Free · No sign-up · California
Free Refinance Calculator: Should I Refinance?
Compare your current loan with a new one: new payment, monthly savings, break-even month and total interest. Free, no sign-up, with optional cash out.
- Current P&I payment
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- New P&I payment
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- New loan amount
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- Break-even
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- Interest left on current loan
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- Total interest on new loan
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- Lifetime interest difference
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Estimate only. Not a loan offer, commitment, or financial, legal or tax advice. Figures are general and based on the numbers you enter. Rates and terms are set by lenders and are not promised here. Talk to Jay for a lender referral.
Talk to Jay about these numbers
How to use it
- Enter your current loan balance, rate and years left. Your mortgage statement has these.
- Enter the new rate from a lender quote and the new term.
- Add the refinance closing costs and choose whether to pay them at closing or add them to the loan.
- Add cash out if you plan to take some equity.
- Check the break-even month against how long you plan to keep the loan.
What the results mean
- Monthly change in P&I: The difference between your current and new principal-and-interest payments. Taxes and insurance usually do not change with a refinance.
- Break-even: How many months of savings it takes to recover the closing costs. If you will move or refinance again before then, it may not pay off.
- Lifetime interest difference: Interest left on your current loan compared with total interest on the new one. Restarting a 30-year term can lower the payment but raise total interest.
Frequently asked questions
When does refinancing make sense?
Often when the new payment saves enough to recover the closing costs well before you expect to sell or refinance again, or when you need to change loan type or take cash out. It depends on your goals.
What is a break-even point?
Closing costs divided by monthly savings. If costs are $6,000 and you save $300 a month, you break even in 20 months.
Should I roll closing costs into the loan?
It keeps cash in your pocket, but you pay interest on those costs. The calculator shows both ways.
Does a lower rate always save money?
Not always. A new 30-year term can increase total interest even with a lower rate. Compare the lifetime interest lines.
Can you guarantee a rate?
No. Rates and approval come only from lenders. Talk to Jay for a lender referral.
Related free tools
- Home Equity CalculatorHow much equity you have, your loan-to-value and what you could tap.
- Mortgage CalculatorMonthly payment with California property tax, insurance, HOA and PMI.
- Affordability CalculatorSee a price range from your income, debts and down payment.
Talk to Jay
Questions about your numbers? Call or text Jay Romero, Broker (DRE 01343079), with over 25 years in Southern California real estate, at (949) 822-8702. Or use the form above and your numbers come along automatically.
