Refinance Calculator
See how much you could save by refinancing — monthly savings, break-even point, and lifetime impact.
Current Loan
New Loan
Ready to Refinance?
Get a personalized rate quote and see your exact savings with today's rates.
Talk to an AdvisorStart Pre-ApprovalAll loans are subject to borrower qualification, underwriting approval, and program guidelines.
How to Use This Calculator
Understanding the Inputs
Current Loan Balance: The remaining principal on your existing mortgage. Check your latest mortgage statement for this number.
Remaining Term: How many years are left on your current loan. If you've had a 30-year mortgage for 5 years, enter 25.
New Rate & Term: The rate and term you're considering for the refinance. Try different combinations to see how they affect your savings.
Closing Costs: Refinancing involves closing costs (typically 1–3% of the loan). This number is crucial for calculating your break-even point.
What the Results Mean
The break-even point tells you how many months it takes for your monthly savings to recoup the closing costs. If you plan to stay in the home past this point, refinancing saves you money. The lifetime savings compares your total cost under both scenarios.
Important Caveats
Actual rates depend on your credit profile, loan-to-value ratio, property type, and market conditions. This calculator uses simple comparisons and does not account for potential changes in tax deductions, escrow requirements, or cash-out scenarios.
Calculator results are estimates only and are not a loan approval, offer to lend, or guarantee of rate, payment, or terms. Actual payment, rate, fees, and loan terms may vary based on borrower qualifications, lender guidelines, taxes, insurance, and other factors. Scout Financial Group Inc DBA Airus Lending is a licensed mortgage broker (NMLS #2187418).
Refinance FAQs
The number of months it takes for your monthly savings to exceed the closing costs. If you plan to stay beyond the break-even point, refinancing saves you money.