RefiLab

Refinance Calculator

A free refinance calculator that compares your current mortgage against a new loan three ways: monthly payment, break-even on closing costs, and lifetime interest. Dropping a $300,000 balance with 27 years left from 7.5% to a new 30-year loan at 6.25% cuts the payment from $2,162.20 to $1,847.15, breaks even on $6,000 of closing costs in month 20, and — even after resetting to 30 years — comes out $29,578.71 ahead on lifetime cost. A cash-out view prices taking equity out at closing. The comparison ignores tax effects and escrow changes and holds both rates fixed — an estimate for deciding whether an offer is worth pursuing, not a rate quote or financial advice.