Financial Tools
Refinance Calculator
Calculate savings when refinancing your mortgage. Compare the payment you have with the payment you would get, and see when the closing costs pay for themselves.
Current Loan
Remaining Balance
Current Rate (% per year)
Months Left
New Loan
New Rate (% per year)
New Term
Closing Costs
Values shown are examples. Rates are whatever you enter, Banrox does not quote them here.
Refinance Summary
| Monthly Payment Change | n/a |
| Break-even On Closing Costs | n/a |
| Current Payment | $0 |
| New Payment | $0 |
| New Loan Amount | $0 |
| Cash Due at Closing | $0 |
| Remaining Interest, Current Loan | $0 |
| Total Interest, New Loan | $0 |
| Lifetime Difference After Costs | n/a |
| Current Payoff Date | n/a |
| New Payoff Date | n/a |
For illustration only, not financial advice. Results are estimates based on the numbers you enter and do not constitute an offer, rate quote or approval.
A refinance is only as good as the offer behind it.
Compare published rates, terms and fees before you commit to a break-even.
Questions people ask
How is the monthly payment change calculated?
The page computes your current payment from the remaining balance, current rate and months left, then the new payment on the balance at the new rate and term. The change is the current payment minus the new one.
What is the break-even on closing costs?
It is the closing costs divided by the monthly savings, which gives the number of months it takes for the lower payment to pay back what you spent to refinance. With no monthly savings there is no break-even.
What happens when I roll closing costs into the new loan?
The closing costs are added to the new loan amount, so you pay no cash at closing, but the new payment is higher and you pay interest on those costs.
Can a lower payment cost more over time?
Yes. If the new term runs longer than the months left on your current loan, total interest can rise even as the payment falls. The page shows a note when that happens.
