0.00
Total Closing Costs
$0.00
Current Interest Remaining
$0.00
New Loan Total Interest
$0.00
Effective Rate (incl. costs)
%
Years Added to Mortgage
years
Consider Carefully
Refinancing may not be beneficial. Consider the undefined additional years and break-even period of 0 months.
When to Refinance Your Mortgage
- - A rate reduction of 0.5% or more typically makes refinancing worthwhile
- - The break-even point is when your savings exceed closing costs - stay in your home longer than this
- - Extending your loan term may lower payments but increase total interest paid
- - Cash-out refinancing can be useful but increases your loan balance
- - Discount points can lower your rate if you plan to stay long-term
- - Consider your credit score - a higher score typically means better rates