KLOORARefinance Calculator
Find out if refinancing your mortgage saves money, with monthly savings and the break-even point.
Quick answer: Refinance Calculator: Find out if refinancing your mortgage saves money, with monthly savings and the break-even point. Everything runs in your browser, so nothing you enter is uploaded or stored.
How to use Refinance Calculator
- Enter your values in the fields.
- The results update instantly as you type.
- Note or copy the numbers you need.
Features
- Instant results
- Free, no signup
- Runs in your browser, nothing is uploaded
- Works on phone and desktop
How it works
Compare the old and new monthly payments. Break-even months = closing costs divided by monthly savings.
Worked example
Refinancing 300,000 from 7.2 to 6.2 percent saves about 265 a month. With 6,000 in closing costs, break-even is about 23 months.
Good to know
Resetting to a longer term can raise total interest even when the payment falls.
Frequently asked questions
When does refinancing make sense?
When the monthly savings repay the closing costs within the time you will keep the home, often 2 to 3 years or less.
What are typical closing costs?
Often 2 to 5 percent of the loan. Enter your quote.
Is the Refinance Calculator free?
Yes. It is free, needs no signup and works on any device.