Mortgage Calculators
Mortgage Refinance Calculator
Compare your current mortgage with a new one, including closing costs, to see the monthly saving and how long it takes to break even.
Monthly saving
$362.52
- Current payment
- $1,996.52
- New payment
- $1,634.00
- Break-even point
- 12 months
- Lifetime interest difference
- -$30,473
The refinance reduces both the monthly payment and lifetime interest.
How this calculator works
Break-even = closing costs ÷ monthly saving
- closing costs
- fees to complete the new loan
- monthly saving
- old payment minus new payment
Important considerations
- Resetting to a longer term can lower the payment while increasing total interest.
- Break-even only makes sense if you expect to stay past that date.
Related calculators
- Mortgage CalculatorEstimate your total monthly mortgage payment and see the amortisation schedule.
- Mortgage Payment CalculatorPrincipal and interest payment on any home loan amount.
- Amortization CalculatorFull interest and principal schedule for any loan.
- Loan-to-Value CalculatorLTV ratio, equity and the gap to the next rate band.
- Closing Cost CalculatorTotal cash needed to close, deposit included.
- Mortgage Affordability CalculatorHow much house your income and debts realistically support.
Learn more
Fixed vs. Variable Mortgage Rates: A Side-by-Side Comparison
How rate structure affects monthly payments, total interest, and the risk you carry over a full loan term.
When Refinancing a Mortgage Changes Your Total Cost
How break fees, remaining term, and the new rate combine to decide whether refinancing saves anything.
Home Loan Deposits and Loan-to-Value Bands, Explained
What a deposit changes about pricing, and why lenders group applications into LTV bands.
Terms used here
Frequently asked questions
Is a lower rate always worth refinancing for?
Not if the fees take years to recover or the term restarts. Compare both the break-even month and the lifetime interest figure.
Can I roll the costs into the loan?
Usually yes, but you then pay interest on them for the whole term, which pushes the true break-even further out.
Disclaimer
Legamoney calculators are educational tools. Results are estimates based on the figures you enter and do not constitute financial, tax or legal advice.
Last reviewed 2026-08-01