Refinance Calculator
Use our free refinance calculator to estimate how much you could save by refinancing your mortgage, car loan, or personal loan. Compare your current loan terms with a new interest rate, loan term, and closing costs to see your potential monthly savings and payoff timeline. Refinancing can lower your monthly payment, reduce interest costs, or shorten your loan term—but it isn’t always beneficial. This calculator helps you decide objectively by calculating your break-even point (when savings exceed refinancing costs) and total lifetime savings. With real-time results, you can determine whether refinancing now makes financial sense based on current rates and your personal goals.
Refinance Formula
This formula helps you determine whether a refinance saves or costs you money in the long run. Lower interest rates don’t always mean total savings—closing costs, loan terms, and your time horizon all matter. The Refinance Calculator simplifies this comparison instantly, helping you make smarter, data-driven decisions.
How this refinance calculator works
This calculator compares your existing loan details with a potential new loan to show immediate and long-term financial impacts.
Here’s what it considers:
When to use this refinance calculator
Refinancing can be powerful—but timing and context are everything. Use this calculator to find your best opportunity.
When rates drop: Check if today’s lower interest rates justify a refinance.
To shorten your term: See how a 15-year refinance compares to your current 30-year loan.
To reduce payments: Evaluate options for lowering monthly expenses.
When cashing out equity: Estimate how borrowing extra affects total cost and payments.
Before paying off early: Test whether refinancing with no closing costs is worth it.
To consolidate debt: Compare the cost of combining multiple debts into one refinanced loan.
Want to make your refinancing smarter?
Use ServiceAgent.ai to automate estimates, manage proposals, and track profitability—all from one dashboard.
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Average Refinancing Costs and Rates
Use these benchmarks to understand typical refinance ranges before you commit.
Average mortgage refinance rate
Average auto refinance rate
Typical refinance closing costs
Average break-even time
Minimum equity required
No-closing-cost refinance premium
These benchmarks help you determine whether your refinance quote is competitive or worth negotiating.
Frequently Asked Questions
It’s a tool that compares your current loan to a new one to show how much money you can save—or lose—by refinancing.
By lowering your interest rate or shortening your term, you pay less total interest over the life of the loan.
Yes—enter the loan balance, new rate, and term.
Yes—it divides closing costs by monthly savings to show when refinancing pays off.
No—the calculator shows principal and interest only. Add escrow separately.
It means estimating how much money you could save in total interest, monthly payments, or loan duration if you refinance your current loan to one with better terms.
If you'll sell before reaching the break-even point, refinancing may not be worth it.
Pair it with ServiceAgent.ai to create automated refinancing proposals and client reports.