Mortgage Refinance Calculator
Weighing a refinance? Enter what you owe now and the quote you have, and Fetch will show the new payment, how long the closing costs take to recover, and whether you pay more or less over the life of the loan.
Method and copy last reviewed · How our calculations work
Your numbers
Sample figures are filled in — replace them with your own loan statement and quote.
From your latest statement
Total from your Loan Estimate, paid upfront
Years left on your current loan
Typically 30, 20 or 15
Current loan vs refinance
Estimated break-even
1 yr 7 mo
$6,000.00 closing costs ÷ $321.69 monthly savings
| Loan | Monthly P&I | Interest left to pay |
|---|---|---|
| Current7%, 25 yr left | $2,120.34 | $336,100.16 |
| Proposed6%, 30 yr | $1,798.65 | $347,515.45 |
- Monthly savings
- $321.69
- Closing costs
- $6,000.00
- Net lifetime extra cost
- $17,415.29
Principal and interest only
Counted as a cost of refinancing
New interest + closing costs vs current interest
The monthly payment drops, but you would pay $17,415.29 more in total, largely because the new term adds 5 yr of payments.
Educational estimate of principal and interest only, assuming both loans are fixed-rate and kept to the end of their terms with no extra payments. Taxes, insurance, escrow changes, points, cash-out, prepaid items, adjustable-rate behavior and lender-specific costs are not modeled. Compare real Loan Estimates before deciding anything.
How to read the results
Break-even answers one question: if you keep the new loan at least this long, have the payment savings paid back what you spent to refinance? If you expect to sell or refinance again sooner, the closing costs may not come back.
Net lifetime cost answers a different one: adding up all remaining interest plus closing costs, which path costs more in total? The two can disagree — a lower payment with a quick break-even can still cost more over time if the new term is longer.
FetchCalc does not carry today's mortgage rates and does not say whether refinancing is right for you. To test only the rate on a loan, use the mortgage rate change calculator; for a full monthly figure with taxes, insurance and PMI, use the mortgage calculator; and to see what extra payments do instead, try the extra payment calculator.
Frequently asked questions
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FetchCalc is an independent calculator and educational service. We are not a lender, broker, or financial adviser, and nothing here is financial advice. Estimates are for planning only; your actual offer and payment will come from your lender.