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Mortgage Refinance Calculator

By Ziv Shay | Updated April 2026

Should you refinance in 2026? Get the full picture — not just simple breakeven.

🏠 Current Mortgage

📈 New Loan Details

💰 Monthly Payment Comparison

Current Payment
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New Payment
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Monthly Savings
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⏱ Breakeven Analysis

Simple Breakeven
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months
True Breakeven
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months

📈 Total Interest Comparison

Interest Remaining (Current)
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Total Interest (New Loan)
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Total Interest Saved
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💸 Net Savings & Opportunity Cost

Net Savings (After Closing Costs)
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Opportunity Cost of Closing $
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Savings vs Investing
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📋 Amortization Schedule Comparison

❓ Frequently Asked Questions

When should I refinance my mortgage?
Generally, refinancing makes sense when you can lower your rate by at least 0.5-0.75%, plan to stay in your home past the breakeven point, and the total interest savings exceed closing costs. With rates dropping from 7%+ to the low 6% range in 2026, many homeowners are finding significant savings. Use the calculator above for your personalized analysis.
What is the true breakeven point for refinancing?
The true breakeven accounts for the amortization reset. When you refinance, you restart your loan clock, meaning more of your early payments go toward interest rather than principal. Simple breakeven only divides closing costs by monthly savings, but true breakeven factors in this additional interest from resetting amortization. Our calculator shows both so you see the real picture.
How much does it cost to refinance in 2026?
Typical refinance closing costs range from 2-5% of the loan amount, averaging $3,000-$6,000. This includes application fees, appraisal ($300-$600), title insurance, and origination fees. Some lenders offer no-closing-cost refinances but with a slightly higher rate. Always compare the total cost over your expected time in the home.
Should I refinance from a 30-year to a 15-year mortgage?
Refinancing to a 15-year mortgage typically offers lower rates (often 0.5-0.75% less) and massive interest savings, but with higher monthly payments. It makes sense if you can comfortably afford the higher payment and want to build equity faster and be mortgage-free sooner. Our calculator lets you compare both scenarios.
What is the opportunity cost of refinancing?
The opportunity cost considers what you could earn by investing your closing costs instead of using them to refinance. For example, investing $5,000 at a 7% average annual return could grow substantially over time. If that growth exceeds your refinance savings, keeping your current mortgage and investing may be the better financial move. Our calculator runs this comparison automatically.
Does refinancing restart my mortgage clock?
Yes. If you refinance into a new 30-year mortgage after paying 6 years on your current one, you go from 24 years remaining back to 30 years. This is the "amortization reset" that most basic calculators ignore. You can mitigate this by choosing a shorter term or making extra payments. Our true breakeven calculation accounts for this reset.
About the AuthorZiv Shay is a software engineer and fintech enthusiast based in Israel, building free financial tools since 2024. Learn more
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Frequently Asked Questions

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Aim for 3–6 months of essential living expenses in a high-yield savings account. Start with a $1,000 starter fund, then build gradually. Use our FIRE calculator to plan your savings targets.

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