Refinance Calculator

A lower payment is not the whole story. This shows the break even month on the closing costs and the total you pay over both loans. The new rate is preset to the Freddie Mac Primary Mortgage Market Survey average of 7.40 percent as of October 15, 2026.

Reading the result

The break even month is the closing costs divided by the monthly savings. If you expect to sell or refinance again before then, the refinance costs more than it saves. Resetting to a new 30 year term lowers the payment partly by stretching the loan, which is why the total cost line matters.

Questions people ask

When does it make sense to refinance?

When you will keep the loan past the break even month and the total cost over the new loan is lower, or when you need the lower payment and accept the longer term.

Should I roll closing costs into the loan?

It saves cash now, but you pay interest on those costs for the life of the loan.

Estimates for planning, not a loan offer or tax advice. All calculators.