See how much you could save by refinancing your mortgage. Compare monthly payments, total interest, and calculate your break-even point.
30-year fixed-rate mortgages — updated April 2026
| Lender | Rate | APR | Est. Payment | Action |
|---|---|---|---|---|
Community Credit UnionBest Rate | 6.125% | 6.280% | $1,217/mo | Check Rate |
National Lending Co | 6.250% | 6.410% | $1,231/mo | Check Rate |
Big Bank Mortgage | 6.375% | 6.520% | $1,247/mo | Check Rate |
Premier Mortgage | 6.450% | 6.580% | $1,258/mo | Check Rate |
Digital Home Loans | 6.500% | 6.630% | $1,264/mo | Check Rate |
Rates shown are for illustrative purposes. Actual rates may vary based on credit score, loan amount, down payment, and market conditions. Contact lenders directly for personalized rate quotes.
Refinancing can lower your monthly payment, reduce your interest rate, or shorten your loan term. But closing costs (typically 2-5% of the loan amount) mean refinancing is not always worth it. This calculator shows your break-even point.
The Mortgage Refinance Calculator helps you evaluate whether refinancing your existing mortgage makes financial sense. It works by comparing your current loan — remaining balance, current interest rate, and months remaining — against a new loan with a different interest rate, term, and associated closing costs. The calculation computes the new monthly payment and compares it to your current payment, then divides the total closing costs by the monthly savings to determine your break-even point: the number of months required to recoup the upfront cost of refinancing. It also calculates total interest paid under both scenarios over the remaining life of each loan. The core formula is the same amortization calculation used for the original mortgage, applied to the new loan terms. This calculator is most valuable when interest rates have dropped significantly since you took out your original loan, if your credit score has improved and you qualify for better rates, if you want to switch from an adjustable-rate mortgage (ARM) to a fixed rate for payment stability, or if you need to access your home equity through a cash-out refinance. Real-world users include homeowners tracking rate environments who want to know when to lock in a lower rate, borrowers considering a no-closing-cost refinance (where closing costs are rolled into the loan in exchange for a slightly higher rate), and those deciding between shortening or extending their loan term. The break-even chart is particularly useful because it shows clearly whether you plan to stay in the home long enough to benefit — if you move before hitting break-even, you actually lose money on the refinance. This calculator does NOT account for prepayment penalties on your existing mortgage, which some lenders charge if you pay off the loan early. It does not model the impact of rate changes on adjustable-rate refinances. It assumes a fixed-rate refinance, not a hybrid ARM or interest-only product. It also does not consider whether you will need to pay PMI again if your new LTV exceeds 80%, or how refinancing affects your total interest paid if you restart a 30-year term after already paying down your original mortgage for many years. Always compare the total cost of both loans over the same time horizon for an accurate comparison.
Result: Refinancing a $250,000 balance from 7.0% to 6.0% on a new 30-year loan with $5,000 closing costs saves approximately $186/month. The break-even point is reached in 27 months ($5,000 divided by $186). Over 30 years, the new loan saves approximately $39,000 in total interest compared to keeping the original mortgage.
Understanding how to use financial calculators effectively requires knowing the underlying concepts. The mortgage refinance involves several key financial principles that affect your results.
Our calculator uses industry-standard formulas verified by certified financial professionals. The inputs you provide are processed entirely in your browser — we never store or transmit your financial data. Results update in real time as you adjust values, allowing you to explore different scenarios quickly.
For the most accurate results, use current figures from your most recent financial statements. If you are unsure about a specific input, our default values represent national averages based on data from the Federal Reserve, IRS, and Bureau of Labor Statistics.
Remember that calculator results are estimates for educational purposes. Your actual financial situation may differ based on factors like your credit score, specific lender terms, local regulations, and market conditions. We recommend consulting with a qualified financial professional before making major financial decisions.
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All 50 statesResults are estimates only and not financial advice. Calculator logic verified by Michael Chen, CFP®. Full disclaimer · Methodology