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Refinance Calculator

Whether a new rate is worth the fees, and how soon it pays for itself.

Finance Calculators Free, no sign-up Runs in your browser

Extending the term lowers the payment and raises the total interest.

Arrangement, valuation, legal and any exit charge.

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Monthly saving
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Fees repaid after
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Current payment
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New payment
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Saving over the term
MeasureCurrent dealNew dealDifference
The fees are treated as paid up front, not added to the loan. If your lender adds them to the balance, put the new balance in the balance field instead and set the fees to zero.

About the Refinance Calculator

Refinance Calculator compares the mortgage you have with the one you are being offered and answers the only question that matters: how long the switching fees take to pay for themselves. A lower rate is not automatically a better deal, because the fees are real money paid now for a saving that arrives slowly.

The break-even month is the fees divided by the monthly saving. If it is comfortably shorter than the time you expect to keep the mortgage, the switch is worth making; if it is longer, you will have paid for a saving you never collect. That is why the calculator asks for the fees separately rather than folding them into the rate.

Watch the term. Refinancing to a new thirty-year term when you had twenty-two years left lowers the payment partly because of the better rate and partly because you have given yourself eight more years to pay. The table shows the total paid from here for both deals, which is where that shows up, and it is the figure a monthly-saving headline hides.

This is arithmetic, not financial advice. It tells you what the numbers do; it cannot tell you whether a decision is right for your circumstances. Fees, taxes and local rules vary, so check anything that matters against the actual offer and speak to someone qualified before committing.

Everything is worked out inside your browser. Nothing you enter is uploaded, logged or stored, which matters for the financial calculators in particular: the figures you put into them are nobody else's business.

How to use the Refinance Calculator

  1. Enter balance outstanding, current rate (% a year) and years left on the current dealDecimals are fine, and thousands separators are accepted and ignored.
  2. Read the monthly saving, fees repaid after and current paymentThe figures update as you type. The Calculate button is there if you would rather press something, but nothing waits for it.
  3. Copy or check the resultCopy the summary with the copy button, or open the table to check it row by row.

Features

  • Shows monthly saving, fees repaid after, current payment, new payment and saving over the term together, so you are not running it twice
  • A results table you can read across
  • Updates as you type, with no button to press and no page reload
  • Copy the result in one click
  • Free, no sign-up, and it runs entirely in your browser

Who uses this tool

The refinance calculator is used by writers, developers, students, marketers and anyone else who needs the job done once without installing software. Common cases include:

  • Deciding whether a new fixed rate is worth the arrangement fee
  • Checking how long you need to stay for a remortgage to pay off
  • Comparing a shorter term at the same rate
  • Seeing what extending the term really costs in total interest

Frequently asked questions

What is the break-even point?

The month at which the accumulated monthly savings equal the fees you paid to switch. Before it you are down on the deal; after it you are ahead.

Should I keep the same term?

If you can afford to. Keeping the remaining term captures the whole of the rate saving. Extending it lowers the payment further but adds years of interest.

Are exit fees included?

Put them in the fees field along with the new lender's charges. Early repayment charges on a fixed deal are often the single largest cost of switching.

If the refinance calculator is not quite what you need, these other free tools solve closely related problems, and there are 38 more in finance calculators.

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Checked and rebuilt on 2026-10-14. The method this calculator uses is described in the section above, and corrections go through the contact page.