mortgage refi calculator insights and savings guide

Why use one

A good calculator helps you estimate monthly payments, total interest, and the break-even point before you pay fees. Instead of guessing, you can compare your current loan to a proposed rate and term, and see if the math favors a refinance.

Key inputs

• Current balance and remaining term
• New interest rate and loan term
• Closing costs and any points
• Credit score tier and home value estimates

Reading the results

Focus on the breakeven months: how long it takes monthly savings to recover costs. If you plan to sell or move before that, a refi may not add up. Check total interest paid over the life of each loan for a fuller picture, not just the payment.

Common concerns

Worried about teaser rates or surprises? Use conservative numbers and add a buffer for taxes and insurance. If you see only a tiny drop in APR, consider no-cost options or prepaying principal instead. Finally, re-run the calculator with worst-case scenarios to test your comfort.