Current balance and rate
What you still owe and the interest charged on your present loan.
See how much you could save monthly and over the life of your loan by refinancing at today's rates.
Refinancing replaces your current mortgage with a new one. This calculator compares payments and estimates how long monthly savings take to recover the new loan’s costs.
A smaller payment is not automatically a cheaper loan. Restarting a 30-year term can increase years of interest. Compare remaining repayment time, total interest and how long you expect to keep the home before deciding.
What you still owe and the interest charged on your present loan.
Years left on the current mortgage, not its original length.
The proposed loan’s borrowing charge and repayment years.
Fees you pay in cash or add to the new balance; financed fees still cost money.
Old payment minus new payment. Compare the same cost components on both sides.
Upfront costs divided by monthly savings. If savings are zero or negative there is no simple savings break-even.
Mortgage Refinance Savings Calculator — Compare remaining-term interest and closing costs with the new term; divide costs by positive monthly savings for a simple break-even, and account for financed fees.
Historical 2025 one-unit comparison: conforming $806,500; FHA floor $524,225. County and unit-count limits can differ.
| Loan program | Down payment / equity | 2026 one-unit baseline | Costs and page-specific comparison |
|---|---|---|---|
| Home Equity / Refinance | Equity and underwriting dependent | Property and lender dependent | Compare closing costs, term and break-even |
| Conventional | 3%–5% subject to eligibility | $832,750 | PMI generally below 20% down |
| FHA | 3.5% at 580+; 10% at 500–579 | $541,287 floor | 1.75% upfront MIP; 0.55% annual for >95% LTV, base loan ≤$726,200, term >15 years |
| VA | 0% for eligible borrowers | No VA limit with full entitlement | No monthly PMI; funding fee unless exempt |
| USDA | 0% for eligible borrowers | Income, address and repayment eligibility | Guarantee and annual fees; confirm current schedule |
| Jumbo | Lender-specific cash and reserves | Above applicable conforming limit | Lender-specific pricing and insurance |
Sources: FHFA limits; HUD FHA limits.
Monthly principal and interest use P × r / (1 − (1 + r)−n), where P is the loan amount, r is the monthly note rate and n is the number of payments. At zero interest, use P / n. Add property taxes, homeowners insurance and applicable mortgage insurance to estimate the full payment. Use parcel-specific taxes and an insurance quote when comparing homes.
APR includes applicable finance charges; use the note rate, not APR, for amortization. Compare Loan Estimates with the CFPB guide.