Plan with clarity
Compare keeping your current mortgage with refinancing. See payment changes, financing costs and remaining balances over the same time period.
Starting values are examples, not current rates or lending terms.
No sign-up required. Calculations run in your browser. Saved scenarios last only while this page stays open.
Understand the numbers
Change an assumption above to see what moves the result. Save a scenario to compare it with your next calculation.
Put the estimate to work
Enter the current payoff balance, remaining term and a proposed new rate. Then choose how long you expect to keep the new loan. The comparison uses that same horizon for both loans, including a current loan that may be paid off earlier.
Extending the term can lower the payment while increasing total interest. The headline compares interest, entered mortgage insurance and refinance costs. Remaining principal is shown separately because principal repayment changes your equity. A negative savings result means the refinance costs more within your selected horizon.
Simple payment break-even divides closing costs by the initial payment reduction. The cost break-even also considers interest and entered mortgage insurance over time. These measures can differ, particularly when the term changes or fees are financed. Confirm proposed terms on a lender’s Loan Estimate before making a decision.
Estimated financing-cost savings = current-loan interest and mortgage insurance − new-loan interest, mortgage insurance and refinance costs, over the same horizon.
A simple example. With $6,000 in costs and $250 in initial monthly payment savings, simple payment break-even is 24 months. That shortcut does not account for changes in principal repayment.
Calculation model reviewed September 8, 2026. Examples are hypothetical.
Common questions
Use the estimate to prepare your questions, then review the property, documentation and financing terms with a mortgage broker.
Schedule a consultationNo. Closing costs, a longer repayment term, mortgage insurance and how soon you sell or refinance again can offset a lower rate. Compare costs and balances at the same future date.
Yes, choose the financed-cost option. It increases the modeled balance and interest. Whether particular costs can be financed depends on the transaction and lender.
They are excluded from this loan comparison because these property costs generally continue under either loan. The mortgage payment calculator can show a fuller monthly housing budget.
This tool compares replacement financing for the current balance and entered costs. Use the cash-out refinance calculator to estimate proceeds after mortgage payoffs and costs.
Learn expert tips on when to refinance your mortgage and save money with lower interest rates. When should you refinance your mortgage? Find out now!
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