Strategic IQ
Mortgage Refinance Calculator
Find out if refinancing makes financial sense. Enter your current mortgage details and a refinance scenario to see your break-even point, monthly savings, and total interest saved.
Current Mortgage
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Refinance Scenario
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Should You Refinance?
Worth Considering
Moderate savings potential. Consider how long you plan to stay in your home and whether the savings justify the effort.
New Monthly Payment
$1,703
Save $297/mo
Break-Even PointThe number of months it takes for your monthly savings to recoup the closing costs. You need to stay in your home at least this long to benefit.
17 months
1.4 years
Total Interest Saved
-$13,212
Over life of loan
Net Savings
-$18,212
After closing costs
Break-Even Timeline
When your cumulative monthly savings surpass the closing costs
Cumulative Savings
Closing Costs
Break-Even Point
Side-by-Side Comparison
| Current | Refinance | |
|---|---|---|
| Interest Rate | 6.5% | 5.5% |
| Monthly Payment | $2,000 | $1,703 |
| Remaining Term | 25 years | 30 years |
| Total InterestTotal interest paid over the remaining life of the loan on each path. | $300,000 | $313,212 |
| Loan Balance | $300,000 | $300,000 |
| Closing Costs | - | $5,000 |
Assumptions & Notes
- -Assumes you stay in your home past the break-even point.
- -Does not include potential tax implications of mortgage interest deduction changes.
- -Closing costs are estimates — actual costs may vary by lender and location.
- -Does not account for property taxes, homeowner's insurance, or PMI.
- -For educational purposes only. This is not financial advice — consult a qualified mortgage professional.