MyRefiNest · National Low-Credit Refinance Research
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Refinance Savings Calculator

See how much you could save monthly and over the life of your loan by refinancing at today's rates.

Current Mortgage

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New Refinance Terms

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What This Calculator Does (In Layman's Terms)

Refinancing replaces your current mortgage with a new one. This calculator compares payments and estimates how long monthly savings take to recover the new loan’s costs.

A smaller payment is not automatically a cheaper loan. Restarting a 30-year term can increase years of interest. Compare remaining repayment time, total interest and how long you expect to keep the home before deciding.

What Every Term & Number Means in Plain English

Current balance and rate

What you still owe and the interest charged on your present loan.

Remaining term

Years left on the current mortgage, not its original length.

New rate and term

The proposed loan’s borrowing charge and repayment years.

Refinance costs

Fees you pay in cash or add to the new balance; financed fees still cost money.

Monthly savings

Old payment minus new payment. Compare the same cost components on both sides.

Break-even

Upfront costs divided by monthly savings. If savings are zero or negative there is no simple savings break-even.

Real-World Example Scenario

  1. Suppose your current principal-and-interest payment is $1,900 and the new one is $1,650: you save $250 a month.
  2. With $5,000 in refinance costs, $5,000 ÷ $250 = 20 months to recover those costs.
  3. Moving in 12 months would recover only $3,000. Staying longer may help, but also compare total interest and whether the new term extends repayment.

Loan Program Comparison: 2026 Benchmarks

Mortgage Refinance Savings Calculator — Compare remaining-term interest and closing costs with the new term; divide costs by positive monthly savings for a simple break-even, and account for financed fees.

Historical 2025 one-unit comparison: conforming $806,500; FHA floor $524,225. County and unit-count limits can differ.

Loan programDown payment / equity2026 one-unit baselineCosts and page-specific comparison
Home Equity / RefinanceEquity and underwriting dependentProperty and lender dependentCompare closing costs, term and break-even
Conventional3%–5% subject to eligibility$832,750PMI generally below 20% down
FHA3.5% at 580+; 10% at 500–579$541,287 floor1.75% upfront MIP; 0.55% annual for >95% LTV, base loan ≤$726,200, term >15 years
VA0% for eligible borrowersNo VA limit with full entitlementNo monthly PMI; funding fee unless exempt
USDA0% for eligible borrowersIncome, address and repayment eligibilityGuarantee and annual fees; confirm current schedule
JumboLender-specific cash and reservesAbove applicable conforming limitLender-specific pricing and insurance

Sources: FHFA limits; HUD FHA limits.

How we calculate payments

Monthly principal and interest use P × r / (1 − (1 + r)−n), where P is the loan amount, r is the monthly note rate and n is the number of payments. At zero interest, use P / n. Add property taxes, homeowners insurance and applicable mortgage insurance to estimate the full payment. Use parcel-specific taxes and an insurance quote when comparing homes.

APR includes applicable finance charges; use the note rate, not APR, for amortization. Compare Loan Estimates with the CFPB guide.