Free · no sign-upMarket rates through October 15, 2026Latest published by sourceLatest published by source

Free mortgage tool

Mortgage Refinance Cost Calculator

Enter the current balance, rate, and remaining term, then add a proposed rate, term, and closing costs. The page reports the math without deciding whether refinancing is appropriate.

30-year market reference

7.294%

15-year market reference

6.617%

Source date

October 15, 2026

Compare the two loans

The calculation stays in your browser.

New loan term

The new-rate field starts with the national locked-loan average through 10/15/2026. Replace it with a written lender quote for a loan-specific calculation.

Calculation result
Current principal and interest
$2,528
New principal and interest
$2,741

Estimated monthly increase

$212

Simple cost break-even

—

The new principal-and-interest payment is not lower, so this simple break-even calculation does not apply.

Current-loan interest remaining
$510,178
New-loan total interest
$586,635

The two interest totals can cover different lengths of time. They are displayed as separate facts, not as a recommendation.

What the calculation means

How the simple break-even period is calculated

When the new principal-and-interest payment is lower, the calculator divides closing costs by the estimated monthly reduction. It does not include taxes, insurance, cash-out proceeds, or the time value of money.

If the new payment is not lower, the break-even field displays a dash because this monthly-difference calculation does not apply.

Why the two interest totals are not direct savings

The current loan uses its remaining term, while the new loan uses the selected 15-year or 30-year term. Because the time periods can differ, the page lists each interest total separately without labeling the difference as a benefit.

What is not included

The result excludes property tax, home insurance, mortgage insurance, escrow adjustments, prepayment penalties, cash-out proceeds, and tax effects. A lender's Loan Estimate or Closing Disclosure contains the formal charges.

Common questions

Is a shorter refinance break-even period always better?

This page does not make that judgment. The displayed period is only closing costs divided by an estimated monthly payment difference and excludes other facts and costs.

Why is the new rate not an actual bank quote?

The default is a national locked-transaction average used as a market reference. It can be replaced with the interest rate from a written lender quote.

Does the result calculate APR?

No. Formal APR calculations include regulated fees and cash flows. This page calculates principal and interest from the stated rate and lists entered closing costs separately.

Does the website save my loan balance?

No. Inputs and calculations remain in the current browser page.

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