Mortgage Refinance Savings Calculator
Compare current rates and refinance alternatives. Find out how much you save by refinancing and combining it with extra payments to maximize speed.
Loan Details
Accelerated Savings
Redirecting your saved monthly payments ($0/mo) for the 0 years you saved at a 7% annual return accumulates this wealth.
Understanding Extra-Payment Payoff Math
Should I refinance my mortgage?
Refinancing is typically beneficial if you can lower your interest rate by 1% or more, or if you want to switch from an adjustable-rate mortgage to a fixed-rate mortgage. You should calculate the refinancing break-even point against closing costs.
How does refinancing savings work?
Refinancing savings come from lowering your interest rate, which decreases your monthly payment and the total interest paid over the life of the loan. You can make even larger savings by maintaining your previous payment amount as an extra principal contribution on the new lower-rate loan.