Try the refinance calculator
Refinance Calculator
Compares current loan vs new loan. Computes monthly savings, break-even, and lifetime interest delta.
Estimates only. Not a commitment to lend. Actual rates and fees depend on credit, property, lender pricing, and underwriting. Consult a licensed loan officer.
Built for the question every borrower asks
The single question every refinance prospect has: “Is it worth it?” The refinance calculator answers it directly.
- Current loan side — current balance, current rate, years remaining → derives current monthly P&I.
- New loan side — new rate, new term, closing costs (rolled in or paid out of pocket).
- Outputs:
- Monthly savings
- Break-even point in months
- Lifetime interest on current vs new
- Net lifetime savings
- New loan amount if costs rolled in
Where the refinance calculator pays off
The calculator is most valuable when it’s integrated with the snapshot’s rate-drop alert workflow:
- You import your past-client database with original rates.
- The snapshot watches benchmark rates daily.
- When a past client’s projected break-even turns favorable, they get an SMS: “Hey Sarah, your loan is at 7.25% and rates are now around 5.875%. The refi math: $312/mo savings, break-even at 15 months. Want to chat?”
- They tap a link to the calculator, pre-filled with their numbers.
- The calculator output is captured into their contact record. You see who’s running scenarios and on what.
This is a database business. The calculator is the conversion event.
What borrowers see vs what you see
Borrowers see a clean tool that shows them the math without a hard sell.
You see (via the snapshot dashboard):
- Daily count of refinance scenarios run
- Average monthly savings calculated
- Average break-even point
- Pre-qual form conversion rate from the calculator page
- Which past clients ran calculations and what numbers they used
That last line is the gold — when a past client runs the calculator on their own loan, you know they’re shopping and you should call.
Refinance is a database business — the snapshot turns yours into revenue
Does this handle cash-out refinance?
Yes — increase the new-loan principal to include the cash-out. The calculator is loan-amount-agnostic, so any cash-out math works.
What about ARM refinance into fixed?
Input the current ARM's current rate and remaining term, then compare to the new fixed scenario. The break-even math is identical regardless of starting product.
Does this account for tax implications of mortgage interest deductibility?
No — tax math is borrower-specific and we don't include it in a generic calculator. The output focuses on raw monthly + lifetime payment math.
Does the calculator handle the VA IRRRL streamline refinance?
Yes — IRRRL has a 0.5% funding fee instead of standard VA, no closing-cost limit, and no appraisal. Input the IRRRL-specific closing costs (typically lower) and the math is correct.