Mortgage Refinance Calculator
Compare your current mortgage with a new one to see the payment change, the break-even point and the lifetime effect after costs.
Quick answer
Refinancing replaces your loan with a new one. Break-even months = (closing costs + points) / monthly payment saving. It also compares total interest and lifetime cost of the old and new loans.
Mortgage Refinance Calculator
Current loan
New loan
Current Payment
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New Payment
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Monthly Saving
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Break-even
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Interest Left (Old Loan)
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Interest (New Loan)
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Upfront Cost (Costs + Points)
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Lifetime Difference After Costs
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Year-by-Year Comparison
| Year | Old balance (₹) | New balance (₹) | Payments saved (₹) | Net of costs (₹) |
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Assumptions & method
- Payment = P × r × (1 + r)^n ÷ ((1 + r)^n − 1), with r = annual rate ÷ 12 and n = years × 12. At 0% it is P ÷ n.
- The new loan equals your current balance. Points cost = balance × points %; upfront cost = closing costs + points cost, paid in cash.
- Break-even months = upfront cost ÷ monthly saving. It is shown only when the new payment is lower.
- Lifetime difference = total of all remaining payments on the old loan − (total of all payments on the new loan + upfront cost). Positive means refinancing costs less overall.
- Both rates are fixed for the whole term and interest is charged monthly on the remaining balance.
- Not included: taxes, escrow, insurance, prepayment penalties, cash-out amounts, the time value of money and the effect on any tax position.
Results are estimates based on the figures you enter. They are not guarantees and not financial advice.
How a mortgage refinance is evaluated
Refinancing replaces your current loan with a new one, usually at a lower rate or a different term. The benefit is a smaller payment or less interest; the price is closing costs and any points. This calculator works out the payment on each loan from the balance, rate and term, then compares them. The break-even divides your upfront costs by the monthly saving to show how many months it takes to get your money back. The lifetime comparison adds up every payment on the old loan against every payment on the new one plus costs, so a longer new term is not hidden behind a lower payment.