Refinance Mortgage Calculator
See your new payment, monthly savings, and the breakeven point on closing costs before you refinance. A lower rate isn’t automatically worth it — the breakeven month is what tells you whether it actually pays off before you’d likely sell or refinance again.
Taking cash out too? See our Cash-Out Refinance Calculator, or all our calculators.
Glossary
The number of months it takes for your monthly savings to add up to what you paid in closing costs. Refinancing only makes sense if you plan to keep the loan (or stay in the home) past that point — otherwise the closing costs outweigh what you saved.
Not necessarily. Resetting to a new 30-year term restarts amortization, which can lower your monthly payment even without much rate improvement — but you may pay more total interest over time by extending the payoff timeline. Compare total interest, not just the monthly number.
Appraisal, title insurance, lender fees, mortgage recording tax (in NYC, unless a CEMA is used), and attorney fees. These vary by loan size and location; get a Loan Estimate from your lender for exact figures rather than a rule of thumb.
In New York, a Consolidation, Extension, and Modification Agreement (CEMA) can reduce mortgage recording tax on a refinance by treating part of the new loan as a continuation of the old one. See our CEMA Savings Calculator to estimate the effect on a purchase-money CEMA.