home refinance calculator free: smarter ways to compare your options

What a calculator can reveal

A home refinance calculator helps you estimate monthly payments, total interest, and break-even time by comparing your current loan to a proposed one. With a free tool, you can test rates, terms, points, and closing costs without pressure, then bring numbers to a lender with confidence.

Key benefits and trade-offs

• Clarity: See payment changes and lifetime cost, not just the headline rate.
• Timing: Calculate the break-even month to know how long you must stay to benefit.
• Flexibility: Explore shortening the term to build equity faster.
• Reality check: Add taxes, insurance, and PMI to avoid rosy assumptions.
• Limits: Results are estimates; credit score tiers and lender fees can shift outcomes.

How to use it well

1. Enter your current balance, rate, remaining term, and monthly escrow.
2. Test multiple rates and costs; use today’s APR ranges for realism.
3. Compare total interest saved and confirm the break-even beats your move timeline.
4. Re-run with a slightly higher rate to stress-test your plan.

If the savings are modest or the break-even is distant, refinancing might not be worth it.