Refinance Calculator
Compare your current loan against a new refinance offer, in the currency of your choice, and see your estimated new payment, savings, and break-even point.
Current Loan
New Loan
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Guide: How the Refinance Calculator Works
Refinancing replaces your existing loan with a new one, usually to secure a lower interest rate, change the loan term, tap into home equity, or switch between a fixed and adjustable rate. This calculator on számológép.com is built to help you see, in plain numbers, whether a refinance offer is actually worth it once you account for the true cost of getting it. Enter the details of the loan you currently hold on the left: how much you still owe, what you pay each month, and the interest rate you are charged. On the right, enter the terms of the loan you are considering: its length, its rate, any points you would pay to buy down that rate, closing costs and fees, and any extra cash you would like to withdraw. The calculator then works out your new loan amount, your new monthly payment, how that compares to what you pay today, and how many months it will take for your monthly savings to cover the upfront cost of refinancing. You can switch between US Dollars, Euros, British Pounds, and Hungarian Forint at any time, and every figure updates in that currency, so the tool works whether you are budgeting in dollars or forints.
How to Use This Tool
- Choose your preferred currency from the dropdown at the top of the calculator.
- Under "Current Loan", enter your remaining balance, your current monthly payment, and your current interest rate.
- Under "New Loan", enter the term and interest rate of the refinance offer you are comparing.
- Add any points you would pay to lower the rate, plus closing costs and fees.
- If you plan to withdraw extra equity, add that amount under "Cash out amount". Otherwise leave it at 0.
- Click Calculate to see your new payment, monthly savings, and break-even point.
- Use Clear at any time to reset the calculator and start over.
Worked Example
A borrower owes $250,000 on their current mortgage, paying $1,800 a month at 7% interest. They are offered a new 20-year loan at 6%, with 2 points and $1,500 in fees, no cash out.
| New loan amount | $250,000 |
| Upfront cost (points + fees) | $6,500 |
| New monthly payment | ≈ $1,791 |
| Monthly savings vs current payment | ≈ $9 |
| Break-even point | ≈ 60+ months |
In this example the new rate is lower, but the upfront cost is high relative to the monthly savings, so it takes several years to break even. Try the same numbers in the calculator above, then adjust the rate or term to see how the outcome changes.
Frequently Asked Questions
What does "break-even point" mean?
It is the number of months it takes for your monthly savings from the new loan to add up to the upfront cost of refinancing (points plus fees). If you plan to keep the loan or the property longer than this period, refinancing is generally worth considering.
Should I refinance if my monthly payment barely changes?
Not necessarily. A small drop in monthly payment combined with high closing costs can mean a long break-even period. Compare the break-even point to how long you expect to keep the loan before deciding.
What are "points" on a refinance?
Points are an upfront fee paid to the lender to reduce your interest rate. One point typically equals 1% of the new loan amount. Paying points can lower your monthly payment but increases your upfront cost.
Can I use this calculator with Hungarian Forint?
Yes. Select "Hungarian Forint (Ft)" from the currency dropdown and enter your figures in forint. All results, including the new payment and savings, will display in forint.
Does cash-out refinancing increase my new loan amount?
Yes. Any amount entered under "Cash out amount" is added on top of your remaining balance to form the new loan amount, since that cash is paid out to you at closing.
Is this calculator financial advice?
No. This tool provides estimates to help you compare scenarios. Actual loan offers depend on your lender, credit profile, and local regulations, so always confirm final numbers with your lender before making a decision.
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