Refinance Calculator

Compare your current mortgage to a proposed refinance — monthly payment, cost recovery time, and lifetime interest. Principal and interest only.

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What is a Refinance Calculator?

A refinance calculator is a powerful online tool that helps homeowners evaluate the financial implications of refinancing their mortgage. By inputting key details about your current loan and potential new terms, you can quickly determine if refinancing makes financial sense for your situation.

This calculator compares your existing mortgage with potential refinance options, providing clear insights into monthly payment changes, interest savings, and how long it will take to recoup closing costs. It simplifies complex financial calculations, allowing you to make informed decisions without the need for complicated manual calculations.

Compare loan scenarios
Input different interest rates and loan terms to find the most cost-effective refinancing option for your needs.
Calculate potential savings
See how much you could save monthly and over the life of your loan by refinancing to a lower interest rate.
Determine break-even point
Find out exactly how long it will take for your refinance savings to outweigh the closing costs, helping you decide if refinancing is worthwhile.
Evaluate cash-out options
Assess whether tapping into your home equity through a cash-out refinance makes sense for debt consolidation or home improvements.
Make informed decisions
Get a clear picture of the financial impact before committing to a refinance, ensuring you choose the option that best aligns with your long-term financial goals.

Break-Even Milestone

Recovers your $5,000 in closing costs by month 26, out of a 60-month view.

GOODrecovery — pays for itself in 26 months

26 mo

0 mo60 mo

Excellent (<24 mo)Good (24–36 mo)Fair (36–60 mo)

Break-Even Point

26 mo

Good recovery time

Monthly Payment

+$197/mo/

$1,996 → $1,799

Lifetime Interest

+$71,012

less interest over the loan

Your loans

Enter your current mortgage and the refinance terms you're considering.

Current mortgage

Current Loan Balance ($)

Interest Rate (%)

Term (Years)

30 yr

Proposed refinance

Interest Rate (%)

Term (Years)

30 yr

Refinance Closing Costs ($)

Closing Costs Are

Cash-Out (optional)

Cash-Out Amount ($)

Added to your new loan balance and paid to you at closing. Leave at $0 for a rate-and-term refinance.

Monthly Payment+$197/mo/$1,996 now → $1,799 proposedPayment decreases

Break-Even Point26 moTo recover $5,000 in closing costsRecovers in 26 months

Lifetime Interest+$71,012$418,527 current → $347,515 proposedLess lifetime interest

New Loan Balance Composition

Current balance$300,000

Proposed new loan$300,000

BalanceFinanced costsCash-out

Monthly Payment

Current$1,996/mo/

Proposed$1,799/mo/

Total Interest Remaining

Current loan$418,527

Proposed refinance$347,515

Recommendations & Key Insights

Refinance Savings

Your monthly payment would drop by $197, from $1,996 to $1,799.
Over the life of the loan, you'd save $71,012 in interest compared to your current mortgage.

Break-Even Analysis

It would take 26 months (2.2 years) to recover your $5,000 in closing costs through monthly savings.
If you plan to sell or refinance again before reaching that point, this refinance may not pay for itself.
This comparison covers principal & interest only — it doesn't include closing-cost financing fees, taxes, insurance, or new loan-program underwriting.

Next Steps

Based on your scenario, here's what we'd suggest next:

Get a current payoff quote to confirm your exact loan balance before applying.
Get a verified rate quote — actual refinance rates depend on credit, LTV, and loan program.
Since the break-even point is a couple of years out, weigh how long you plan to stay in the home.
Contact a Mortgage Brothers loan officer to review your options and confirm eligibility.

This calculator compares principal-and-interest payments only. It does not include property taxes, homeowners insurance, mortgage insurance, HOA dues, or other escrow items, and it does not determine loan eligibility, underwriting approval, or qualification for any specific rate. Mortgage Brothers LLC · NMLS #1007154 · AZ MB #MB0922514.

Ready to Lower Your Mortgage Payments?

Find out if refinancing makes financial sense for your situation. Our mortgage experts can help you navigate the refinance process and secure the best rates available in Arizona today.

Get Your Free Refinance Consultation

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