Mortgage Refinance Calculator

Compare your current and new mortgage rates to see your monthly saving and total saving over the remaining loan term. Free, instant, no signup.

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Formula: Monthly saving = PMT(currentRate) − PMT(newRate)
  • PMT = monthly payment using standard amortization formula

How to use the Mortgage Refinance Calculator

  1. Enter your values. Fill in the fields with your numbers.
  2. Calculate. Press Calculate to run the mortgage refinance calculator.
  3. Use the result. Copy the result or try a related tool next.

Why use our Mortgage Refinance Calculator

Instant results. Enter your figures and the mortgage refinance calculator returns an answer in seconds.
Free & private. Runs in your browser — no signup, and nothing is sent to a server.
Accurate. Uses standard formulas so you can rely on the numbers.

Free to use — premium coming soon

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About the Mortgage Refinance Calculator

The Mortgage Refinance Calculator helps you decide whether replacing your current home loan with a new one is actually worth it. You enter your remaining balance, current rate and remaining term, then the new rate, new term, and estimated closing costs. The calculator compares your existing monthly payment against the payment on the proposed loan, shows the monthly difference, and most importantly tells you your break-even point: how many months of savings it takes to recover the upfront cost of refinancing. That single number is what separates a smart refinance from an expensive mistake.

Reach for this tool any time rates have dropped, your credit score has improved, or you want to switch from a 30-year to a 15-year term (or vice versa). A common rule of thumb is that refinancing starts to make sense when you can cut your rate by roughly half to three-quarters of a percentage point, but the real test is your break-even timeline. If you plan to sell or refinance again before you break even, you would lose money on the deal. If you intend to keep the loan well past that point, every month afterward is genuine savings.

Under the hood it uses the standard amortized payment formula, M = P x r x (1 + r)^n / ((1 + r)^n - 1), where P is the principal, r is the monthly interest rate, and n is the number of monthly payments. It calculates this twice, once for your old loan and once for the new one, then derives monthly savings and divides your total closing costs by that figure to find the break-even month. Closing costs typically run 2% to 6% of the loan principal, so the calculator lets you adjust that input to match a real lender quote rather than a guess.

All math runs in your browser, so the balance, rate, and cost figures you type never leave your device or get stored on a server. Treat the output as a clear apples-to-apples estimate, not a lender commitment: it does not account for property taxes, insurance escrow, points buy-downs, PMI changes, or the fact that resetting a 30-year clock can raise your lifetime interest even when the monthly payment falls. Always confirm the actual rate, term, and itemized fees with a Loan Estimate from your lender before signing.

Frequently asked questions

How do I calculate my refinance break-even point?

Divide your total closing costs by your monthly payment savings. For example, $6,000 in costs divided by $200 saved per month equals a 30-month break-even point, meaning it takes two and a half years before the refinance pays for itself.

Is refinancing worth it if it lowers my monthly payment?

Not always. A lower payment can simply mean you reset to a longer term and pay more total interest over the life of the loan. The refinance is worth it when you will keep the loan past the break-even point and the lifetime interest works in your favor.

What closing cost figure should I enter?

Closing costs usually total 2% to 6% of the loan amount, covering origination, appraisal, title, and recording fees. For the most accurate result, enter the figure from a lender's Loan Estimate rather than a percentage guess.

Why does refinancing sometimes cost more even at a lower rate?

If you have already paid down years of a 30-year loan and refinance into a fresh 30-year term, you restart the amortization clock. The lower rate may shrink the monthly payment while still increasing total interest because you are now paying over more years.

Does a no-closing-cost refinance change the break-even point?

Yes. With no upfront fees there is essentially nothing to recoup, so the break-even point disappears, but the lender typically offsets this with a slightly higher rate. Enter $0 closing costs and the new higher rate to compare the trade-off honestly.

From our blog

How to Calculate Your University Grade by Credits (and Hit the Classification You Want)

By the Super Simple Digital Tools Team · Updated June 2026

The single biggest mistake students make when estimating their degree grade is taking a simple average of their module marks. Universities almost never work that way. They use a credit-weighted average, which means a module's influence on your final percentage is proportional to how many credits it carries. A 40-credit project counts four times as much as a 10-credit module, so averaging them as equals can throw your estimate off by several percent and even put you in the wrong classification band.

To do it correctly, list every module with two figures: the mark you achieved and the number of credits it is worth. Multiply each mark by its credits, add up all those products, and divide by the total credits. For example, marks of 68%, 72% and 55% in modules worth 20, 20 and 10 credits give (68x20 + 72x20 + 55x10) divided by 50, which works out to 67.4% overall. A full-time year in the UK is usually 120 credits, so your year average should be built from modules that add up to that total.

If your degree weights academic years differently, add one more step. Work out the average for each year on its own using the credit method above, then combine the years with their weightings. A widespread pattern is Year 2 contributing 40% and Year 3 contributing 60%, with Year 1 contributing nothing beyond the requirement to pass it. So a 64% second year and a 70% final year produce an overall of 64x0.40 plus 70x0.60, which is 67.6%, comfortably a 2:1 and within striking distance of a First.

Once you have your running average, the calculator becomes a planning tool. Suppose you are sitting on 67% with one 30-credit module left and the rest of your degree fixed. You can plug in different marks for that final module to see exactly what score lifts your overall figure to 70%. This turns a vague hope of getting a First into a concrete target, letting you direct your revision time where it will actually move the needle rather than spreading effort evenly across everything.

Finally, treat the output as a well-informed estimate rather than gospel. Institutions differ on rounding (some round only the final number, some never round up across a boundary), on whether resit marks are capped, and on how borderline cases are reviewed. The calculation itself is exact, but the rules wrapped around it are set by your university. Use the tool to plan and to check your own working, then confirm the official figure against your handbook or transcript before making any decisions that depend on it.

  • Always enter the real credit value for each module (10, 15, 20, 30 and so on); using equal weights silently distorts your average.
  • Round only the final overall percentage, never the individual module marks, so early rounding does not push you across a classification boundary.
  • To find the mark you still need, lock in your completed modules and increase the outstanding module's score until the average hits your target band.
  • If your degree weights years, average each year separately first, then apply the year weightings (for example 40% Year 2 plus 60% Year 3).

Read the full guide →

Tool by the Super Simple Digital Tools Team. Reviewed by our editorial team. Free to use, no signup required.

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