Refinance Calculator
Compare your current mortgage with a new one — monthly savings, break-even month and interest comparison.
Runs 100% in your browser — nothing is uploaded.
Result
Formula
Break-even = closing costs ÷ monthly savings.
About this calculator
The UTIQO Refinance Calculator helps homeowners evaluate whether refinancing their mortgage is financially worthwhile by comparing the costs and benefits of a new loan against their current mortgage. The calculator computes the monthly payment for the current mortgage using the remaining balance, current rate, and remaining term.
How to use
- 1
Enter your remaining balance, current rate, and remaining term.
- 2
Input the new rate, new term, and any closing costs.
- 3
Click calculate to see your new payment, monthly savings, and break-even month.
Frequently asked questions
What is a good break-even point for refinancing?
A break-even point of 2-3 years is often considered reasonable, but it depends on your plans. If you expect to move before the break-even, refinancing may not be worth it.
Should I roll closing costs into the loan?
Rolling costs into the loan increases the principal and may reduce monthly savings. It also means you pay interest on those costs. Compare the break-even with and without rolling in.
How does the new term affect my savings?
A shorter term usually increases monthly payment but reduces total interest. A longer term lowers monthly payment but increases total interest. The calculator shows both monthly and total interest comparisons.
Please note: Results are estimates for general information only and are not professional or medical/financial advice.