Advanced Refinance Calculator

Advanced Refinance Calculator

Estimate your monthly savings with a home loan refinance

Refinance Parameters

Savings Analysis
Break-even Analysis
Cash Flow Impact

Refinancing Information

What is Mortgage Refinancing?

Refinancing replaces your current mortgage with a new loan, typically to secure a lower interest rate, change the loan term, or convert equity to cash. This calculator helps analyze potential savings and break-even points.

Key Factors in Refinancing

  • Interest Rate Reduction: Lower rates mean lower monthly payments and less interest paid over time
  • Loan Term: Shorter terms build equity faster but have higher payments
  • Closing Costs: Fees that must be recouped through savings to make refinancing worthwhile
  • Break-even Point: Time needed for savings to cover refinancing costs

When to Consider Refinancing

  • Interest rates have dropped significantly
  • Your credit score has improved
  • You want to switch from an adjustable-rate to fixed-rate mortgage
  • You need to reduce monthly payments
  • You want to pay off your mortgage faster

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Refinance Calculator Guide

About This Calculator

This advanced refinance calculator helps you analyze whether refinancing your mortgage makes financial sense. You can calculate:

  • Potential monthly and lifetime savings from a lower interest rate
  • How long it will take to recoup your refinancing costs (break-even point)
  • The impact on your monthly cash flow

How to Use

  1. Select the type of analysis you want (Savings, Break-even, or Cash Flow)
  2. Enter details about your current mortgage
  3. Enter terms for the proposed refinance
  4. Include estimated closing costs
  5. Click "Calculate" to see results
  6. Explore different tabs for detailed analysis and visualizations

Understanding the Results

  • Monthly Savings: Difference between current and new payment
  • Break-even Point: When savings equal closing costs
  • Interest Savings: Total interest paid on current vs. new loan
  • Cash Flow Impact: How refinancing affects your monthly budget

Calculation History

No calculation history yet.

Mortgage Refinancing Reference

Current Mortgage Rates

  • 30-year fixed: ~6.5% (as of 2023)
  • 15-year fixed: ~5.75%
  • 5/1 ARM: ~5.25%

Typical Closing Costs

  • Origination fees: 0.5-1% of loan amount
  • Appraisal: $300-$600
  • Title insurance: $500-$1,000
  • Total: 2-5% of loan amount

When Refinancing Makes Sense

  • Interest rates are at least 0.5-1% lower than your current rate
  • You plan to stay in the home beyond the break-even point
  • You can refinance to a shorter term without straining your budget
  • Your credit score has improved significantly since original loan
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