How the Refinance Calculator Works

It compares your current mortgage to a new one and shows your monthly savings, the closing costs, and the break-even point where refinancing starts paying off.

How It Works, Step by Step

The calculator computes your new payment at the proposed rate and term, subtracts it from your current payment to find monthly savings, then divides closing costs by those savings to find how many months it takes to break even.

Florida's documentary stamp and intangible taxes apply to a refinance just as they do to a purchase, so closing costs here push the break-even point out a few months further than in states without those taxes. Factor that in before assuming a small rate drop is worth it.

Want the underlying math? See the refinance formula page, or open the calculator to try it with your own figures.