Mortgage refinance calculator
Your loan now
From your latest statement.
The rate on your loan now.
Principal and interest: $2,345 a month.
The new loan
7.4% was the 30-year average on October 15, 2026.
New term
A fixed-rate loan, starting over.
$9,000. Freddie Mac: 3% to 6% of the loan.
Pay closing costs
In cash, or added to the new loan.
Should you refinance?
Refinancing pays for itself in 2 years 10 months
Your payment drops by $268 a month, which covers the $9,000 of closing costs by month 34. Over the life of the loan you save $2,893, after 3 years of extra payments on the longer loan.
- Payment now
- $2,345
- New payment, 30 years
- $2,077
- Saved each month
- $268
- Closing costs, at closing
- $9,000
Principal and interest only. Property tax and insurance don't change.
- Break-even
- Month 34
- 2 years 10 months to cover the closing costs
- Interest left on your loan
- $459,663
- Over the 27 years left
- Interest on the new loan
- $447,770
- Over 30 years
- Lifetime savings
- $2,893
- Interest saved less closing costs
Year-by-year table
| Year | Saved so far | Costs | Ahead | Owed, current loan | Owed, new loan |
|---|---|---|---|---|---|
| Now | $0 | $9,000 | −$9,000 | $300,000 | $300,000 |
| 1 | $3,210 | $9,000 | −$5,790 | $296,949 | $297,180 |
| 2 | $6,420 | $9,000 | −$2,580 | $293,631 | $294,144 |
| 3 | $9,630 | $9,000 | $630 | $290,023 | $290,876 |
| 4 | $12,840 | $9,000 | $3,840 | $286,101 | $287,357 |
| 5 | $16,050 | $9,000 | $7,050 | $281,836 | $283,569 |
| 6 | $19,260 | $9,000 | $10,260 | $277,199 | $279,491 |
| 7 | $22,470 | $9,000 | $13,470 | $272,156 | $275,101 |
| 8 | $25,680 | $9,000 | $16,680 | $266,674 | $270,374 |
| 9 | $28,890 | $9,000 | $19,890 | $260,713 | $265,286 |
| 10 | $32,100 | $9,000 | $23,100 | $254,231 | $259,808 |
| 11 | $35,310 | $9,000 | $26,310 | $247,184 | $253,911 |
| 12 | $38,520 | $9,000 | $29,520 | $239,521 | $247,562 |
| 13 | $41,730 | $9,000 | $32,730 | $231,189 | $240,727 |
| 14 | $44,940 | $9,000 | $35,940 | $222,130 | $233,369 |
| 15 | $48,150 | $9,000 | $39,150 | $212,280 | $225,448 |
| 16 | $51,360 | $9,000 | $42,360 | $201,569 | $216,920 |
| 17 | $54,570 | $9,000 | $45,570 | $189,924 | $207,739 |
| 18 | $57,780 | $9,000 | $48,780 | $177,262 | $197,855 |
| 19 | $60,990 | $9,000 | $51,990 | $163,494 | $187,215 |
| 20 | $64,200 | $9,000 | $55,200 | $148,524 | $175,760 |
| 21 | $67,410 | $9,000 | $58,410 | $132,247 | $163,428 |
| 22 | $70,620 | $9,000 | $61,620 | $114,549 | $150,151 |
| 23 | $73,830 | $9,000 | $64,830 | $95,306 | $135,859 |
| 24 | $77,040 | $9,000 | $68,040 | $74,383 | $120,472 |
| 25 | $80,250 | $9,000 | $71,250 | $51,633 | $103,907 |
| 26 | $83,460 | $9,000 | $74,460 | $26,896 | $86,073 |
| 27 | $86,670 | $9,000 | $77,670 | $0 | $66,874 |
| 28 | $61,745 | $9,000 | $52,745 | $0 | $46,206 |
| 29 | $36,819 | $9,000 | $27,819 | $0 | $23,955 |
| 30 | $11,893 | $9,000 | $2,893 | $0 | $0 |
Mortgage refinance calculator by Points Frog ↗ · An educational estimate, not financial advice.