Refinance Calculator
See whether refinancing your mortgage saves money after closing costs.
Inputs explained
- Current Balance — Remaining mortgage balance. Example: 250000.
- Current Rate (%) — Your existing mortgage rate. Enter 7 for 7%.
- Current Monthly Payment — Your present monthly payment. Example: 1700.
- New Rate (%) — The rate on the new loan. Enter 5.5 for 5.5%.
- New Term (years) — Length of the refinanced loan, e.g. 30.
- Closing Costs — Upfront cost to refinance. Example: 4000.
How to use it
- Fill in the fields above — each input has a hint describing exactly what to enter
- Press Calculate to get your result instantly, right on this page
- Copy the result, save the tool to favorites, or share and embed it anywhere
Understanding the result
Example: Dropping from 7% to 5.5% on $250,000 may save ~$230/month, breaking even on $4,000 costs in about 17 months.
Frequently asked questions
Is the Refinance Calculator free to use? Yes — it is completely free, with no sign-up, no download and no usage limits. You can use it as often as you need.
Is my data private? Yes. The calculation runs entirely in your browser — the values you enter are never sent to our servers, stored or shared with anyone.
What information do I need? Just the following: Current Balance, Current Rate (%), Current Monthly Payment, New Rate (%), New Term (years), Closing Costs. Each field includes a hint explaining exactly what to enter.
Can I use it on my phone? Yes — the tool is fully responsive and works on any device, and the same calculator is available in the EasyWorkCalcs mobile app.
Privacy
Everything you enter into the Refinance Calculator is processed entirely in your browser. Nothing is uploaded, stored or shared — your data stays on your device.