It compares your current mortgage with a potential refinance loan. By entering details for both, you can see differences in monthly payments, interest costs, and total loan expense.

This is the amount you plan to borrow for your new mortgage. It's often equal to your current loan balance but may be higher if you're taking cash out.

Closing costs are fees you pay when finalizing your refinance. These may include lender fees, appraisal, title charges, and escrows. They're usually 2–5% of the loan amount.

Monthly savings is the difference between your current mortgage payment and your proposed refinance payment. Positive savings can free up cash each month.

The break-even point is how long it takes for your monthly savings to cover your refinance closing costs. It tells you when you'll start benefiting financially from the refinance.

Yes. You can enter a new loan term (like 15 years) and compare it to your current 30-year loan to see how the payment and interest savings stack up.

No. This tool focuses on comparing principal and interest only. For a full estimate including taxes and insurance, use a PITI calculator.